Estate planning is a process of anticipating and arranging the disposal of an estate and managing an individual’s asset base in the event of their incapacitation or death. As part of an estate planning, you need to prepare a Last Will and Testament.
A Last Will and Testament is the declaration of your intention by will, concerning dispositions of your assets or other matters which shall take effect according to the law after your demise. This document will detail your assets in Thailand, such as properties, bank accounts, vehicles, and personal valuable items. It contains the designation who shall inherit and control them according to your instructions. This will prevent unnecessary complications in releasing the inheritance to the heirs as well as quarrels between family members.
If a person dies without a Last Will and Testament, his/her assets in Thailand will be distributed according to the law.
It is very important to observe the correct legal formalities when signing, amending, or revoking your will. Your Last Will and Testament is not legally valid if you fail to follow the specific formalities.
Magna Carta lawyers and advisors will help you on how to structure your Last Will & Testament. We will guide you with the required documentation that you need to provide.
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