Living in Thailand? Have you planned what happens to your assets?
Owning assets in Thailand such as a condominium, bank accounts, or other properties necessitates careful estate planning. A well-prepared will can clarify your intentions and reduce complications for your loved ones. Estate planning is not just about determining who will receive your assets, but also about complying with relevant Thai laws.
The first thing you should know is that foreigners can make a will in Thailand. You do not need Thai citizenship, but your will must meet applicable legal requirements. Under Section 1656 of Thailand’s Civil and Commercial Code, an ordinary written will must be dated and signed before at least two witnesses present together, and both witnesses must sign at that time. However, other forms of wills may have different requirements.
Clearly identifying your assets and beneficiaries is crucial. You should include details of your condominium, bank accounts, vehicles, or shares, and specify who should receive them. A clear will can help reduce conflicts and potential issues in the future.
If you already have a will in another country, reviewing both documents carefully is important to avoid conflicting instructions or accidentally revoking an existing will. Additionally, inheritance does not override property ownership restrictions. Foreign beneficiaries inheriting land or condominium units remain subject to the relevant Thai ownership laws.
In practice, adhering to these laws may require various documents such as copies of property deeds, bank account details, and other relevant paperwork. You may need to contact relevant authorities, such as the Land Office or banks, to ensure everything complies with the requirements.
Estate planning in Thailand may seem complex, but having the right knowledge and preparation can simplify the process and mitigate future risks. Remember, consulting with an experienced lawyer can help ensure everything is in line with the law and your wishes.
If you have not yet started your estate planning in Thailand, now is a great time to begin. Contact Thailiving Law for a consultation on planning your assets and inheritance in Thailand.
Contact Thailiving Law for a consultation on planning your assets and inheritance in Thailand.