Establishing a Last Will

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StevePIraq
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Establishing a Last Will

Post by StevePIraq »

I am retired in Hua Hin, lived all over the place so I have assets in numerous countries and I wish to update my Will. On talking with a HH lawyer he told me he can establish a will in Thailand to cover my assets here but I will need to do separate ones for other countries with legal representatives in each country. I have assets in Australia, UK, South Africa plus numerous Off Shore investments and it seems crazy to have to establish separate legal coverage for each one.
I wish to split my estate between my Thai wife and kids overseas she agrees with this but I don’t want a crooked Thai lawyer who will fiddle everything once I am gone and my children overseas are then left with nothing.
Is it possible to set up a trust fund and have all assets paid into this and only update the trust fund on how to split the funds.
Has anyone else looked into this issue and had similar problems or am I going about this wrong.
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Re: Establishing a Last Will

Post by Nereus »

Sorry mate, but do not put TRUST, fund or otherwise, in the same sentence as Thailand! Believe me, I have been there!
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Re: Establishing a Last Will

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See my PM...
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Re: Establishing a Last Will

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Re: Establishing a Last Will

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StevePIraq wrote:I am retired in Hua Hin, lived all over the place so I have assets in numerous countries and I wish to update my Will. On talking with a HH lawyer he told me he can establish a will in Thailand to cover my assets here but I will need to do separate ones for other countries with legal representatives in each country. I have assets in Australia, UK, South Africa plus numerous Off Shore investments and it seems crazy to have to establish separate legal coverage for each one.
I wish to split my estate between my Thai wife and kids overseas she agrees with this but I don’t want a crooked Thai lawyer who will fiddle everything once I am gone and my children overseas are then left with nothing. Is it possible to set up a trust fund and have all assets paid into this and only update the trust fund on how to split the funds. Has anyone else looked into this issue and had similar problems or am I going about this wrong.
We were also told that I would need to do one in England, can't remember exactly now but think it was due to the difference in inheritence laws in the two countries. Anyway, as the lawyer here was British, they produced it for me and said to either get it 'legalised' next time I was there or have it done via post somehow, which they said they could do if I wanted.

Anyway, trusts are not recognised in Thai law I'm afraid (think it's because it's Civil law which doesn't usually have Trust laws), there was a short thread about wills/trusts HERE where I posted the relevant laws they told me about at the time, ie:
Section 1686 of the CCC: - Trusts created, directly or indirectly, by will or any juristic act producing effect during the lifetime or after death, shall have no effect whatever.
Section 1687 of the CCC: - If the testator desires to dispose of his property in favour of a minor, but wishes to entrust the custody & management thereof to a person other than the parents, guardian, custodian or curator, he must appoint a controller of property by will.


So how it was done for us was:
a) Thai wills each for me and wife for only Thai assets, where we appointed a controller/administrator to execute the will, which can be a individual or juristic entity like a law firm, which we went for. The controller will only be valid until child reaches legal age.
b) UK will for me, where you appoint trust executors (brother & sister), stating things like give son 20% of 'x' when 18 years old, and 80% when 21 etc. More than one person was recommended to help prevent temptation of wrongdoing, as both need to sign off on decisions.

Personally I wouldn't want any overseas assets (or asset in my case :cry: ) on a Thai will rather than one in the country. Obviously yours is a lot more hassle due to the number of locations, I'd be happy to swap if it helps? Just had a look and there's a firm in Bangkok (DLA Piper) who talk about multi-country estate planning and have offices in 30 countries including Auz, SA & UK, although it feels like it just cost me 100 quid to look at their website!!

Good luck.

SJ
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Re: Establishing a Last Will

Post by hhfarang »

Same here, we had to establish two wills, one in the U.S. and one here. We used a big law firm in Bangkok to do the one here as I didn't trust any legal firms in Hua Hin.
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Re: Establishing a Last Will

Post by TypicallyTropical »

Your assest are assets regardless of where they are and your will is subject to local inheritance laws, but it is a legal will regardless of where it was made, and if your will include an Executor you trust than you don't need more than one will. That being said, it's probably more convenient to have a will in every country you have assest in.
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Re: Establishing a Last Will

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Both our U.S. lawyer and our Bangkok lawyer agreed that we needed a will in both countries to avoid problems with heirs and extended probate times. Maybe they just wanted the extra fees, but it wasn't that much for either one.
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Re: Establishing a Last Will

Post by Nereus »

TypicallyTropical wrote:Your assest are assets regardless of where they are and your will is subject to local inheritance laws, but it is a legal will regardless of where it was made, and if your will include an Executor you trust than you don't need more than one will. That being said, it's probably more convenient to have a will in every country you have assest in.
Even with the best of intentions, this is NOT correct. You have asked similar questions here: http://www.huahinafterdark.com/forum/vi ... hp?t=15882
and received some good advice.

If you have residence in Australia you can set up a Family Trust there and direct the distrubution of overseas assets as you want. The law is clear there and will be followed.
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StevePIraq
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Re: Establishing a Last Will

Post by StevePIraq »

Thanks to everyone so far, some good points to consider and contacts to follow up with for a chat. My intent at this time is to keep my Thai and overseas assets totally seperate with all of my overseas assets administered from Australia. Hopefuily this will all be irrelevant for many years to come.

Again thanks to everyone. :thumb:
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Re: Establishing a Last Will

Post by kazza »

Don't know if this will help but my Lawyers in BKK are currently offering a deal on Thai/UK Wills for 10.000 THB Inc. If anyone is interested i can post their contact numbers. (or mail me) I've been using them for a few years now , and they did a good job on my house purchase here.
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Re: Establishing a Last Will

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^ That's the same price I paid for the will at a big law firm in BKK (but that was six years ago).
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