Acquisition of property in Thailand for foreigners may be a complicated and rough process with the many ways of acquisition and discretion of it all with regards to government departments. Although the process may be overwhelming, you want to ensure without a doubt that once the purchase process is complete, that you are content with your purchase.
To be able to guarantee that your property remains with you and your family in the event of your demise, it is highly recommended that a Will is drafted in order to outline all of your assets in Thailand. Although most may think that this may not be necessary as most have assets overseas and have therefore already drawn a will in their respective countries, it is still recommended that a Will is drafted in order to separate and cover the assets located in Thailand which can cover bank accounts, property and also cars and also to appoint one as an administrator of the assets consisted in the Will. This is because if one Will is drafted in order to cover all assets owned by an individual, there are issues of probate which are of matter at hand which would make the process of division of assets by the executor or administrator more complicated and lengthy.
If in the event of your demise a Will is not in place, the assets shall be divided by a court of law and inherited in the following order according to section 1629 of the Civil and Commercial Code:
brothers and sisters of full blood
brothers and sisters of half blood
grandfathers and grandmothers
uncles and aunts
However, with regards to the above, if there is a surviving spouse, the spouse is permitted to receive a share in the same amount as each child. If there is only one child, the spouse and the child are to receive 50% of the estate each.
To make certain that your assets are protected and remain within the family, be sure to have a Will drafted in Thailand to cover your Thai assets to make the process of administration of assets a smooth one.
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