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.
In Thailand, when a person dies without a Last Will and Testament, the intestate’s assets are then distributed according to the law. As stipulated in The Civil and Commercial Code Section 1629, there are six classes of statutory heirs in Thailand. This entitles each class to inherit in the following order:
The right of a surviving spouse to share in the estate of a deceased spouse arises automatically from marital status. Spouses who are under separation do not lose the right of inheritance to one another as long as divorce between them has not been granted according to law. Ordinances awarding such rights of a surviving spouse make the spouse a statutory heir. Before any distribution of the estate to the relatives, half of the estate (Sin Somros) will belong to the spouse, if any, and the rest will be accordingly distributed.
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 Law Firm offers Last Will and Testament services in Thailand. Our lawyers and advisors will help you in drafting your Last Will and Testament. At the same time, we will guide you with everything you need to know as well as the documentation that you need to provide. We also provide Probate Services and Estate Administration for the bereaved family.