This is because expats often have assets in multiple countries, and the laws governing inheritance can vary from country to country.
If you die without a will, your assets may be distributed according to the laws of the country in which you die. This means if you are not officially married your partner may not receive any benefit.
This may not be the way you want your assets to be distributed, and it could lead to a lot of confusion and conflict among your loved ones.This may not be the way you want your assets to be handled, and it could lead to a lot of confusion and conflict among your loved ones.
A will allows you to specify who you want to get (inherit) your assets, and it also allows you to appoint a guardian for your children if you die while they are still minors. This is called the controller of property and Thai888 Law is in the process of starting up a Foundation to assist in these matter.
A will can also help to ensure that your assets are distributed quickly and efficiently after your death. Normally applying to the courts and settlement could take 6 months.
Here are some of the specific benefits of making a will as an expat:
- You can specify who you want to inherit your assets. This includes both your loved ones and any charities or organizations that you support.
- You can appoint a guardian for your children if you die while they are still minors. This at the moment is a Controller of Property and its not entirely a good situation as this person may also die. This will ensure that your children are cared for by someone you trust. Our Foundation is being set up to do this.
- You can choose the way in which your assets are distributed. For example, you can choose to leave your assets to your loved ones in equal shares, or you can leave a larger share to one person. Or a charity or a foundation that can manage the assets into the future.
- You cannot avoid the probate process in Thailand. The probate process is time-consuming and can be expensive, and it can also be emotionally draining for your loved ones. Especially if the will is badly written and contested in court. A will can help to streamline the probate process and make it easier for your loved ones to inherit your assets.
- Banks. the Land Office, the Embassy, property in your own country, pensions, savings etc. all require a document from the court (a Grant of Probate) to release these properties to the people you want to give them to.
If you are an expat, it is important to make a will as soon as possible. This will help to ensure that your assets are distributed according to your wishes, and it will also help to protect your loved ones after your death.
Here are some tips for making a will as an expat:
- Choose an attorney who is familiar with the laws of the country in which you live. This would be award winning Thai888 Law, also dealing in international probate matters.
- Make sure that your will is in writing and that it is signed and witnessed by two people. In Thailand this is normally in Thai and English so all parties can understand it.
- Keep your will in a safe place where your loved ones can find it after your death. Normally a copy is held in Thai888 Law offices.
- Review your will regularly to make sure that it still reflects your wishes. Should you buy or sell any assets we simply attach this to your will, free of charge.
Making a will is an important step in estate planning, and it is especially important for expats. By following these tips, you can ensure that your will is valid and that your wishes will be carried out after your death.