You know that in Thailand, heirs inherit property. A well-written Last Will is the greatest method to ensure your desires are followed and minimize family disputes after death.
A well-written Will can save your family time and stress. Your succession will depend on it.
A legal requirement
After you die in Thailand, a statutory heir must go through various steps to inherit. This is especially true if your assets are in a Thai corporation in foreign names.
A Will ensures that your property goes to your chosen beneficiaries after death. It protects against unwarranted legal bills and court charges.
You must write or type a Will in front of two competent witnesses (not pals). Date it, offer explicit instructions, and describe your estate distribution desires. Drafting a Will in Thailand is inexpensive and can save your family time, stress, and money. It also transfers your property to a Thai Inheritance Law-compliant statutory heir.
Intestacy
Thai law distributes estate assets when you die intestate without a Will or formal succession declaration. Starting with your next of kin, the heirs will be chosen. Intestacy, without a Will, will not consider your unique wants or needs, such as special provisions for disabled loved ones. Illegitimate family members and children born after the deceased may not be covered by the laws. If the dead was married or had children with other relationships, it can be complex.
Asset Distribution
Foreigners dying in Thailand without Wills must have their estates managed. This entails filing a petition with the court with territorial authority over the decedent’s residence at death. The petition must include a death certificate, relatives, legit heir birth certificates, and assets.
The executor should receive the will and any estate-related documents. The executor will notify the estate beneficiaries of their claim to a portion.
A spouse gets half of marital property. Other statutory heirs receive the remainder. Wills are crucial here. A Will lets a person pick Legal Heirs and Guardians for small children. Wills can also make gifts or legacies.
Probate
Thai probate lawyers wind up estates and notify institutions, banks, government organizations, etc. after a Thai death. The executor must also collect and manage the deceased’s assets and property, pay bills and taxes, and distribute the remaining assets and property according to the will.
Joint ownership with a Thai citizen or usufruct transfer are the greatest ways for foreigners to avoid probate. However, legal restrictions and court charges may apply.
Before heirs can inherit, the court or will must appoint an estate administrator to protect, distribute, and manage estate assets. The administrator must then update the heirs on estate progress. The law recognizes six types of heirs: descendants, parents, full-blood and half-blood siblings, grandparents, uncles, and aunts.
