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Last Will and Testament protects a foreigner’s estate, assets and immovable properties in Thailand, in the unfortunate event of his demise. This document details the bearer’s assets in Thailand such as property, bank accounts, vehicle, and personal items for so it will be distributed accordingly after his passing.
Thai Will is important because in the event of a foreigner’s sudden death, his properties in Thailand will be governed exactly how he would like it to be distributed after his death. With a Thai Will drafted, an executor of the foreigner’s estate in Thailand is assigned, who will deal with administrative burdens after the foreigner’s death.
Drafting a Thai Will for Properties in Thailand or Abroad
In drafting a Thai Will, you may do so according to the law of the country of your nationality or the country where your Will is made. Thai Will safeguards the bearer’s assets in Thailand.
Without a Thai Will, upon the foreigner’s sudden demise, his assets will be distributed in accordance with the classes of relations as stipulated in the CCC Article 1629 which are, in order of priority:
Before any distribution of the estate to the relatives, half of the estate, known as Sin Somros, will belong to the spouse, if any. The rest will be equally distributed accordingly. If there are no living relations and no Thai will, the estate will devolve on to the State.
If a foreigner owns a condominium under his own name, under the Thai law upon his demise his property would not simply be passed on to his heirs. Immovable property in Thailand will pass via Thai succession laws unless he has a Thai will.
If a foreigner own land rights (under a company on a freehold basis), with the thai will it would be passed on in the form of shares. His heir will receive shares of the company (shares are inheritable and transferable).
Succession to movable property is governed by the bearer’s domicile at the time of death.