About Trusts Law in Pattaya, Thailand
Trusts law in Pattaya, Thailand fall under Thai civil and commercial code. However, the concept of trusts is not fully developed and Thailand lacks a comprehensive legal framework for recognizing and regulating trusts. But in recent years, foreign and local practitioners have found ways to structure similar arrangements through fiduciary agreements and other types of agreements, helping you manage assets in a way that resembles a trust.
Why You May Need a Lawyer
There are complex legal aspects and various requirements to consider when setting up an arrangement resembling a trust in Pattaya. You may need a lawyer for effective estate planning or structuring, asset protection, or managing your businesses. A skilled attorney could offer advice on avoiding future legal disputes and ensuring that the trustee strictly adheres to the stated terms. Not complying with all the legal requirements might lead to disputes over or mismanagement of your assets.
Local Laws Overview
While Thailand does not recognize the concept of trust under its civil and commercial code, it has provisions regarding 'Juristic Acts' that can be used to structure a trust-like agreement. It requires the person transferring the rights (the "Settlor") and the person accepting the rights (the "Trustee") to have the legal capacity to act and for the object, or purpose, of the transfer to be legal and not against public order or good morals.
Frequently Asked Questions
1. Can a foreigner create a trust in Pattaya?
Foreigners can structure trust-like arrangements in Pattaya, for this they need to comply with certain Thai legal principles and requirements.
2. How can a trust-like agreement be terminated?
The termination process depends on the terms set in the agreement. These agreements usually include terms on how they can be terminated.
3. Can trust property be seized by creditors?
If the agreement was properly structured and meets all legal requirements, then creditors cannot directly seize trust property.
4. Do I need a lawyer to structure a trust-like agreement?
While it's not mandatory, it's highly recommended due to the complexity of Thai law and potential legal challenges.
5. What if the trustee breaches the agreement?
If the trustee fails to adhere to the agreement terms, they may be liable for any losses or damages that result from their breach.
Additional Resources
The Thai Government's official web portal and the website of the Department of Business Development are good starting points for information. Local law offices often provide information brochures or blog posts on their websites as well.
Next Steps
If you need legal assistance in establishing an arrangement that resembles a trust in Pattaya, Thailand, it's important to contact a legal professional with experience in this area. They will guide you through the process, ensuring that you meet all the requirements and helping you understand all the potential legal implications.
Lawzana helps you find the best lawyers and law firms in Pattaya through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Trusts, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in Pattaya, Thailand - quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please
contact us, and we will review and update it where appropriate.
