Foreign Assets On Thai Will

[slater99]

Hi, I hope I have this in the correct place.

Having read the Thailand law regarding wills, Im still not clear on whether foreign assets, i.e bank accounts held in the U.S.A can be put on a Thai will.

Does the U.S.A recognize Thai wills?

[Jingthing]

My impression is that you generally need a Thai will only for your assets in Thailand. For US brokerage accounts you can designate your beneficiary directly with them (usually online) and that plus a death certificate would be adequate for an heir. If you have significant assets in the US where you can't designate a beneficiary directly, a US will would be advisable. You can actually do simple ones quite cheaply (online services, paralegals, etc.).

Edited January 17, 2010 by Jingthing

[Chaimai]

I would have thought that it would be prudent (probably a legal requirement) to have a will for each country in which you have assets. Such assets would be covered by the Intestacy laws of that country if no valid will was in place.

[chiangmaibruce]

slater, there are quite a few variables. It depends to the extent that thai law (re: wills) dovetails with US law. Even then it might vary from state to state in the USA. Plus your reference to "Thai wills" would depend on whether the will in fact fully conformed to thai law (and there are probably more than a few around that don't).

Jingthing mentioned nominating beneficiaries (in relation to specific investments). One possible trap there though is that some such nominations are not enduring ... they have a limited life span and must be periodically renewed... and they can be subject to challenge (as can a will). Again this issue varies with local laws. Also beware the cheapie approach to will preparation (e.g. will kits) ... the outcome may or may not be fully legal and may well be more susceptible to challenge. This issue has been addressed in various other earlier thaivisa threads.

Without doubt the safest route is a lawyer-vetted Will in thailand and another in your home country, each one making reference to the other.

I mention Wills in section 3.5.1 of my book by the way ... just in case you find yourself in a bookstore sometime soon

Edited January 17, 2010 by chiangmaibruce

[givenall]

slater, there are quite a few variables. It depends to the extent that thai law (re: wills) dovetails with US law. Even then it might vary from state to state in the USA. Plus your reference to "Thai wills" would depend on whether the will in fact fully conformed to thai law (and there are probably more than a few around that don't).

Jingthing mentioned nominating beneficiaries (in relation to specific investments). One possible trap there though is that some such nominations are not enduring ... they have a limited life span and must be periodically renewed... and they can be subject to challenge (as can a will). Again this issue varies with local laws. Also beware the cheapie approach to will preparation (e.g. will kits) ... the outcome may or may not be fully legal and may well be more susceptible to challenge. This issue has been addressed in various other earlier thaivisa threads.

Without doubt the safest route is a lawyer-vetted Will in thailand and another in your home country, each one making reference to the other.

I mention Wills in section 3.5.1 of my book by the way ... just in case you find yourself in a bookstore sometime soon

According to US law a will is a will and it does not matter where it is issued. As long as it has been legally certified by a notary and 2 witnesses. Of course as it goes with money it can be contested anywhere including a will preformed in US.

[OKF]

you mayhave to exclude your Thai poperty from your US will. The the Thai wll may work on the thai property. I do not think that a thai will can accomdae for US property. The beauty about Thai will is that you can give everything to somebody YOU want to give it to - no stauaory heirs if you do not like it.

[backsoon]

My impression is that you generally need a Thai will only for your assets in Thailand. For US brokerage accounts you can designate your beneficiary directly with them (usually online) and that plus a death certificate would be adequate for an heir. If you have significant assets in the US where you can't designate a beneficiary directly, a US will would be advisable. You can actually do simple ones quite cheaply (online services, paralegals, etc.).

Jingthing, since I have assets only in Thailand, would an informal will in Thai language doubled up in English, both signed at local Amphur in favour of a Thai g/f (not legally married) be sufficient? I do not feel like spending 10-15K on a very simple piece of paper.

Another question, - will my good for nothing progeny in Oz have a real chance of contesting such will? I want to make absolutely impossible for them to benefit from my estate.

Thanks for advice.