Preparing a Last Will in Thailand is important. For most people, preparing a Last Will in Thailand is a dreaded thought and is usually avoided. But it is highly advised to settle such concern which is greatly needed if you have assets in Thailand. In your Thai Last Will, all your assets such as property, bank accounts, vehicles and personal items are named. In Thailand, if there is no Last Will, all assets will be distributed to statutory heirs if they can show evidence that they are next of kin.
Preparing a Last Will in Thailand
The heirs should hire a lawyer to represent them in Thai court, which could all be avoided if you have prepared a Thai Last Will. An administrator of your estate could be appointed in your Last Will. Also, Thailand has now implemented laws governing the Living Will, which means you can give out specific instructions on how you should be treated if you are seriously injured or left in a vegetative state in the future. Funeral arrangements can also be set forth in your Thai Last Will.
There is Conflict of Law when:
If assets include a house or a leasehold right in Thailand, Thai law will always govern the succession;
If assets include movable property in Thailand, including shares in a Thai company where the law of the domicile of the deceased at the time of his or her death would be applied;
Take note that leasehold rights concerning properties in principle is terminated once the lessee is dead. However, standard lease agreements implement that the leasehold right should be passed on by the heirs through inheritance. This concern should be dealt with before entering into the land lease agreement, and it is highly recommended to hire the expertise of professional legal adviser to check the inheritance agreements. Hence, a building owned by foreigners may be passed on to the heirs in accordance with the general rules.
If shares in a Thai company are passed on by the process of inheritance, you should take note that there is a strong probability that legal corporate issues may arise. Also, a Thai Last Will clarifies and avoids any legal conflicts between the heirs and shareholders.