When I Die

[johnnyk]

I own my property through my company (spare the usual, please, I am satisfied its ok and its my money) but I am the sole falang shareholder.

My falang wife and child are not on this list.

So, does anyone have advice on what to do to ensure the property remains in the family and does not disappear into a black hole if I croak before my time?

[GuestHouse]

Essentially you cannot ensure the your legacy that you leave in Thailand does not disappear into a black hole. To do so you would have to maintain control over the legacy after your death, the method of doing this in the UK (and many other places) would be to use trust law - place the property/wealth in trust and then make your heirs the recipients of income/usage of the trust.

But Thailand has no trust law, so you have to hand all the legacy over in one lump sum and hope that your heirs, their extended family and any 'influentials' that get involved have the good sense and honesty to act as you have instructed in your will.

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I also think that leaving a house owned by a company (leaving a company with assets to manage and taxes/administration fees to be paid) is a complication with as many, if not more dangers than black holes - they can at least be avoided by personal guile on the part of your heirs.

So at sometime it might be an idea to move the house out of the company and into the hands of your family. The sooner they get used to having property and regarding it as their own the more likely that they will be less willing to hand it on when you are done and gone.

Edited April 3, 2008 by GuestHouse

[johnnyk]

Essentially you cannot ensure the your legacy that you leave in Thailand does not disappear into a black hole. To do so you would have to maintain control over the legacy after your death, the method of doing this in the UK (and many other places) would be to use trust law - place the property/wealth in trust and then make your heirs the recipients of income/usage of the trust.

But Thailand has no trust law, so you have to hand all the legacy over in one lump sum and hope that your heirs, their extended family and any 'influentials' that get involved have the good sense and honesty to act as you have instructed in your will.

---

I also think that leaving a house owned by a company (leaving a company with assets to manage and taxes/administration fees to be paid) is a complication with as many, if not more dangers than black holes - they can at least be avoided by personal guile on the part of your heirs.

So at sometime it might be an idea to move the house out of the company and into the hands of your family. The sooner they get used to having property and regarding it as their own the more likely that they will be less willing to hand it on when you are done and gone.

gh,

thanks for taking the time but i wonder if you are thinking its a thai family...wife/daughter are falang.

maybe a usufruct to my daughter when she gets of legal age?

[GuestHouse]

Sorry, yes I was assuming your family where Thai.

Under the circumstances of a non Thai familuy, I'd look at transferring your company in a will. You might also consider taking out a life insurance policy that compensates your family to a similar amount as the price of buying a new house/condo.

[johnnyk]

Sorry, yes I was assuming your family where Thai.

Under the circumstances of a non Thai familuy, I'd look at transferring your company in a will. You might also consider taking out a life insurance policy that compensates your family to a similar amount as the price of buying a new house/condo.

Hadn't thought of that, seems very sensible to have a will drawn up in Thailand for that purpose. Many thanks.

[JimmyGreaves]

Can't you just have something stated in the running of the company that after your gone that the shares are transfered to a member of your family or am I missing something

[johnnyk]

Can't you just have something stated in the running of the company that after your gone that the shares are transfered to a member of your family or am I missing something

I might be missing something! I'll look into that as well.

[JimmyGreaves]

Can't you just have something stated in the running of the company that after your gone that the shares are transfered to a member of your family or am I missing something

I might be missing something! I'll look into that as well.

Hi Johnny, Let us know if that is possible.

[ongcuunon]

Can't you just have something stated in the running of the company that after your gone that the shares are transfered to a member of your family or am I missing something

I might be missing something! I'll look into that as well.

Or, in order to avoid probating a will (particularly of a Thai will in Thailand) and to manage better any inheritance taxes that may be assessed by your home country, you may want to look into establishing a living trust, which was mentioned earlier as a useful estate planning device, and transferring the shares of your company into said trust. I am not in your situation, so I have not inquired into whether there would be any restrictions or other considerations with respect to a trust owning the shares of your Thai company. Please let us know what you find out and what you decide to do.