A good Thai Will is essential if you own assets in Thailand like property, bank accounts, vehicles and shares. The process of probate in Thailand and the distribution of estate assets without a Will can be time-consuming and costly.
Dying intestate means that the court will decide who gets your estate and how it is distributed. This can cause problems if your named heirs die before you.
A will is a legal document that declares the testator’s wishes as to how their property and assets are to be distributed after their death. It is important that a will clearly outline all of the assets and properties and how they are to be allocated, and it should include the names and addresses of heirs and executors.
A will is a crucial tool for anyone who owns assets in Thailand. If a person dies without a will the assets will be passed on to heirs according to Thai inheritance law which is very specific in how it divides up property among siblings, parents, half-blood sisters and brothers, grandparents, aunts and uncles, etc. Having a properly drafted will ensures that your wishes are adhered to and helps avoid family disputes and unnecessary probate proceedings.
A living will specifies the types and levels of medical care you want if you become incapacitated. It can help reduce disagreements among family members or your doctors over what treatments you should receive.
A surviving spouse can inherit a certain percentage of the estate depending on how many other classes of statutory heirs exist. Having a living will can also reduce disputes that may arise over who should be a representative or guardian of your children.
For foreigners who have assets in Thailand, a separate Thai will is generally necessary to make sure that the Will and other documents are enforceable under Thai law. It is also important to work with a lawyer who understands Thai law and court proceedings. Our firm can assist in drafting and filing a Thai Will that meets your needs.
A probate is a legal process to resolve a deceased person’s estate. It includes proving the validity of the will or distributing assets through rules of intestacy (if no will exists).
An administrator is appointed by the court to protect, distribute and manage the estate according to Thai inheritance law. The heirs must be notified and meet special requirements to receive their inheritance.
During probate, the executor must identify all of the person’s assets and their values. They must also pay all debts, bills and taxes. This can include individual bank accounts, solely owned homes, vehicles, jewellery, art and cash. It can take several months or even years to finalize the probate process. Estate planning techniques can help avoid probate altogether. For example, people can convert some of their banking accounts to pay-on-death accounts.
A trust is a legal relationship that allows you to give your assets (money or property) to another person, who manages them for you. The trustee can be an individual or a corporation.
The trust document can specify how much and when the trustee gives out the trust’s principal and income, or it can leave that up to the trustee. It can also include a power of appointment that grants the trustee the right to add new beneficiaries or remove existing ones at will.
If you die without a will in Thailand, the rules of succession determine what happens to your estate. These rules can be complicated and in some cases they can leave your family with significant legal expenses. A revocable trust is a good way to avoid this problem.
A succession plan is a way for businesses to ensure that critical roles will be filled when employees leave or retire. It involves identifying high-potential employees, training them, and promoting them when the time is right.
It’s important to communicate well with potential successors throughout the process, says Tara Furiani of Not the HR Lady. This can help them feel like they’re being proactively supported and valued for their potential to move up in the company.
Succession planning can also be a great opportunity to promote diversity and inclusion in the workplace, Furiani adds. By including a variety of employee types, companies can ensure they have a well-rounded pool of candidates when it comes to replacing leadership positions. This is particularly helpful when a senior staff member leaves for retirement.