IMPORTANCE OF A LAST WILL AND TESTAMENT
By creating a Last Will and Testament, you can make sure that your estate is managed according to your preferences. If you have substantial assets in Thailand and haven’t made a will yet, you should consider having one right now. We have listed here the importance of a Last Will and Testament:
YOU CAN CHOOSE A TRUSTED PERSON TO HANDLE YOUR ESTATE, MAKING IT EASIER FOR YOUR LOVED ONES.
The choice of a dependable executor is one that should be well thought through. By designating an executor, you choose who will be in charge of carrying out all of the instructions included in your will. An executor’s duties include identifying all assets, settling all debts and taxes, and ensuring proper distribution of residual assets to the beneficiaries in accordance with your will. Also, having a last will and last testament can also make the probate process smoother for your loved ones.
YOU CAN DESIGNATE WHO SHALL INHERIT AND CONTROL YOUR ESTATE ACCORDING TO YOUR WISHES.
A Last Will and Testament details your assets in Thailand. You have the opportunity to select who will receive what from your estate. This will prevent unnecessary complications and quarrels between family members.
WHEN YOU DIE WITHOUT A WILL, YOUR ASSETS WILL BE DISTRIBUTED ACCORDING TO THE LAW.
When a person passes away in Thailand without leaving a Will, their assets are divided in accordance with the law. In Thailand, there are six categories of statutory heirs. Each category is entitled to inherit in the following order: descendants, parents, full-blooded brothers and sisters, half-blooded brothers and sisters, grandparents and great-grandparents, uncles and aunts.
The right of a surviving spouse to share in the estate of a deceased spouse arises automatically from marital status. Separated spouses retain their ability to inherit from one another as long as their divorce has not yet been legally granted. Ordinances awarding such rights of a surviving spouse make the spouse a statutory heir. Half of the estate (Sin Somros) will belong to the spouse, if any, before any distribution of the estate to the relatives, and the remaining portion will be allocated as appropriate.
A WILL CAN HELP TO ENSURE THAT SPECIFIC PEOPLE DO NOT INHERIT ANYTHING.
You may not know that you can utilize a will to make sure that some people don’t receive anything.
YOU CAN GUIDE YOUR LOVED ONES TO YOUR FINAL RESTING PLACE.
Another significant part of estate planning is specifying final disposition preferences for your remains. You can provide instructions to your executors and loved ones regarding your requests for your final resting place.
YOU AND YOUR LOVED ONES GAIN PEACE OF MIND.
Without a will, the court will decide how to distribute your assets and property, which might not reflect your particular preferences. You can avoid this uncertainty and gain control over the distribution of your assets by creating a will. This will give you and your loved one’s peace of mind.