Setting Up Last Will and Testament in Thailand
Among the issues that are often faced by foreigners residing in Thailand is estate planning. This is a process by which the attorney and client work together to structure the distribution of assets in the event of a death. This includes drafting a last will and testament that complies with Thai laws and serves the client’s objectives.
A last will and testament is a legal document that allows you to state how your property or other assets should be distributed upon your death. It also allows you to appoint guardians for minor children and to appoint an executor. It is a very important document to have and can be very beneficial in preventing family disputes that arise after your death.
Setting up a last will and testament in Thailand is essential for any foreigner that has properties in the country or any assets that they want to distribute after their death. A last will and testament can prevent problems that may arise after your death, and can help to avoid costly court costs.
There are a number of websites that offer off the shelf last will and testament templates. However, these templates are not suitable for all foreigners who have assets or properties in Thailand as they only cover the basic legal aspects of a will and do not consider all of the complex issues that can arise.
It is very important to have a lawyer draft your will as errors and omissions can cost your heirs large sums of money. A good Thai lawyer will be able to ensure that your will is valid in Thailand and will meet all the requirements of Thai law.
The first thing that you need to do is to make a list of all of your assets, including any movable or immovable property in Thailand and any shares of a company (shareholders) or leasehold rights. You will also need to include the names of your beneficiaries, and the person that you have chosen as the executor.
Once you have a list of all your assets, you need to contact an attorney in Thailand that can assist you with the preparation of a last will and testament. An attorney can provide advice on how to best divide your assets and protect your heirs from future family disputes that might arise after your death.
One of the most common mistakes that foreigners make when they prepare a will in Thailand is that they leave their assets to their spouse instead of their children. It is a mistake that can be very costly to rectify and will create even more problems for your heirs when they are trying to sort out your assets in Thailand after your death.
Another mistake that foreigners often make when they prepare a will is that they fail to include the beneficiaries who will receive the shares of their companies in their wills. This can be very expensive to correct and will result in a delay in your heirs receiving the shares they want in their will.
Importance of Property Title Transfer in Thailand
When it comes to buying a property in Thailand, the most important thing to consider is that the land has a proper and legally issued title deed. This is the official document administrated by the Land Department which states and proves a person’s legal right to own or possess a piece of land, its survey status, rights, obligations, or mortgages on the property as well as the right to dispose or encumber the land.
There are a number of different types of land title deeds in Thailand including the freehold ‘Chanote’, which is the highest possible land title deed that offers full private ownership. ‘Chanote’ land titles are the most preferred and are often used as a benchmark to measure against when it comes to real estate investment in Thailand.
The ‘Nor Sor 3 Gor’ (NS3G) is the next level of land title deed that is available to purchase and is also a very viable choice for buyers who wish to own land in Thailand. NS3G land titles are not as ‘freehold’ as the ‘Chanote’ or ‘Nor Sor 3 Gor’ and require further investigation to confirm the land boundaries with neighbouring plots.
During the transfer process, there are a number of taxes that will need to be paid to ensure the smooth and timely completion. These include:
A Transfer Fee: 2% of the registered value; this is paid at the Land Office on the day of the transfer. Specific Business Tax: 3.3% of the appraised value or selling price (whichever is higher).
Stamp Duty: 0.5% of the appraised value; this is paid at the Land Office. The final cost can vary based on the complexity of the property and the amount of paperwork that is required.
If the buyer is a foreigner, he must have an official power of attorney that has been approved by the Thai Land Department. Other forms of power of attorney are not acceptable and will likely result in a lengthy delay in the transaction.
The power of attorney should be signed by both the owner and the person transferring the title deed and it must be in Thai script. The official power of attorney can be obtained by contacting a local legal firm or the Thai Land Department.
There is also a special type of power of attorney called an ‘Official Power of Attorney’ which is only valid for use with the Land Department and requires a great deal of detail about the property being transferred as well as the people involved in the transaction. This is a very important document and one that should be carefully crafted by a professional in order to ensure the smoothest and most effective transaction possible.
Once all the above is done, the new owner can now register their name on the property title deed. This will officially change the property’s ownership to them and they will receive a receipt for the transaction.
Defining Due Diligence in Thailand
Buying and selling properties is one of the most common investments in Thailand, both for business reasons or personal use. However, it is important to ensure that you are doing this in a responsible way and with the help of a qualified real estate lawyer. This is called Due Diligence.
Defining Due Diligence In Thailand
“Due diligence” is a term used for the process of performing an inspection or review of a business or a person before completing a transaction, such as signing a contract or appointing a vendor. It can also be used to evaluate a target company or its assets for an acquisition.
Property and Developers
When you are buying a property, it is important to make sure that the company or person selling you the property is legal and solvent. This can include examining their financial records and checking to see if they have passed any environmental impact studies or zoning laws. You will also want to look into their legal background and whether they are able to get a construction permit for the building that you are buying.
The process of doing due diligence involves looking into a lot of different factors, so it is always a good idea to hire a qualified lawyer to do this for you. This will ensure that you are getting the best possible information about the property you are buying and will help lower your risks.
Before you buy a property, it is also a good idea to check the land title for any mistakes that may have been made. This is because a mistake in the title can have a serious legal impact on you and your investment.
In Thailand, there are several different types of land titles that can be obtained for a piece of property. Each of these has a specific set of rights and responsibilities that you should understand before you buy the property. Some of these rights can be restricted, while others may allow you to sell the property without any restrictions.
Some of these issues can be difficult to understand and may require an experienced attorney to help you navigate them. These problems can range from liens on the property to issues regarding its legal ownership.
Other concerns that you should consider when evaluating the property that you are buying include the condition of the property and its boundaries. You should also investigate whether the land has been fully surveyed and is free of any defects.
A professional property lawyer in Thailand will be able to tell you what kind of checks are necessary before you purchase a piece of land. This will help you to be able to determine if the property is worth the money that you are paying for it.
What Is the Difference between Land and Property?
There are a lot of differences between the two when it comes to legal rights and responsibilities. This is especially true for land. There are some types of land in Thailand that will give you only possessory rights, while other types will give you full property rights and the right to transfer (sell) the land.
Retirement Benefits in Thailand
Retirees in Thailand have a few different retirement benefits, depending on the type of work they did and their age at retirement. They can receive a monthly pension, social insurance benefits, or long-term medical coverage.
The cost of living in Thailand is incredibly low, making it a popular destination for retirees. The country’s beautiful beaches, warm weather and affluent locals make it an ideal spot to enjoy your golden years.
Those retiring in the formal sector can claim from the National Pension Fund or a provident fund set up by their employer. Employees who work in the public sector will also be entitled to a pension.
Old-age pensions are based on a percentage of an employee’s contributions, as well as other factors such as the length of service. A person can receive between 600 and 1,200 baht a month if they’re 60 or older, and between 800 and 1,000 baht a month if they’re 70 or older.
A person can also get a lump sum if they’re disabled or sick and have been insured for at least 180 months. Those receiving these payments must notify the Social Security Office of their status.
The government has made retirement a priority in Thailand, and it’s now mandatory for private-sector employees to participate in a retirement scheme. In addition, it has also set a red line in that employers must pay severance to their retiring employees.
There are two main types of retirement benefits in Thailand: the provident fund and the severance pay system. These systems complement each other well, ensuring that the system is efficient and effective.
Retirees in the private sector can expect to receive a monthly pension, social insurance benefits, and long-term medical coverage. These benefits may include the National Pension Fund, a new defined contribution pillar for private-sector employees that will be introduced soon, or a provident fund set up voluntarily by employers.
Health and medical insurance are important benefits for retirees, especially in a country where the elderly population is expected to rise by 50% over the next 20 years. These benefits can cover a variety of costs, including emergency medical treatment and hospitalisation.
Whether you’re planning to visit Thailand for a few months or a few years, it’s important to research the cost of healthcare and ensure you have sufficient coverage. The costs are lower than many countries, but they can still add up quickly.
Insurers will look at a range of factors to determine the premium, including your health history and lifestyle. If you have pre-existing conditions, it’s a good idea to shop around and find the best deal.
The Thai government is currently reviewing the current retirement scheme to improve the system and ensure it’s fit for purpose. It is also looking to expand the number of employers involved in the system and enhance competition between providers. The resulting changes will help improve the overall retirement experience in Thailand.
Importance of Drafting a Prenuptial Agreement in Thailand
Prenuptial Agreement is a legal document that spouses enter into before entering into marriage. It is also known as antenuptial or premarital contract, and it is one of the most important documents that a couple should have.
The Importance of Drafting a Prenuptial Agreement in Thailand
When couples are planning to marry, they should consider creating a prenuptial agreement in order to avoid significant disputes and court battles. This type of document protects each party’s assets and gives them a clear financial plan for their future. It is best to have a prenuptial agreement drafted by a Thai attorney or lawyer before the wedding takes place.
A Prenuptial Agreement in Thailand is a legally binding document that is signed by a couple before their marriage. It outlines how each party’s assets will be divided in the event of divorce or death. It is beneficial for couples with significant assets or properties that wish to have some control over the distribution of these assets in case of a divorce.
The importance of a prenuptial agreement is not limited to marriages in Thailand, but it can also be helpful for couples who have been married before. A well-written prenuptial agreement can ensure that a husband and wife’s personal property will be protected, and that their debts will be divvied up fairly in the event of a divorce or death.
It is important to note that under Thai law, personal property remains the sole property of each partner during a marriage. It is a good idea to make a list of any assets that each party has before the marriage, and to keep this list in a safe place. A prenuptial agreement can also specify that the assets of the parties will be listed as marital property in the event of a divorce.
If a prenuptial agreement is signed, it can be legally binding and must be registered in the same way that a marriage is registered. This means that it cannot be changed or amended after the marriage is completed, unless a court orders otherwise.
Depending on the nature of the couple’s relationship and their financial circumstances, it is possible to include provisions for child support in a prenuptial agreement. However, this is often not a common feature of prenuptial agreements.
A prenuptial agreement should be drafted by an experienced Thai attorney or lawyer who is knowledgeable about the laws of Thailand and the country where the fiancee lives. The document should also be drafted in both the language of each party and must be notarized by an official notary in Thailand.
The most important aspect of a prenuptial agreement is that it must be enforceable. This means that the terms of the agreement must be fair and logically consistent with the laws of Thailand. If the agreement does not adhere to these laws, it may not be enforceable in court and will be considered void.
Another important aspect of a prenuptial contract is that it should not be used as an excuse to cheat or defraud your spouse. This is because it could cause serious damage to your finances.
Divorce in Thailand
In Thailand, there are many different types of divorce. These include contested, non-contested, and mutual consent divorces. These are all governed by the Thai Civil and Commercial Code.
A contested divorce requires that one or both parties must appear at a court in order to pursue the case. A non-contested divorce, on the other hand, is a divorce where both parties agree to sever their marriage.
Usually, this type of divorce is done at the local District Office (Khet or Amphoe). Both spouses must be present when applying for this procedure and they need to have copies of their marriage certificate as well as their passports.
An administrative divorce is a less costly option than a contested divorce and it does not require any court proceedings. However, it is important to consider whether this option is appropriate for your situation.
The majority of divorces in Thailand are uncontested. This is because the law states that all marital property is to be divided equally upon a divorce, regardless of who brought it into the marriage.
If a couple cannot agree to the distribution of assets and debts, then they can petition for dissolution of the marriage by the court. The court will determine how much each party receives according to the law and their individual circumstances.
When a divorce is obtained through a court, the courts will decide on child custody and property division in accordance with Thai laws. Often these issues are complicated and it is advisable for couples to try to negotiate these matters before seeking a divorce.
It is also advisable for couples to have prenuptial agreements, as this can help them avoid future problems.
There are a number of grounds for divorce in Thailand, including:
In Thailand it is considered a ground of divorce if the husband or wife is mentally and physically abusive to the other. In addition, if the other party has been convicted of a crime and sentenced to imprisonment for at least one year, this can be used as a reason for divorce.
A couple may also be able to file for divorce if one of the spouses has been unable to provide proper maintenance and support or is a criminal who has committed acts of misconduct that caused physical or psychological harm to the other.
Having regular sexual intercourse with another person, or having the name of someone else on your marriage certificate can also be grounds for divorce.
It is possible to obtain a divorce based on these grounds, but the plaintiff must be able to show that they have suffered the harm. This can be done by providing evidence, such as a police report or a video or photograph of the behavior that has caused the harm.
Divorce in Thailand is not always easy and can be a stressful time for all involved. For this reason, it is highly recommended to hire a lawyer who can assist in the divorce process. A lawyer can also make sure that all the legal paperwork is complete and in order.