Last Will in Thailand
This is about the Last Will in Thailand. If you are a foreigner living in Thailand, a Thai Last Will should be considered for a number of reasons. Even if you’re not married, it is quite important while residing abroad to have an updated Thailand Last Will and Testament.
Last Will in Thailand
More and more people are retiring in Thailand, and many are getting married in the Kingdom making the Last Will and Testament more necessary nowadays. Many individuals contest wills due to being unable to update them – creating problems in the long run. For those who have properties in Thailand and in the home country, you might need to consider drafting 2 separate wills for these assets – the Last Will and Testament in your home country for your properties there and one in Thailand for your properties here. This would make the execution of your will much easier and cost effective.
The Thailand Last Will would be more effective if you appoint an executor in your estate in Thailand – in which the norm would be assigning two people that you trust. You may appoint the head of a law firm as one of the executor, and a family member as another. This decision is up to you as it is necessary to consider who you can trust after the event of your death – as they say; money makes its own problems.
Take note that the local will and testament will subdue under Thai law. Without a last will and testament in Thailand, 50% of your properties go to your spouse, making the remaining portion allotted to your children in equal share. For those who have no relatives in Thailand, all the assets go to the Thai government. Note also the Thai living will on this website.
For those who own property in Thailand under the name of a company, the shares of the business will become part of the will – not the property itself, creating more problems. If you have lease agreements to certain properties, you will need to make sure that you have succession clauses included in the agreement. Lease agreements without succession clauses will be terminated upon your death. Not only is this applicable for lease agreements, but also for superficies over the properties that you own. It is highly recommended to take proper legal advice prior to drafting a Thailand last will. Always take advice about the Last Will in Thailand.
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