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Legal guides written by GPS Legal:
In Thailand, the legal concept of a trust does not exist per se, as it does in Western countries. However, Thai law does offer certain arrangements bearing similar characteristics. These are outlined in the Civil and Commercial Code, particularly the section governing contracts for the benefit of third parties. It's very important to understand the complexity and nuances of these laws, especially when planning an estate or setting up business operations in Thailand. Therefore, having a lawyer with extensive experience in handling trusts in Bangkok is definitely helpful.
Considering the complex nature of trusts and Thailand's unique legal framework, individuals often require legal assistance to navigate these waters. Whether it is estate planning, providing for a loved one, or structuring business operations, a trusts lawyer can provide crucial advice and guidance. A knowledgeable lawyer can help protect your interests and ensure your wishes are effectively and legally implemented.
The local laws surrounding trusts in Bangkok are complex and multi-layered. Here are key aspects you should be aware of:
1. Contracts are the key legal tool used to create trust-like arrangements. 2. Business trusts, real estate trusts and family trusts can be established. 3. Business trusts might involve multiple contracts between parties. 4. The absence of specific trust laws can lead to complex tax implications. 5. Trust-like structures need careful crafting and regular legal oversight to stay within the law.
1. Can a foreigner establish a trust in Thailand? Foreigners may establish trust-like arrangements in Thailand using contracts. 2. What kind of assets can be put in a trust? Any form of property such as real estate, cash, stocks and other forms of personal property can be put into a trust. 3. Does a trust in Thailand protect assets from creditors? The structure and legal oversight of the trust can influence this, further emphasizing the need for professional legal counsel. 4. What are the tax implications of establishing a trust in Thailand? Tax implications can be complex. It's best to consult with a tax and legal expert to understand the specifics. 5. Can a trust be used to pass assets to my heirs? Trust-like arrangements can be structured to pass assets on to your heirs, but this needs careful planning and legal assistance.
You may want to review the Civil and Commercial Code of Thailand for more understanding and the Thailand Revenue Department for any potential tax implications. The Lawyers Council of Thailand can be a source of more legal information and help in finding a lawyer.
If you need legal assistance in trusts in Bangkok, you should find a credible and experienced lawyer or a law firm specializing in trusts. It's important to get your legal counsel involved early to help structure the trust-like arrangements correctly and legally. Ensure you understand all the implications and potential issues that may arise, and keep yourself informed about any changes in the law.
