If a person dies without leaving a will, his assets and possessions are distributed among his statutory heirs under Section 1635 of the Thai Civil and Commercial Code. These include descendants; parents; brothers and sisters, including half-brothers and half-sisters; grandparents; and uncles and aunties.
A valid will can be made in the form of a public or secret document signed and sealed and presented before a district official along with witnesses. In exceptional circumstances, a verbal will may also be accepted.
Distribution of Assets
A will is a legal document that stipulates the person’s wishes for how their estate is to be distributed upon their death. It also appoints an executor or administrator to manage the estate and settle any debts. It is important for any foreigner who owns property in Thailand to have a Thai will and succession to ensure that their assets are protected. A will also allows the testator to disinherit any statutory heir under specific and strict formal conditions.
The most reliable form of a will in Thailand is a written will signed by the testator in the presence of two witnesses. However, a holograph will or a will that is written on a sheet of paper and sealed without signature or in the presence of witnesses can be valid under special circumstances such as imminent danger of death or war. It is advisable for any foreigner to consult with a lawyer who specializes in Thai law when creating a will to ensure that it meets Thai legal standards.
Having an up to date Thai will can save heirs a lot of time and money by providing clarity for how the estate is to be distributed. It can also help avoid potential conflicts between heirs and reduce the risk of litigation. A lawyer can advise clients on the best way to structure their estate plan in accordance with Thai laws and international tax requirements.
Inheritance of Property
The distribution of property under Thai inheritance law is governed by the Civil and Commercial Code. If a person dies with a valid will, the estate is distributed according to their wishes. In the case of a death without a will, the court decides who receives the estate’s assets. This process is known as intestate succession and it takes into account the deceased’s family relationships.
Heirs are classified into six classes: descendants; parents; brothers and sisters by blood; half-brothers and half-sisters; grandparents; and aunts and uncles. Surviving spouses are typically one of the first heirs to inherit. However, their share depends on who else is a statutory heir of the same class.
Foreigners wishing to write a will in Thailand should consult with an experienced lawyer who is familiar with Thai inheritance law. This will help ensure that the document complies with local laws and reflects the deceased’s wishes.
When a person passes away in Thailand, their property and assets must be transferred to their legal heirs through the probate court. This process can take time and requires a lot of paperwork. It is also important to note that there are some exceptions when it comes to inheritance tax, especially for close family members. It is therefore best to have a clear estate plan in place that includes a will.
Inheritance of Assets for Foreigners
Inheritance law in Thailand stipulates that the estate administrator must protect, distribute and handle inherited property according to specific processes. This is a legal responsibility that can be performed by the administrator specified in the deceased’s will or, if no will is present, the court may appoint an administrator to manage the distribution of assets.
The surviving spouse plays an important role in inheritance. They are among the first classes of statutory heirs and can receive the full share of the estate or a share in proportion to the number of descendants. The surviving spouse’s class also eliminates the rights of relatives in the other classes.
For movable property like shares in Thai companies, the applicable laws are those of the deceased’s domicile at the time of death. This can be determined by the place where the deceased was residing or the country of his or her citizenship.
Foreigners can make a will in Thailand and this will be legally enforced, but it is best to work with an expert to ensure that the will meets local requirements. It is also important to understand property restrictions and the inheritance tax rules. If a person does not plan their estate properly, the process of distributing their assets can be complicated and costly for their heirs. A lawyer can help minimize these issues.
Inheritance of Assets for Thais
Inheritance norms are a significant issue around the globe, reflecting societal values, legal frameworks, and social standards. Understanding these laws is essential for individuals hoping to efficiently and productively convey assets while realising their individual hopes.
In the event that a person passes away in Thailand without a will, his estate will be distributed according to the rules of intestate succession to his heirs. The heirs are classified into six different classes, including descendants; parents; brothers and sisters of full blood; half-brothers and half-sisters; grandparents; and uncles and aunties. The surviving spouse is also considered as a statutory heir and is entitled to 2/3 of the estate.
However, the testator may choose to appoint an estate administrator for his property in his will, to ensure that the assets are transferred to the heirs and beneficiaries according to the law. If he does not, his estate will pass to the State.
It is vital for foreign nationals who own a property in Thailand or other assets in the country to draft a Thai will in order to secure their future. Banchee Legal House can assist with drafting a legally valid document that adheres to Thailand’s inheritance laws and ensures the assets are properly distributed after death. In addition, we can help with the process of probate, which must be followed to ensure that genuine heirs receive their inheritance.
