Fructuse

[Manou]

Hello all,

Some of you on this forum might already know but me and Ann expect a baby the first of September.

She is now 4 months so we are slowly moving into the "save" zone.

For a few years already I have some building plans for private and business use. I was always doubting between a company or lease formula.

I know on this forum there are fans and haters of any of these formulas and some might even hate both, so I don't want to go into that at the moment.

A while ago I already heard of the term "usefruct" in Thailand, but didn't think about it much (also as I didn't have children) until I came across a bit of info on the internet what tuned up my interest level.

It sounded interesting to let my child (when it is born of course) own the land while I have usefruct. Although this will maybe be complicated as the first years we as the parents are legally responsible for the child and it will take many years untill his/her autograph is worth something.

Till now there I didn't find a great deal of information and I think I remember I read something about difficulties using "usefruct" with young children.

I hope some "wise" forum members can tell me something more about this as it seems like the perfect situation. I get to use the land until I die and my child inherits the land, what will be without usefruct after I die.

Though I remember in Holland where I come from there is a tax amount charged for giving to your children.. Maybe this is also the case in Thailand.

Anyway.. I hope you guys know more then me about this and can give me a push into the right direction.

Thanks in advance for all the answers!

Manou

[Manou]

Sorry but I ment to say "Usufruct" what is the correct work for it here.. I used Fructuse what is the Dutch way to name it translated to english litterely.

So sorry this is a bit unclear but I ment USUFRUCT.

Thanks

Manou

[Peterchap]

Hi Manou,

I have a Usuafruct Agreement with my Thai wife owning the land and me having access to the land and improvements (house) for my lifetime.

We also did a will whereby if she dies everything belongs to me (although I don't know how that works with the land, as farang can't own land) and if I die everything I own in Thailand belongs to her.

I don't know how it would work with a minor being the land owner, but maybe Sebastian from Korat Lawyers could give you some advise.

I used him to prepare my documents and found him very helpful.

If you look on their website you may find some useful information, failing that maybe send him an email.

Regards from Peter.

[Mario2008]

A minor can hold possessions, just like anyone else. The parents will be the guardians over the possessions of the children. For some transaction, like selling of the land, the parents will need prior approval of the court before they can do so.

Peterchap, if your wife dies you will have 1 year in which you have to sell the land. You won't get the land, only the worth.

[CDNinKS]

Peterchap, if your wife dies you will have 1 year in which you have to sell the land. You won't get the land, only the worth

Actually the law states that you (a farang) can inherit land and have it registered in your name for not less than 180 days and not more than 365. In that time period you must sell or transfer it into a Thai persons name. So, you could transfer it at that time into your childrens name or friends name and have them give you a new usfruct on the land if you want to remain there, or just sell it outright and move on.

[Manou]

Ok sounds good but do I also have to prove the liquidity of my children?

Or is a simple statement of my gifting this to my child enough?

[stgrhe]

As Peterchap suggested, contact Sebastien at Issan Lawyers in Korat for advice. He is a forum sponsor and ivery good to deal with. He is also affordable with reasonable rates.

[Manou]

I already contacted him. Thanks for the tip!