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Estate Planning in Pattaya, Thailand involves the creation of a plan in anticipation of a person’s death or incapacitation. The aim is to secure the maximum value of the estate by reducing taxes and unnecessary costs. Estate Planning can include will drafting, establishment of trusts, powers of attorney, appointment of an executor and valuation of assets. In Thailand, Estate Planning is governed by the Civil and Commercial Code, particularly, the Succession Section.
A specialist lawyer can provide invaluable advice in various situations. Should you wish to draft a will, a lawyer will ensure it meets the legal requirements to prevent invalidation. If you own diverse assets (including properties in other countries), a lawyer can effectively plan for tax implications and distribute assets according to your desire. If you have minor children, a lawyer can help appoint guardians to avoid potential custody disputes. In cases of family disagreements over your estate, a lawyer’s involvement can help to mitigate and resolve conflicts.
The Civil and Commercial Code stipulates several laws relevant to Estate Planning in Pattaya. A will in Thailand can be oral or written, however, it is strongly advised to have written and appropriately witnessed wills to avoid contention. The law allows any person over 15, owning an asset and possessing mental capacity to draft a will. Assets in Thailand are governed by Thai law, meaning your home country’s law may not apply. Additionally, there is an inheritance tax of 10% for descendants and parents, and 15% for others for estates over 100 million THB.
1. Can a foreigner inherit property in Thailand?
Yes. Whilst a foreigner cannot own land, they can inherit and own buildings or condominiums. The land can be leased.
2. What happens if I die without a will?
Your assets will be distributed in accordance with Thai intestate laws: firstly, to your spouse, then children, parents, siblings, grandparents and, finally, grandchildren.
3. What kind of will is legally binding in Thailand?
An individual written will, a public will prepared by the government, a secret will handed to the court or government, or an oral will (with at least two witnesses) are legally binding.
4. How can I avoid inheritance tax in Thailand?
Avoiding inheritance tax isn't legal, however, estate planning can help mitigate it. Seek a lawyer for advice.
5. Can I appoint a foreign executor?
Yes, you can appoint a foreign executor; however, they may face difficulties due to language and location barriers. Additionally, courts might not approve a foreign executor if there is reasonable cause of potential detriment to the estate.
You might find the Department of Provincial Administration helpful for official documentation. The Thai Revenue Department can provide tax-related information. The Legal Aid Centre and the Lawyers Council of Thailand can provide free advice in some cases.
If you require legal assistance for estate planning, find a specialist lawyer. Do a background research, arrange consultations, discuss your case, ensure they have language proficiency if required, and finalize fees before proceeding. Always remember that estate planning is an ongoing process and may need revisions and updates periodically.
