Estate planning is the 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 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 the dispositions of your assets or other matters that 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 of 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 to 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 may not be legally valid if you fail to follow the specific formalities.
Our lawyers and advisors will help you draft 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.
Make a Last Will and Testament to protect your assets in Thailand and to secure your loved ones.
We have listed some common Last Will and Testament Myths and Misconceptions that we hope could clear some important matters about Wills and Estate Planning.