It isn’t really a great idea to think of demise, but then after you, you wouldn’t want your loved ones to go through any additional stress. Hence, preparing a will in your home country, as well as Thailand is strongly recommended. Planning out for your hard earned property, estate, and other assets proves to be a prudent move, in case of anything unfortunate that happens to you. Your property in Thailand would receive value once you sign the contract and pay the initial fee. So, even before you transfer your property, you’d have an asset to consider for estate planning.
At BLS, our experts would help you prepare a will, and with documenting all of your assets in Thailand, including your bank accounts, property, personal belongings, vehicles, and others. Usually, in the event of a foreigner’s demise in Thailand, the concerned authorities would ask the family for a copy of the will or will get it through the lawyer of the deceased. Preparing a will for your assets in Thailand would later demand translation, and which could be an additional task for your family. Hence, it is recommended that you prepare a separate will for your assets in Thailand.
Drafting a Thai Will for Thai and Foreign Properties
Of course, death is unfortunate, but then, estate planning comes in as a helpful concern that doesn’t leave your family in any confusion about the assets and properties that you own. In case, there’s no Thai will, the deceased’s assets must be distributed as per the classes of relations as stipulated in the CCC Section 1629 as follows.
- Descendants
- Parents;
- Brothers and sisters of full blood;
- Brothers and sisters of half-blood;
- Grandfathers and grandmothers;
- Uncles and aunts.
Prior to distributing the estate to the relatives, half of the estate, termed as Sin Somros, will belong to the spouse, if any. In case the deceased doesn’t have anyone in relation, and also no Thai will, it is the state that will own the property. For individuals, who own land under a company on a freehold basis, the property wouldn’t be passed on to the heirs on the individual’s demise. In fact, and instead, the heirs would get it in the form of shares in the company. This is quite a complex legal procedure, and hence, drafting a Thai will comes in as an important step.
Leasehold and the Thai Will
For individuals holding property under the leasehold structure, it must be remembered that a lease falls under a personal right, and which isn’t attached or associated with the property per se, and therefore, terminates on the demise of the lessee. Hence, in case an individual makes a renewable long term lease contract and pays the rent in advance, he/ she must ensure that the lease contract has got a succession clause so that the right of the lease is transferred to his/ her heir. However, it is necessary that the individual has a Thai will.
It is necessary for every individual to know his/ her legal rights in Thailand, as there’s a lot that could happen to the property. In case, the necessary measures aren’t taken, the process could turn quite complex, and in fact, incur a lot of money. Some of the most important concerns in the case of property acquisition are the security of investment and the minimization of risk. These are, in fact, in even more critical when you buy a property outside your jurisdiction, and for which communication could become a real problem for your objectives. Preparing a Thai will, therefore, is a safer alternative, as it eliminates a lot of risks.
So, if you wish to prepare a Thai will, our experts at BLS would help you through every steps involved, and also offer guidance and advice as and when required.