Making a will and estate planning is not something we like to think about, but what happens if you pass away without having made that?
If you not have made a will your wishes may not necessarily be carried out and inheritance law might determine what happens to your assets upon your death. If there is no Thai will, your estate in Thailand must be distributed in accordance with the classes of relationship and in order of priority as stipulated in the Thai Civil and Commercial Code article 1629: Descendants; parents; brothers and sisters of full blood; brothers and sisters of half-blood; grandfathers and grandmothers; uncles and aunts and half of the estate (known in Thailand as Sin Somros) will belong to the spouse, if any and no prenuptial agreement exists which says otherwise.
If there is no living relatives and no will, your estate will go to the State.
Therefore, we strongly recommend making a Thai Will to ensure your loved ones are taken care of and your assets will go to the beneficiaries you have chosen.
Foreigners with assets in Thailand are generally permitted to dispose of their Thai assets according to the law of their home country or according to a will made in another country. However, the execution of a will or distribution of an estate requires a Thai court procedure and approval in which an executor will be appointed who will wind up the Thai part of the estate.
Foreigners therefore may choose to make a last will and testament specifically for assets in Thailand, excluding assets in other countries through a limited jurisdiction clause in the will. Such a Thai will be generally easier to enforce in Thailand and could dispose of your Thai assets separately and differently from assets in other countries.
There are many things you have to consider, like bank accounts, movable and immovable goods, and properties either in the name of a Thai company (shareholder) or leasehold (leasehold rights). You might need a guardian if there are minor children and an administrator or executer of your last will.