If you die in Thailand without a Will, the law decides who inherits your wealth. These heirs are called Statutory Heirs and they fall into six classes.
You can make a Thai Will yourself, it can be typed or written and must be signed in front of 2 witnesses who are aware that this constitutes your last Will and Testament.
It protects your assets
The process of estate planning involves determining the best way to pass your assets on to your descendants while legally protecting the interests of creditors. It also helps minimise tax obligations. A lawyer can help you set up a structure that complies with Thai law and meets your objectives. They can also help you keep your local and overseas assets up to date.
When a person dies in Thailand, their estate is divided according to the stipulations in their will or the law on intestate succession. If there is no will, the state decides who gets the assets. For foreigners, this could mean that their property ends up in the hands of the government.
It is important to review your will on a regular basis to reflect your current wishes and circumstances. This will prevent disputes and ensure that your assets are distributed as you intend. It is also advisable to have two witnesses to sign the will so that it is valid.
It protects your loved ones
It is important to understand that inheritance law in Thailand differs from the laws of your home country. A Thai lawyer can help you draft a legal plan for your property that complies with the law and protects your assets after death.
If you die intestate (without a will), your estate will be distributed according to the laws of intestacy. These laws usually give priority to descendants and spouses over other relatives. This can lead to disputes and lengthy probate proceedings.
A Will needs to be written by you and signed in front of two witnesses. The witnesses must be adult, capable, and be aware of the contents of the Will. They must sign the document to verify their witnessing. It is also important to date the Will so that it can be easily interpreted after your death. A Will can also contain a clause that specifies a “controller of property” to manage your property in case you are not able to live with your family after your death.
It protects your privacy
A Thailand last will is an official document that expresses your decision as to who should inherit your wealth and what part of it should go to whom upon your death. If you do not draft up a last will, the law gets to decide who receives your assets. This could lead to family members arguing and fighting over your inheritance.
In Thailand, a will can only be declared valid by the court if it meets certain requirements. For example, it must be written in Thai and signed by you and two witnesses. It must also include a list of your assets and a description of the beneficiaries. In addition, you must be a resident of the country in which you are writing the will.
If the heirs live abroad, they will need to come to Thailand in order to settle their inheritance. This process can be very complicated, especially if the will is not well drawn up. In such cases, it is best to hire a lawyer to make sure everything is done correctly.
It saves money
Many foreigners who own property in Thailand don’t give much thought to the issue of their death. But this is an inescapable moment and it’s wise to make a Will. A lawyer can help you draft a Will that meets all legal requirements and that is clear and enforceable. This will save you money in the long run by eliminating disputes and saving time, effort and money for your loved ones.
In the event of a deceased person without a Will, heirs will be determined by the law according to Book VI of the Civil and Commercial Code (CCC). Heirs include surviving spouses, full blood brothers or sisters, half-blood brothers or sisters, grandparents, aunts or uncles and heirs of minor children.
A lawyer will prepare a court probate application on behalf of the applicant. This will involve preparing and filing legal notices to interested parties. A court will then issue an order confirming the Will.