If you're a foreigner who lives in Thailand longer-term and has invested in properties on the island or has a marriage to a Thai national, one of the things you should seriously think about is the creation of your last Will as well as Testament.
It is common for people to avoid discussing this subject, or simply ignore the uncomfortable thought, but we all recognize that mortality is inevitable and is possible for anyone to die at any time.
Your final Will and Testament can make sure that your hard-earned wealth and assets located in Thailand will be divided among the correct individuals without causing family problems of having to go through long court processes as well as having an internal conflict. It is definitely recommended to talk to an attorney in Thailand who can you with all your questions and make sure that the final Will is valid according to Thai law.
The law applicable to the final Will could differ in every country. This article will provide the basics to aid you in understanding the importance of a Thai Will and the succession process in Thailand and what is required when making the Will and Last Will.
If you have properties elsewhere in Thailand which are of great worth, regardless of whether they are property in Bangkok or investments that you bought during your time in Thailand It is advised to make a will.
The law of Thailand permits foreigners resident in Thailand to draft Wills that are registered or not in order to safeguard their estate. Like the Will elsewhere the Will and Testament in Thailand is similar to a Will and Testament is legal in Thailand allows you to assign beneficiaries, guardians, your children, and your executor Will to manage all the administrative tasks.
If you have a valid Last Will and Testament prepared the executor is able to present the document to the legally authorized Thai court for the purpose of validating and issuing the court's order. With all the provisions for succession in the Will procedure is quite simple.
If a person dies without having an estate plan, Thai law clearly states that the majority of marital assets will go to the legally married spouse. The remainder of the assets will be divided among the legal heirs in the order of priority, as per the Thai Civil and Commercial Code:
If the beneficiary of the estate is minor or is incapable of handling their own affairs the court may designate a guardian to with the administration of the estate even if it hasn't been before arranged by the law.
If there isn't any Thai will and the deceased is not a living relative, the estate will pass into the state.
In order to draft the Thai Will that is legally valid, the testator must be at least 15 years old and have a good mind.
In general, the Will must be signed and acknowledged by two witnesses. The Executors of the Will are designated. It is crucial to remember that a witness can't be a beneficiary in the Will, one with a shaky mind, or one who is not yet of the age of legality.
If the testator wants to amend the terms in the draft Will the testator is able to do this in the future prior to death. When the Will is drawn up the Will must be copied and passed to a lawyer or kept in secure places.
Wills in Thailand can be executed in various forms based on the testator's choice.
Below is the general info to be included in a Will in any form.
A law firm located in Thailand will assist you in writing your final Will as well as a Testament in order to make sure that every bit of your assets will be divided among your loved ones in the way you would like. A skilled lawyer will ensure that there aren't any loopholes in your Will and will outline everything in a concise and clear way. A valid and adequate Will that is drafted with the help of a professional lawyer can ensure that your wishes will be are taken into consideration.