Property and Bank Accounts of the Deceased
After having read the previous pages about what to do when someone dies in Thailand, you may be wondering about what happens to the property and money in the bank accounts of someone who dies here in Thailand. There is a specific process that will occur in Thailand, and we have over 30 years of experience helping families navigate this process.
Firstly, we would like to explain what makes TFL different from other family law firms in Thailand – trust and reliability. Many of our clients have had family members die here in Thailand, leaving behind condos, shares in companies, vehicles (cars, trucks, motorcycles, etc…), as well as money in bank accounts that cannot be accessed. This is a significant responsibility, and is one we take very seriously. We are trusted by the British Embassy in Thailand, as well as many others. This is because TFL provides professional legal services to our clients in a 100% reliable way. We show this by making you – the family member – the executor of the estate. We will not take on this role unless our client insists. The executor of the estate will receive legal power to do whatever they wish with the assets of the person who has recently died. This is why we prefer to have you become executor of the estate. Are you not in Thailand now? This is usually not a problem, as we can request the court to conduct the hearing via video conference. We have had many of our clients entrust us with over 500 million Thai baht (around $15 million USD) as a value of the estate. However, we have handled estates that were valued to as little as 100 baht as well, which was a share in a company that needed to be liquidated for a larger corporate acquisition to take place in Singapore.
The process of managing the remaining assets may be dictated by an existing last will and testament. TFL recommends engaging our lawyers to draft your last will and testament in Thailand, which will make the probate and inheritance court process much easier. If there is no last will and testament, or if there is a dispute over the last will and testament in Thailand, we can help assist you in gaining access to the assets of your late loved one.
We have provided some further information below, in the form of a FAQ. Please review these questions and answers, but if you have further inquiries, please contact our lawyers for advice.
A: Probate in Thailand means the court process through which the assets and property belonging to someone who died is given to someone else to manage or own.
A: These terms are similar in Thailand, but there is only 1 term in the Thai language for this process, so for the purposes of Thai law, probate is the process in the court to name an executor of the estate as well as the beneficiaries (those who inherit the assets of the deceased).
A: If you are a family member, then it is possible to be the executor of the estate in Thailand.
A: Firstly, contact us to discuss details. Next, you should decide what is possible under the law. If we need to fight the other executor, we will do that. If you are on good terms with the other person, then it is possible the co-executors.
A: It is possible, as long as you have a legal claim and evidence to support your position.
A: Yes, we can make you executor of the estate, which gives you the right to the money in the bank account.
A: We can have you awarded the executor of the estate position, but handle all other matters through power of attorney. That is, we can prepare and lodge all documents to the bank, and the bank will do an international wire transfer to your account in the UK, US, Australia, Russia, or other country.
A: Yes, we can. We will need to make sure the documentation is in place, but after it is, we can sell it on your behalf.
A: Yes, our lawyers can complete a nationwide check of all property registered in the name of your late father. This will reveal what properties he owned.
A: Some foreigners choose to open a company limited in Thailand to own the condo or other property. In this case, we will need to manage the probate process in order to transfer the shares in the company to you, so that the company can then sell the condo in Pattaya.
A: We will need to check the police report to see what was written therein, but in most cases, suicide will not affect our ability to work to make you executor of the estate and become the new owner of the car, after which you can sell it.
A: We can check most bank accounts in Thailand in order to see the balance. We only do this if you can prove you are the real family of the deceased, for security reasons. However, this is a very helpful service, as it could help you decide whether or not to pursue the probate process.
A: This is up to each individual case. However, it is not standard to include clothing in the estate unless it is very valuable. Most items to be included are cash, bank balances, property, vehicles, company shares, boats, and other such property.
A: Yes, we will handle everything, whilst still leaving you with 100% authority to make decisions on the property as you wish.
A: We are ready to assist. Please contact us to discuss the plan of action.
