The fundamental goal of a last will and testament, a crucial legal instrument, is to protect a person's assets in the case of his passing. This document contains all the information necessary to determine who will inherit the property, when they will inherit it, and how.
In order to prevent your inheritance and legal rights from being lost in the case of your demise, your Last Will and Testament should be planned and prepared in advance in both your home country and Thailand. This document specifies who will administer the assets, settle the debts, and transfer the remaining property to the heirs in accordance with the terms of the will.
As soon as you sign the contract and pay the initial deposit, your home in Thailand starts to take on significance. Even before the title is changed, you will have a valuable asset to take into account when preparing your estate.
Drafting a Thai Will
Even though discussing and thinking about your death is horrible, it is crucial to start preparing your estate now if you care about who will get all of your possessions. Your assets must be dispersed in accordance with the intestacy laws listed in CCC article 1629 in the event that you pass away without executing a will, which are (in order of precedence):
- descendants;
- parents;
- siblings who are full blooded;
- half-blood siblings and their siblings;
- grandpas and grandmas;
- aunts and uncles
If you are married, your spouse will receive half of your assets before sharing them with your family members. Sin Somros is the name for this. The remainder of your property will be divided evenly among your kin. The estate may be given to the Kingdom in some circumstances where the intestate has no living relatives and no Thai will.
Hence, to ensure that all of your properties and assets in Thailand are covered, we do strongly advise estate planning. If you own freehold properties through a company, your property would not automatically pass to your heirs upon your death. Instead of the physical property itself, which can involve complex legal issues, your heirs will acquire them in the form of shares in the company. If you don’t like this kind of distribution of your assets, it is very important to have your Thai will drafted ahead.
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