If one has assets in Thailand such as homes, cars, jewelry, bank deposits, and one day he passed away, the assets that he possessed need to be transferred to the inheritors by Civil and Commercial Code of Thailand, Section 1629: If the will was not made, there are only six classes of statutory heir and each class is entitled to inherit in the following order:
1) descendants;
2) parents;
3) brothers and sisters of full blood;
4) brothers and sisters of half blood;
5) grandparents;
6) uncles and aunts.
The surviving spouse is also a statutory heir.
So as long as there is any heir surviving or represented in a class as specified as the case may be, the heir of the lower class has no right at all to the estate of the deceased. The division of the assets can be very complicated and can lead to litigation in the court if it’s not specified in the will that which property should be transferred to which inheritor.
What is the advantage of making a will?
- You can define whom the assets should be transferred to after the loss of life such as transfer a house to a daughter, transfer a car to a son or transfer a bank deposit to spouse etc.
- It can prevent complications and disputes during the distribution of assets and it will accelerate the process of transfer of assets, which otherwise may take from 1 to 2 years that the authorities of the two countries come into contact.
- It gives the flexibility to manage your part of the asset in all respect with the law of the country of your nationality.
*To be reviewed case by case
Which asset can be included in a will and how high the value should be?
All the assets that can be held legally in Thailand namely villa, condominium unit, car, bank account, share, jewelry, gold, furniture, properties under construction with sales and purchase contracts.
* 1 will can include many assets
After making a will with Opera Consulting, what should the inheritor do after the death of the testator?
The inheritors will need to meet a lawyer in order for him to file a petition to appoint the administrator before the court. After the court ordered the administrator then, the administrator can arrange to transfer the property to the person who was stated in the will as inheritor. This process takes 3-4 months.
Documents to provide to submit to Thai Court:
- Original will
- Copy of passports of the testator(s)+ inheritor(s) + administrator of the estate
certified by Thai Lawyer, Thai Embassy or Thai Consulate
- Copy of death certificate(s) of the testator(s) certified by Thai Lawyer, Thai Embassy or Thai Consulate
If you have a nominee holding assets in Thailand, what should you do?
For example, if you have a nominee holding shares in the company registered in Thailand, you should have the nominee made the will to transfer those shares to your heirs. What could happen in case of death of the nominee is that the heir of the nominee may not transfer those shares to your heirs
If you are not in Thailand but wish to make a will, what should you do?
After receiving the documents requested, Opera will send the original will to you by registered mail. The will has to be signed in the presence of 2 witnesses who are officers at Thai Embassy or Thai Consulate in your country in order to certify the signature. It can also be signed in the presence of Notary Public in your city.
How to make a will?
Submit the documents scanned or copied below
1. Passport of the testator
2. Passport or ID card of the inheritor
3. Birth certificate of the testator
4. Birth certificate of the inheritor
5. List of the assets to be included in the will
6. Documents showing the ownership of the asset such as sales and purchase contracts of the properties.
Why should you make a will with Opera Consulting?
With our Barrister at Law who has more than 15 years of experience, your will drafting can be done within 2 days after having received all documents requested. The Barrister at Law also has the right to certify true signature of the client by Thai law.
This article is a general briefing note which does not replace the advice for any individual situation, the firm shall not be rendered liable for its content.