Bank Accounts, Shares, Funds, Life Insurance and Vehicles

Because banks, the Land Office, the Department of Land Transport and share registrars require a court order confirming who has authority over the deceased's assets. Section 1713 allows an heir, an interested person or the public prosecutor to petition the court. Even where a will names an executor, a court appointment order is normally still needed before institutions will act.

No. Acquisition by succession is not a purchase, so no Foreign Exchange Transaction form is required. The heir must still establish qualification under another limb of section 19, such as holding residence permission, or rely on the statutory position for spouses and heirs. The Land Office assesses this case by case.

Banks freeze accounts as soon as they learn of the death and, in almost all cases, will release funds only to a court-appointed administrator. The usual documents are the court order with certificate of finality, the death certificate and the administrator's ID. Using the deceased's ATM card after death is a criminal offence and creates liability towards the other heirs.

Generally no. Section 897 paragraph two of the Civil and Commercial Code provides that where a beneficiary is named in the policy, the sum insured belongs to that beneficiary and does not fall into the estate, subject to estate creditors' right to claim back premiums paid. If no beneficiary is named, the proceeds form part of the estate and pass to the statutory heirs.

The administrator notifies the company to amend the share register and files the updated shareholder list (Bor Or Jor 5) with the Department of Business Development. The articles of association must be checked for transfer restrictions or pre-emption rights. Listed securities are transferred through the broker and the Thailand Securities Depository on production of the court order.

Cars and motorcycles are transferred at the provincial transport office or the Department of Land Transport using the court order, death certificate, vehicle registration book and the transfer application form. Firearms must be dealt with before the firearms registrar within 30 days of the owner's death under the Firearms Act B.E. 2490, otherwise an offence may be committed.

Section 14 lists five: immovable property, securities under the securities and exchange law, deposits or money of a similar nature, registered vehicles, and other financial assets prescribed by royal decree. Assets such as gold bullion, jewellery or cash held privately are therefore outside this tax base.

Yes, and it is the recommended structure for anyone holding Thai-situs assets. The Thai will should be expressly limited to assets located in Thailand — condominium units, Thai bank accounts, vehicles and Thai company shares. The critical drafting point is the revocation clause: the Thai will must state that it does not revoke the foreign will, and the foreign will should carve out Thai assets. Without matching carve-outs, a later general revocation clause can accidentally cancel the earlier document.

Banks suspend account movement as soon as they learn of the death. Withdrawals generally require the court order appointing the administrator, although some banks allow a limited funeral-expense release against the death certificate and proof of heirship. Plan liquidity in advance through a clearly documented joint account or a life policy naming a beneficiary, since policy proceeds bypass the estate entirely.

Proceeds payable to a named beneficiary are not estate assets; they vest directly in the beneficiary and are beyond the reach of estate creditors. Provident and pension funds pay according to fund rules, which usually allow a nominated beneficiary — absent a nomination the money falls into the estate and must await the administrator. Updating beneficiary nominations after divorce or remarriage is therefore essential.

Thai law does not recognise trusts created to hold domestic property, other than capital-market trusts under specific legislation. A foreign trust attempting to register title to land or a condominium will normally be refused. Workable alternatives are shareholding in a genuinely operating company, a properly drafted Thai will, and life insurance with named beneficiaries to deliver liquidity outside the estate.

Banks freeze accounts once they learn of the account holder's death and will release funds only to an estate administrator holding a court order. Prepare the appointment order with the certificate of finality, the death certificate, the administrator's ID card, and the passbook or account number; file with the branch where the account was opened or the bank's estate department, and the bank will verify, close the account and transfer the balance as the administrator directs. Using the deceased's ATM card after death carries legal risk, so notify the bank immediately and keep evidence of the notification.

The lowest-risk practice is a separate will per asset jurisdiction, each stating clearly which country's assets it covers and expressly not revoking wills made for other countries. Prepare an asset schedule by country, title documents such as deeds or share registers, your passport, and beneficiary details; complete the schedule, take advice in each country on form and tax, then execute according to each jurisdiction's requirements. A broadly worded revocation clause in one will can destroy all the others, so have the interlocking wording reviewed across every will before signature.

They can where all heirs agree and the assets are not of a type requiring a court order to transfer, such as unregistered movable property. For land, condominium units, vehicles, shares and bank accounts, registrars and banks generally require an administrator appointment order. Prepare the death certificate, proof of heirship for everyone, a fully signed deed of estate division, and evidence of the assets; draft the deed setting out precisely who receives what, sign before witnesses, and add signature certification where it will be used abroad. Agreements silent on liabilities usually become disputes later, so have a lawyer draft it and address the debts too.