Having a Thailand Last Will and Testament prepared in both your home country and in Thailand is highly recommended, though it is not a pleasant thought to be thinking about your demise. However, you should plan in advance regarding your estate, making sure that all the affairs are in order in the event of your unfortunate passing. What happens when you die? How does this affect the US visa process?
Thailand Last Will
Consider if you need a Thai law firm first. This thought is not something that we would like to think about, but it is fairly important to have good estate planning to make sure that your loved ones are well taken care of in case you pass away. Without a Thai Last Will, all your assets will be distributed in accordance with the classes of relations stated under the CCC Section 1629, in order of priority:
- – Descendants;
- – Parents;
- – Full-blood brothers and sisters;
- – Half-blood brothers and sisters;
- – Grandfathers and grandmothers;
- – Aunts and uncles;
Prior to any distribution of the estate to the relatives, half of the estate belongs to the spouse, if any. The rest will be distributed equally according to relationship. If the person has no living relations and no Thai Last Will, the whole estate will devolve on to the State.
It is highly recommended to make a Thai Last Will to cover all your assets in Thailand. If you own land under a company on freehold, it would not be passed on to your heirs upon your death. Instead, it would be passed on in the form of shares. Your heirs will receive shares of the company as opposed to the actual property which could involve complicated legal matters. Always consider this before you apply for a US spouse visa from Thailand or retire in Thailand.
There are various things that could happen to your property if you are not fully aware of your legal rights in Thailand. The entire process can become quite complicated and oftentimes pretty costly if some precautions are not taken on earlier. The major concern of property acquisition is to minimize the risk and to secure your investment, which might be more important when purchasing properties outside your jurisdiction where the communication barrier may become a problem to most people.