A valid Thai Will allows you to stipulate how your assets will be allocated upon death. This is important because a well-drafted Will can minimise difficulties and expenses after your death.
If you do not make a will, your inheritance will be distributed according to Thai law on intestacy. This could lead to legal disputes between your family members.
A valid will is essential
Unlike many countries where there is forced heirship, Thailand allows for property to be allocated according to the wishes of the deceased person. A well-drafted will by a lawyer can ensure that this happens. However, it is important to note that a will drafted in one’s home country may not be valid in Thailand, and it is best to make a separate will specifically for assets located in the Kingdom.
If a person dies without a will or with a will that is not valid, they are said to have died “intestate.” In this case, the deceased’s estate is handed over to probate courts, who determine beneficiaries and allocate assets according to Thai law.
Generally, a Will must identify the testator and be signed and acknowledged by two witnesses. It must also include a clear statement of the testator’s intention regarding the distribution of his or her property. It should also contain the name and contact details of the executors.
It protects your heirs
A will allows an individual to choose his heirs and outline his last wishes. This can help avoid family disputes and can make the process of succession much easier. It also helps to speed up probate.
Generally speaking, the heirs of a deceased person can be a spouse, children or relatives. A will can be used to appoint the administrator of the estate, choose guardians for minors and even provide donations/legs.
If a person dies without a will, the law on intestate succession will apply. In this case, the property is distributed among the heirs according to a specific set of rules.
To get the inheritance it is advisable for the heirs to in full trust nominate somebody residing in Thailand as their Executor. However, this will involve a lot of additional legal expenses and time.
It protects your assets
If a person dies in Thailand without a will, their property is distributed according to Thai inheritance law. This means that the heirs must go through a court process to prove their entitlement before receiving any share of the estate. This can be expensive and time consuming.
A will allows the testator to appoint Legal Heirs and also outline their specific wishes. This can save your family from a lot of stress and expenses after your death. It is important that a Will is written by yourself and signed in the presence of two witnesses.
In addition, the Civil and Commercial Code requires that the signatures be verified by witnesses who have no conflict of interest. This helps to prevent fraud and ensure that the will is authentic. Our team of experienced lawyers can help you draft a will that complies with the requirements of the law. They can also assist you with the probate process, which is supervised by the courts and aims to project the deceased’s wishes and comply with Thai inheritance law.
It protects your wishes
It is important for foreigners who have assets in Thailand, including land and bank accounts, to make a Thai will. This will allow them to freely designate their heirs and avoid conflict. It will also help them save on taxes and legal fees. It is crucial to have a lawyer who is familiar with the Thai probate and succession process and can draft a will that complies with Thai law.
The document should include the name and contact details of the person making it, a statement that it is his or her last will and testament, and signatures of witnesses. It should also include a list of assets and beneficiaries and details of any debts. A guardian may also be designated for any minor children.
The will should also specify whether inheritance tax is payable. Surviving spouses are exempt from inheritance tax in Thailand, but other heirs are liable to pay 10% of the value of the estate.
