Thai Last Will
You need a Thai Last Will! With a rising number of foreigners retiring in Thailand, and many wanting to get married in the Kingdom, the Thai Last Will becomes more of a necessity. If you have a condo in Thailand and another one in France, you will have to consider to having to draft 2 separate wills for both properties.
Thai Last Will
The Last Will in your home country would be for your assets there, and the one in Thailand for your properties here. This would make the execution of such wills much easier and cost efficient.
Or your Thai last will, it is highly recommended that you appoint an executor in your estate in Thailand, as well as a couple more people whom you can trust. It is safe to say that you could appoint the head of a law firm in Thailand as one, and a family member as another, which is entirely up to you as you would be needing some consideration on whom you can trust after your death – money creates its own problems.
The local Thai last will be falling under Thai law, and without a last will in Thailand, the estate goes 50% automatically to your spouse and children – with the residue in equal share to your children. If you have no relatives in Thailand, all your assets will go to the Thai government.
If you have property in Thailand under the name of a company, the shares of the business would form as a part of the will, and not the actual property itself – which creates more problems. Existing lease agreements to assets would require a succession clause in the agreement. Without such clauses, the lease agreement would be terminated upon your death. This would not only affect the lease agreements, but also the superficies over property which you might own. Proper legal advice is recommended prior to drafting your Thai last will.
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