RBWilson Posted June 2, 2005 Share Posted June 2, 2005 As I have property in both the US and own a Condo in Thailand, would a single USA drafted will cover the condo property adequately in Thailand, or is it best to have a separate one for that property? (The beneficiary would be a Thai). Link to comment Share on other sites More sharing options...
jayenram Posted June 2, 2005 Share Posted June 2, 2005 I cannot speak for US wills but being a Brit, I've been told by lawyers in both UK and Thailand that I need a separate will for assets in each country. Link to comment Share on other sites More sharing options...
cmsally Posted June 2, 2005 Share Posted June 2, 2005 First of all I am not sure of the legal technicalities of this process ie a foreign will being effective for Thai possessions. BUT I have seen a case such as this happen in practice - a foreigner who only had a USA will and no Thai will , with Thai possesions left to Thai national. What a mess! Firstly when notification of death was made, US consulate wanted to confiscate all possessions! (Thai beneficiary was a close friend not wife or other relation). To cut a long story short, it was eventually sorted out and Thai friend got house and possessions BUT only after many hours on telephone to US lawyer and intervention by deceased's family. (Also bear in mind deceaseds family were totally in favour of friend inheriting property - if it was otherwise, outcome could have been different). The whole process took over 8 months to sort out. PS Deceaseds bank accts and safe deposit box were also frozen for many months. Link to comment Share on other sites More sharing options...
corkscrew Posted June 2, 2005 Share Posted June 2, 2005 As I have property in both the US and own a Condo in Thailand, would a single USA drafted will cover the condo property adequately in Thailand, or is it best to have a separate one for that property? (The beneficiary would be a Thai). <{POST_SNAPBACK}> For sure, have two wills. I am an American lawyer who is married to a Thai girl. I have property in Bangkok and the USA. Use your US will to convey your US property and your Thai will to convey Thai property. Each will can mention the existance of the other one...stating that the other will only conveys property located in that jurisdiction. Do you have a prenuptial agreement? As Thailand does not have joint tenancy with a right of survival your condo should be kept in your name unless you are sure that you are going to die first OR if she passes away first it doesn't bother you that her share goes to her family, not you. Of course, you can safely hold your US property in joint tenancy: it will all go to you if she dies first...all to her if you die first. Link to comment Share on other sites More sharing options...
bkk_mike Posted June 2, 2005 Share Posted June 2, 2005 As I have property in both the US and own a Condo in Thailand, would a single USA drafted will cover the condo property adequately in Thailand, or is it best to have a separate one for that property? (The beneficiary would be a Thai). <{POST_SNAPBACK}> I thought, for the US, you're better off putting stuff into a revocable living trust than using a will. Basically, wills go off into probate or court supervision and even if your inheritance has sufficient funds to pay any taxes, etc. the people inheriting have to pay the bills for probate, and often the taxes on property transfer before they can inherit, which is a bit of a catch 22 if they don't have the money... If they've got the money, then a will is cheaper for you, where a trust is a LOT cheaper for them. Lawyers tend to offer wills because they make a lot more money out of them in the long run when it goes into probate... In theory, if the property in Thailand is owned by your trust rather than you directly, then there would be no transfer of assets when you die (as in the property would still be owned by the trust). However, I would probably still recommend talking to a lawyer about a Thai will for Thai assets.. Link to comment Share on other sites More sharing options...
RBWilson Posted June 2, 2005 Author Share Posted June 2, 2005 Thanks much for the input - very helpful. Some additional comments: 1. My assets in the US consist of Investment Accounts and Bank Accounts only with a 'pay on death' designation. It is my understanding that in this situation a 'living trust' is not nesessary and probate would not be involved; anyone know differently? 2. I have no prenuptial agreement as there is no marriage involved. 3. Sounds like an additional Thai will is in order - does the US Embassy ACS offer any consultation on this issue? Link to comment Share on other sites More sharing options...
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