If you are planning to leave a legacy in Thailand, here are some important tips for you to consider before making a Last Will and Testament. Make sure to mention all of your personal details, including the names of your Beneficiaries, Executor, and the language you intend to use to make a Last Will. If you have any assets abroad, make sure to consult local laws before making a Last Will and Testament. If you are married, half of your assets will go to your spouse.
As an Executor of Last Will and Testament in Thailand, you must prepare a comprehensive set of documents from foreigner. For example, the "Final Sentence Certificate" is a must-have document. If this document is not in Thai, you must have it translated and notarized by relevant government bodies. The executor of a deceased person's estate will have to go to court to apply for the appointment.
In Thailand, the law requires that an Executor of Last Will and Testament is appointed by a judge who oversees the probate proceedings. A will must specify who will inherit the deceased's property. If the will is left blank, the legal spouse will inherit the property. Otherwise, inheritance will be distributed as per the law. However, if the will is drafted properly, the legal heir will be able to carry out the wishes of the deceased.
If you plan to leave your estate to your family members in Thailand, there are specific laws concerning beneficiaries of a last will and testament. Thailand follows the Civil and Commercial Code and recognizes certain statutory heirs. The surviving spouse is one of the statutory heirs. However, the surviving spouse must be legally married to qualify. If you die with no children, the remaining half of your estate will go to your spouse.
When you make your last will and testament in Thailand, remember that the laws are different than the laws of your home country. Thailand does not recognize the position of a witness as a beneficiary. Besides signing the document, the testator must also appoint two witnesses who witness the will. The beneficiary of a Thai last will and testament must be his spouse or a close family member. You cannot name anyone other than your spouse as a beneficiary.
When drafting a Last Will and Testament in Thailand, it is essential to have a clear plan in place regarding your wishes. If you do not have a plan, Thailand law will determine who will inherit your property. In Thailand, the statutory heir is your legal spouse. However, if you have a will, your wishes will be followed. By drafting a will, you will be able to avoid family disputes.
To avoid inheritance tax, you should make sure you have all your assets listed in your will. This should include your property, real estate, investments, money in a bank account, vehicles, gold jewelry, and anything else that is considered an asset in Thailand. Real estate and freehold properties are considered assets in Thailand and are generally transferred to the beneficiaries when the owners die. However, if you own a condo, you must sell it within a year of death.