If Thai wife dies, who owns house

[thaimyoldboot]

Hi all, I,m sorry if this question has been asked before, but here it is

I, own 49% of our business, my Thai wife has 48% and her sister has 3%.

If my wife dies, does that mean I {as a foriegner} own 97% of my own company

[David48]

Is your question about ownership of the house or the business?

The headline and the OP are different requests.

[thaimyoldboot]

Is your question about ownership of the house or the business?

The headline and the OP are different requests.

The company owns the land my house is sitting on.I own 49% of the company . wifey owns 48% and sister owns 3%.

If wifey dies do I own 97% of the company

{sorry about my mix up}

[FiftyTwo]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

[LennyW]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

[FiftyTwo]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

You can inherit anything in Thailand.

Why do people who know nothing, keep repeating the same old nonsense.

[simple1]

OP: The URL below should guide you in the right direction. Note within the Section headed “Partly foreign owned Thai real estate holding company” it states:

“The foreign heirs as the actual owners by succession have the right to claim the company assets by legal action, but will have to sell the real estate involving land pursuant the Land Code Act within 1 year from the date of acquisition by inheritance”

http://www.samuiforsale.com/knowledge/inheritance-laws-thailand.html#3

[LennyW]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

 

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

You can inherit anything in Thailand.

Why do people who know nothing, keep repeating the same old nonsense.

I trust you meant can't, willed or not as a foreigner you will never retain any more than 49 % of land, if you and your wife are co owners of landed property and she pre decease

you then as a foreigner you have 12 month to dispose of the property in favour of a Thai entity, be it company or individual but rest assured it will not pass completely or in the majority to johnny foreigner.

If you are foolish enough to think otherwise then that is up to you.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[marcusd]

What I would do as I have done mYSELF is seek oput a Lawyer / solicitor (term is dependant upon where you come from) Become the BANK and registrer a MORTGAGE over the property and that way YOU HAVE TOTAL CONTROL. AND as MORTAGE HOLDER you do not OWN the land but no one can sell it and you can add clauses in there like LIVING on the land and NO ONE CAN SELL without your written approval. THAT is legal here.

Better than 49% asd shares and land and DEBT can pass to Thai relatives. YES DEBT such as a mortgage or loan if it is in THEIR interest to have it

[Jerry Cornelius]

97% ownership in the long term by an alien just isn't possible.

The total ammount of ownership by an alien whether it's property (condominium) or a business is 49%. Should you be unfortunate enough for your wife to pre-decease you the rules may vary (others can advise if the law differs regarding a business enterprise, opposed to a straight forward property inheritance). They can advise accordingly..

A will made by your wife in favor of your sister in law may resolve any problem that you may encounter in the future (if she's trustworthy) otherwise you would need to sell your inherited shareholding within 12 months, + or - (dependant on the rules).

Jerry

[oops]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

You can inherit anything in Thailand.

Why do people who know nothing, keep repeating the same old nonsense.

YOU Can't Own land...

[Jerry Cornelius]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

You can inherit anything in Thailand.

Why do people who know nothing, keep repeating the same old nonsense.

YOU Can't Own land...

One hundred percent correct, but you can be custodian for a while. Which is what happens if a property is in your wifes name and she pre-deceases you.

Jerry

[Linno]

OP: The URL below should guide you in the right direction. Note within the Section headed “Partly foreign owned Thai real estate holding company” it states:

“The foreign heirs as the actual owners by succession have the right to claim the company assets by legal action, but will have to sell the real estate involving land pursuant the Land Code Act within 1 year from the date of acquisition by inheritance”

http://www.samuiforsale.com/knowledge/inheritance-laws-thailand.html#3

Excellent straightforward legal advice and available in Thai and English combined documents - a big help to my wife and I as we ensure we are both protected in Oz and here in Thaland - THANKS!

[lonelyrw]

Not so straight answer!

Think this way: You are married with a Thai woman and you are a Farrang. You buy lands and build house and live together happy.

But if one part of us dies, what are then going to happend? Wife have two grown up boys and they are living in other parts of the country.

Do we need to make a will?

Loocking for straight answers.

Thank you very much for the Thaivisa pages!

[harrry]

If you die property goes half to wife and half your other relatives. Her sons do not inherit.

If she dies half goes to you and half to her other relarivesl...including her sons.

You have one year to sell your share to a thai of your choice.

Edited December 1, 2013 by harrry

[FiftyTwo]

Not so straight answer!

Think this way: You are married with a Thai woman and you are a Farrang. You buy lands and build house and live together happy.

But if one part of us dies, what are then going to happend? Wife have two grown up boys and they are living in other parts of the country.

Do we need to make a will?

Loocking for straight answers.

Thank you very much for the Thaivisa pages!

No will.

If she dies you get 50%, her two children get 25% each.

[mark131v]

Get yourself a usefruct costs only a few hundred baht and in the event that your wife dies before you then you still have the right to live in the house until you die, all legal and all above board with no need of dodgy shell companies and lawyers, very easy to do and only takes a couple of hours at the land office.....

[mark131v]

I was wrong it only costs 75 baht and not a few hundred it has been a while so I had forgotten, it was covered in depth here:

http://www.thaivisa.com/forum/topic/619015-usefruct-done/#entry6111336

[Bpuumike]

Get wills made.

If you can trust the sister (as I do) have her named as your wife's heir.

Also consider the possibility that you could die together (car, bus, plane crash whatever) and plan your wills accordingly.

[Jip99]

Not so straight answer!

Think this way: You are married with a Thai woman and you are a Farrang. You buy lands and build house and live together happy.

But if one part of us dies, what are then going to happend? Wife have two grown up boys and they are living in other parts of the country.

Do we need to make a will?

Loocking for straight answers.

Thank you very much for the Thaivisa pages!

It is probable that you own nothing in Thailand. Your death therefore has little relevance as far as Thailand is concerned. If you have assets in your own country bear in mind that, without a Will, your wife would inherit everything.

If your wife pre-deceases you her assets will be distributed in accordance with the Thai rules in intestacy:-

http://www.samuiforsale.com/knowledge/inheritance-laws-thailand.html

[garyk]

I know a guy that this happened to. I am surprised he hasn't responded. He built a new home, his wife was in her mid 30's. He leased the land. She suddenly died. He paid the funeral of course and then went home. Long story short. In a few months he was force out! The in-laws would cuss him, throw rocks, break into the property. The police in the town would do nothing. This rocked on for a few months then it really got bad. He finally just moved.

IMO, although this is legal ( leasing ) it is still verrrry risky indeed.

Thailand is such a great place, just don't spend any money here period, other than rent and daily living.

It is a trap the Thai's know well.

Edited December 2, 2013 by garyk

[danphuket]

Talk to good lawyer. Or if you don't know if he is good talk to several lawyers to double check. It will give you piece of mind. It is like sexual disease testing. You can find all the good answers but in the end only blood test is going to calm you down.

[mark131v]

There are lots of people giving hypothetical advice here but I have been in the same position worrying about the same things but it is now sorted out and I do not worry about it any more as I have safeguarded my home for my lifetime, there is absolutely no need to speak to a lawyer in my experience they couldnt tell you what day it is most of the time, the usefruct is legal and binding in Thai law if you have this the family have no recourse as the chanote is annotated to say you have full rights to the property till you die and nobody can change this without your say so, the get out or sell within a year stipulation can no longer be used, that said if you are living in the sticks with the in-laws they could very well make your life so unbearable that you choose to leave, that is one of the reasons I keep a good few hundred miles between us and the in-laws

[harrry]

Actually on reading this the company still owns the house. You will inherit 50% of her share of the company. As this would take it over the 49% limit you would have to imediately sell the shares for the inherited part to someone. Presumably you could use a lawyer to find someone.

[Alwyn]

If she has no will, you will own 73%.

24% will be divided among her closest relatives, kids if she has any, if not then parents, if not then full siblings, etc.

Absolutely not true. You will still have 49%, sister being the closest relative will have 51%, you will never have more than 49% control over the land,

If i was you i would consult a lawyer immediately so that sister even with 51% of the company, does not have voting rights etc, so you can still control, and i mean immediately!

You can inherit anything in Thailand.

Why do people who know nothing, keep repeating the same old nonsense.

Incorect - as a foreigner you cannot inherit a leasehold condo for example. You cannot inherit the majority of a company either because of the 49% law

[khunPer]

…There are two kinds of heirs: by blood and by marriage. ‘Blood heirs’ are’:

1 Children – including adopted children and children who are born under unregistered marriage that are confirmed by father – and grandchildren.

2 Parents

3 Brothers and sisters of same parents (whole blood)

4 Half-brothers and –sisters (sharing one parent)

5 Grandparents

6 Uncles and aunts

The six classes of heirs listed above will not all inherit your assets. This listing shows the sequence of who has right of inheritance (in the case that those of higher recognition do not exist). However, heirs in classes 1 and 2 are entitled to inherit assets at the same time.

An heir who is a legally married spouse – the marriage needs to be registered – is entitled to inheritance as are blood heirs in classes 1 and 2. Legally married spouses who are separated still have rights to the assets.

When there is a surviving spouse, the Civil and Commercial Code provides for the following diversion af assets:

If your are survived by your spouse and children, the spouse recieves fifty percent and the children recieve fifty percent of the assets divided equally between the children and grandchildren (if there are no surviving children).

[sic] [Thai Law for Foreigners, When There Is No Will Or No Valid Will, page 79-80]

[crocken]

when my wife died i was told i am the owner for 12 months ....i was told i have to sell it in 12 months after my wife's death,so a farang can own land and house for 12 months .so i gave it to her family and everyone was better off.

Edited December 3, 2013 by crocken

[marquis22]

I thought only farang fell out of tall buildings.....

[wileycoyote]

Surely children should inherit if applicable

[lahgon29]

Get yourself a usefruct costs only a few hundred baht and in the event that your wife dies before you then you still have the right to live in the house until you die, all legal and all above board with no need of dodgy shell companies and lawyers, very easy to do and only takes a couple of hours at the land office.....

I finished doing this today. I have a lease on the house until I die, even though it is 100% in my wife's name. 2 channots both have my name on them, though not as owner. I had to get a translation from a solicitors office signed by me and the solicitor and wife stating that I understand the conditions. The lands office don't keep this, they only wanted to be sure that i understand. Costs were 75 Baht per channot.

It was explained that there were 2 options. [1] that I could get 30 years that COULD be transferred to my child if I died, and wanted that, until the 30 years event was reached, or [2] until I die, in which case the wife can sell or do whatever she want's then. We agreed on option 2, as I'm sure my Aussie kid won't need to holiday in Udon after I shuffle off this mortal coil.

Any break up of marriage means the house cannot be sold until I die, or agree to the sale, in which case, compensation can be agreed to, legally.

Keeping an eye out for any strange chemicals or other potential poisons that might suddenly appear from now.