If you are a Thai expat, you can protect your assets by making a will. Read on to know more about the reasons for writing a last will and testament.
As a Thai expat, your domicile status and other matters of residency are some of the things that may complicate your will-making process. That’s why it is highly recommended that you consult a service for professional advice on writing wills. Whether you are here because of a long-term business relocation or you have chosen to retire in Thailand, you wouldn’t want to leave your assets to chance. Here are some of the best reasons to write a will if you are a Thai expat:
Avoid being Classified as a Dying Intestate
If you don’t have a will upon your passing, you will be automatically classified as a dying intestate. What this means is that your assets will not be distributed according to your wishes. The law will decide what to do with your assets. For instance, the ownership of your estate will likely be transferred to any living parents, as opposed to a partner or spouse.
There are six classes of statutory heirs to know in Thailand:
- Descendants
- Parents
- Siblings of full blood
- Siblings of half blood
- Grandparents
- Uncles and aunts
- The surviving spouse (the statutory heir and subject to the special provisions of Section 1635 Civil and Commercial Code)
Make Difficult Times Less Difficult
The loss of a loved one is a tough pill to swallow. And the last thing you want to do is spend those difficult moments haggling with family members and lawyers. Hence, consider writing your will early to keep your loved ones from having to deal with bureaucracy in times of mourning and sadness.
Your Money Can be Used for Charitable Causes Upon Your Passing
Can wills be used for altruism like giving back to those in need? The answer is yes. We have arrived at the age when wills are no longer limited to family, friends, and loved ones. These days, you can include any charity in your will to make sure your assets are used for a good cause.
Protect Your Business
If you own and manage a business, you can pass your company (of any size) to your heirs or even the co-owners of your business. This request can be facilitated through a will and testament. With that in mind, you should note that lack of proper estate planning can cause family-owned businesses to fail before reaching the hands of the second generation.
Continue Caring for Your Children
As only you and your spouse know your children better than anyone else, you can state who is most qualified to care for your little ones by writing a last will and testament. You can select a trusted guardian, who you are confident, will do an excellent job at looking after your children.
Avoid being Heavily Taxed
By now, you might wonder why everything is linked to death somehow. Not to be a wet blanket, but one needs to take a pragmatic approach to handling his or her wills and estate taxes. Note that these taxes have the ability to devour a significant amount of your nest egg if you do not leave a will. I mean, you didn’t work so hard for so many years just to benefit the legal system and the government.
Ensure Personal Possessions Are Gifted to the Correct Individuals
You may have promised certain individuals that you will gift them a certain possession when the time arrives. Make sure you pen this down in your will if you ever wanted these plans to actualize.
Get Help in Making Your Will in Thailand Today
All in all, preparing your wills and testaments early will give you peace of mind. The financial and legal benefits that come with creating a will as a Thai expat will cause the least stress for your loved ones. Whether you are protecting your Thai bank account and other assets such as your motorbike, car, or Thai property, we will help you to meet all your expectations.
Talk to us today for expert advice on how to create last will and testament as a Thai expat!