IMPORTANCE OF A WILL IN THAILAND

Benjamin Franklin once said that the only two certainties in life are death and taxes. While we may not be able to avoid death, we can plan for it. However, many people fail to plan for their passing, even if they live in Thailand where they may have significant assets. Therefore, it is crucial to prepare a Last Will and Testament.

If you have assets in Thailand, including real estate, it is highly recommended to have a Thai lawyer draft your Will. This legal document ensures that your assets are distributed according to your wishes, rather than being shared out equally amongst your statutory heirs if you die intestate. It also makes the settlement of your estate far easier for everyone concerned.

Moreover, it is not only foreigners who need to plan ahead. Even if you are married to a Thai national, the settlement of the estate without a Will can turn into a lengthy process. Without a Will, your family may be placed in a distressing situation, and it could take years to resolve. Furthermore, your Thai partner should also have a Will to avoid disputes that could arise if they die first.

Although there are no estate taxes or inheritance taxes in Thailand, there are still some regulations to consider. For example, if you inherit a landed property, you will not be allowed to title it in your name. Instead, the property must be disposed of to a Thai national within a reasonable period of time.

While there are services provided by the state in Thailand, it is advisable to use a good lawyer for matters of extreme importance, such as drafting a Will. The whole process is relatively quick and easy to do, and having a Will in place ensures your loved ones are looked after.

In summary, it is crucial to plan ahead and have a Last Will and Testament, especially if you have assets in Thailand. Don’t leave it until it’s too late, as an hour of your time now can save your loved ones from unnecessary stress, time, and expense in the future.