Question for farang who has legal knowledge- contract law

[advancebooking]

I recently employed the services of a qualified Lawyer back home to write my Will. She only ended up doing half a job claiming that there was no attached file and then of course wanted more money to finish the job. Needless to say I terminated her services and did not pay her.

There is one clause I do not understand and thus I seek your opinion if your willing and able to assist:

''In the event that my father and mother do not survive me to attain a vested interest under the preceeding trusts then my trustees shall hold the rest and residue of my estate UPON TRUST as to a one half share thereof for <<my thai wifes name>> and as to the remaining one half share for my surviving children equally if more than one''

Is this clause stating that if my parents die (who are the main beneficiaries of my estate) then 1/2 of my estate goes to my thai wife and the other half to my children here in LOS. Is this correct? What does it mean 'upon trust' in upper case?

I have an arrangement in place now that my family back home will send monthly money to my wife here should something happen to me. I decided this knowing that (generally speaking) if any thai citizen obtains / inherits money then it will all be shared out amongst the entire thai family.

Any opinion on the above situation is appreciated

many thanks

[georgemandm]

Not sue but you need to do one here in thailand dose not work the will back home here in thailand

[CharlieH]

Seek professional legal advice. DO NOT rely upon opinion or what somebody "thinks" on an internet forum.

[ATF]

Follow Charlie's advice but a Thai Will is legal in Thailand and you need a separate will for your home Country.

If I was you I'd set up contracts in Thailand and separate bank accounts in your home Country or offshore that could be accessed in the case of your demise thus avoiding death duties in your home Country.

For property better to put it in your children's name now to avoid death duties.

[Beetlejuice]

UPON TRUST, means exactly that. The trustee/s are given legal title to the trust property, meaning all or parts of your estate, but are obligated to act on behalf of the deceased and in the interests of the beneficiaries, usually under the direction of an executor.

A trustee and a beneficiary can also be an executor of a will The executor is reasonable for ensuring that the last will and testament is carried out, including registering with probate, paying inheritance taxes and so on. An executor of a will can also be any independent person or persons of your choice, including a lawyer or the farmer who lives down the lane.

But of course, if your Thai wife and children are living in Thailand, than you had better make darn sure that you have 100% trust and faith in those you appoint as your trustees. Regarding what happens to the legacy after the estate is distributed to your chosen beneficiaries, is out of your control, because once you reach the steps of the Pearly Gates there is not much you can do about it, except come back and haunt them if you`re not satisfied where your lifetime assets are ending up.

It may be worth considering that if in the event of your death, the funds left to your children are placed in a type of insurance policy with a reputable company that matures once your children reach adulthood, say 25 years old for example. This could be with an insurance company in your home country or in Thailand, I know that some of the major banks also run these schemes. Food for thought anyhow.

Edited October 16, 2014 by Beetlejuice

[FritsSikkink]

"Needless to say I terminated her services and did not pay her. "

The lawyer was ok with that?

[tim armstrong]

Beetle juice summed it up well. I presume you have already decide what will happen to any property that you actually own here ?

[ProThaiExpat]

The basic underlying object of writing a will is to make the intent of the testator (deceased) clear. The judge who reviews the will in probate will try to determine the will (what you want) of the testator.

While "words of art" may impress laymen, unless their meaning is defined in a legal dictionary respected by the judiciary, they should not be used. If you don't understand what a will says, chances are others will also have difficulty understanding your will as well, which only leads to trouble among family and others.

Your present "half baked" will is not only confusing to you, but is not complete nor is your intent clearly enunciated. Start over with another lawyer that can write what you want done with your estate upon your death without legal mumbo jumbo.

Will writing is relatively quite simple legally and many law firms prepare them free for good customers. After all, the lawyer is merely asked to express in the will what the client wants done with his estate. Yes, complex wills do take skill, but most do not.

Yes, law firms will have template language to define a testamentary trust, for instance, but it is not a difficult concept to write in clear and easy to understand English. The more obtuse the legalese, the more the lawyer is trying to show off and earn a substantial fee and thereby risking others not understanding what you want done when you are here to explain it.

[swissie]

Simplification:

Farang assets (in Thailand) are distributed as follows: If no will (testament) exists, Thai-Wife will only get 80% of assets. (In most provinces). Children are automatically included in the distribution process. Regardless if the offspring was produced by the efforts of a Farang or by a Thai truck-driver some 10 years ago.

So If you want to have Thai-Wife as the only beneficiary (Thai-Assets), you MUST make a will.

Simple.

Cheers

[sdanielmcev]

If you didn't sign the will it is null and void. Your lawyer should be able to explain any and all questions you have. If not, get another one. And, do not have separate wills. As in one for Thailand, and one for your home country.

[NeverSure]

What country does that apply to? What country's laws?

You are talking about trustees which in the US would apply to a trust. A will would have an executor.

A trust is a person just like a corporation is a person. That trust owns all of the assets and it never dies. Within or attached to the trust is a list of the main assets belonging to the trust. You must register everything in the name of the trust.

I have a USA trust. My real estate, vehicles and bank accounts are titled like this:

The Joe Blow Living Trust, Joe Blow, Trustee.

My trust has a first successor trustee and a second successor trustee. They would manage the trust if I died or became incapacitated. The first one would take over, and if he was unable to serve, the second one would take over.

Because the trust never dies, it continues to exist and to own, just like a corporation would continue if the CEO died.

If you're in the US a trust is a little harder to set up due to you needing to deed/title/name everything into the name of the trust but once done, it's a lot better for the heirs. The trust continues to live and to own everything, and the trustee is empowered to give everything to the people you instructed them to be given to in the trust. No need for probate or a court.

The owner didn't die.

Find out what you're working with, trust or will, and then get some advice from an estate planning attorney in your country.