Mortality is the most obvious of human reality but it is also the most overlooked. We all know we are going to pass this world sooner or later however, we seem to be all convinced that such passing will be much later rather than sooner. We try as much as we can to ignore the precariousness of our existence, thus avoiding possible reminders of such an unpleasant fact, one of which is the dreaded act of will-making.
The aversion to will-making may be attributed to the fact that it does not only remind us of our eventual demise but also of how much or how little we have accomplished in life. It is almost reminiscent of an autobiography coded in possessions and beneficiaries.
This notwithstanding, it is imperative to plan in advance the settlement of your estate to assure that your affairs are in order in the unfortunate event of your passing. Also this is the best measure to ensure that the legacy of your perseverance will devolve to the benefit of your loved ones. This is even more necessary if there are properties located in foreign countries. This is much evident in Thailand where more and more foreigners choose to live in as their second home.
In such cases, it is strongly recommended that Last Will and Testaments be prepared in both home country and Thailand. This is necessary since different jurisdictions usually require different formalities in Last Will and Testaments. Having a Will drafted in your home country to cover assets in Thailand may be problematic and burdensome to your family as documentations will need to be translated, notarized and approved by a government body. Further to this, settlement of assets in Thailand through a Thai Last Will and Testament is more convenient and practical. For one, Thai law does not require probate of Last Will and Testaments before it can be enforced. Second, inheritance tax is not levied in Thailand.
It is indeed essential to draft a Thai Last Will and Testament detailing your assets in Thailand such as property, bank accounts, vehicles, and personal items among others. However, it is most prudent to use the services of registered and reputable lawyers in Thailand to ensure that your Last Will and Testament is drafted pursuant to the formalities prescribed by Thai laws.
To start drafting your Will and Testament, see Siam Legal’s page.