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Separation of Assets, Multiple Jurisdictions, and Thai Wills?
Transcript of the above video:
As the title of this video suggests, we are discussing Wills in Thailand. So one issue that comes up with a lot of our clients is two jurisdictional, so where we are talking about for example, an American in Thailand. They have property in the US, they have property in Thailand and they want to keep their estate planning issues as separate as possible so that it is as easy to deal with as it can be for their loved ones in the event of their passing in keeping it separated so that American assets are dealt with under American Courts oftentimes, Thai assets dealt with over here under the Thai system, and ne'er the twain shall meet if you will.
Where you have a third country jurisdiction sort of come in, where you have got a third country that other assets are in as well, it kind of depends on the underlying facts of the case whether or not it is a good idea to then even have specifically separate estate planning measures in place, for example for example a separate Will for that jurisdiction as well. At a certain point it all kind of becomes counterproductive as there become so much going on with respect to different Wills, different jurisdictions, all the legal work associated therewith, where again it becomes sort of counterproductive and not really in anybody's interest to basically have multiple different estate planning mechanisms in multiple different jurisdictions. Now that said, in some cases it may be very useful to have multiple mechanisms in multiple jurisdictions. It is always going to be dependent on the underlying facts of the case.
That said, specific issues pertaining to Thai Wills, generally speaking, even though the person who may be making the Will is going to go ahead and want to see their Will in their own native language - in most cases that we deal with that is going to be English - it is also a good idea to have those things drafted in Thai as well. So we do what is called interlineation where one section is English and then right next to it is Thai so that it is clear in both languages what is intended in the testamentary instrument - another sort of fancy word for saying the Will. That said, where you are dealing with more than one jurisdiction, you may have to take into consideration special factors if you will, to make sure that the two things don't interact negatively with one another, especially in the event of possible probate as we call it in the Common Law vernacular or Succession it is called in the Thai Civil Law vernacular. Then meanwhile, where there are more than just two jurisdictions, you kind of have to do the cost-benefit analysis of multiple different mechanisms associated with estate planning in all of those jurisdictions.
As usual, those who feel a bit overwhelmed about this stuff, it may not be a terrible idea to contact a legal professional, gain some insight and guidance into how best to proceed.
