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The Importance of Marking A Will

Business & Travel

The Importance of Marking A Will

Here in the land of sunshine and smiles

It may be all too easy to put off any thoughts of what would happen in the event of your death whilst in Thailand, but this article offers some advice on how best to prepare for such an eventuality.
For example do you know that if a person dies without having made a Will then they are said to have died “intestate” and in this event a variety of problems can arise:

Assets may be distributed to individuals according to the intestacy rules rather than those chosen by the deceased
Possible delays in the settling of a deceased’s affairs may occur, which could prove distressing to family members and result in increased time being spent administering the estate which may prove costly.
An avoidable inheritance tax bill may arise.

A typical expatriate will have accumulated assets (e.g. pension funds, bank accounts and property) in more than one country. This could mean that probate may have to be granted in each different jurisdiction, causing long delays before any beneficiaries can receive any benefit from the estate. You may well have a will in your home country and one in Thailand, but if you are only going to have one then you are strongly advised to have this established in the country you are most likely to spend the rest of your days in i.e. Thailand.
Our clients are always advised to obtain professional, qualified advice in such matters and never to rely on DIY arrangements. The cost involved in normally minimal and is more than compensated by the peace of mind that this brings. If we are transferring their UK private pension to an overseas facility – QROPS, then automatically 100% of the fund will go to the beneficiaries they nominate rather than 55% being taken by the UK Government. However regardless of your nationality, if no will is present then the assets may well end up going to the government. Clearly if you fail to make choices before you die then the decisions will be made by others after your death.

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