Thai Last Will
Consider the Thai Last Will while in Thailand. You need to consider drafting a Last Will if you are living in Thailand. Even if you are not married, it has become very important when you are abroad to have an updated Last Will and Testament in Thailand. With an increasing number of people retiring and getting married in Thailand, it has become a vital necessity to draft a Last Will to avoid complications when your untimely death arrives.
Thai Last Will
If you have a condominium unit in Thailand and another in London or Australia, you should consider having more than one will for these properties. You should have one will from your home country to protect your assets there, and another separate will to secure your assets in Thailand to make the execution of the will cheaper and easier.
This is also necessary as the different jurisdictions require different formalities, and having a will drafted in your home country for your assets in Thailand would be problematic. You will have to translate all documents, have it notarised and approved by the Thai government. Once you have a Last Will drafted in Thailand, settlements of your Thai assets would be more convenient and practical.
It is imperative to plan in advance regarding the settlement of your assets to make sure that things are in order after your death. Also, this ensures that your legacy will devolve to the benefit of the people that you love. Therefore, it is quite necessary for those who have assets in foreign countries as Thailand nowadays have more and more foreigners choosing it as their second home.
For the Thai Last Will, you need to appoint an executor for your estate in Thailand, and usually you would appoint those people that you trust. You can also appoint the head of a law firm in Thailand as one of your executors together with a family member. Take note that the local Will and Testament falls under Thai law, and without it 50% of your estate will go to your spouse and the remainder will be shared equally to your children. For those who do not have relatives in Thailand then the assets will go automatically to the Thai government.
Always take care with regards to the Thai Last Will. If you have lease agreements to your assets, you need to make sure that there are succession clauses included in your Last Will. Failure to do so would result to the lease becoming void in the time of your death, as well as for superficies over properties which you might have.
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