Best Trusts Lawyers in Lat Krabang
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
List of the best lawyers in Lat Krabang, Thailand
We haven't listed any Trusts lawyers in Lat Krabang, Thailand yet...
But you can share your requirements with us, and we will help you find the right lawyer for your needs in Lat Krabang
Find a Lawyer in Lat KrabangAbout Trusts Law in Lat Krabang, Thailand
Trusts are legal arrangements whereby a person, known as the settlor, transfers property or assets to a trustee who manages them for the benefit of specified beneficiaries. In Thailand, and therefore in Lat Krabang, trusts are not as commonly recognized or used as in common law jurisdictions such as the United Kingdom or the United States. The Thai Civil and Commercial Code does not explicitly recognize trusts as Western legal systems do. However, there are specific legal structures and regulations that provide similar asset management and estate planning functions for individuals and businesses, especially for foreigners and multinational companies operating in Thailand.
In 2007, Thailand introduced the Trust for Transactions in Capital Market Act which allows for the limited use of trusts in capital market transactions under strict regulations. However, the use of trusts for personal estate planning, family wealth preservation, or property holding remains highly restricted for most individuals.
Why You May Need a Lawyer
Dealing with trusts or similar legal arrangements in Lat Krabang, Thailand can be complex due to strict regulations and the fact that the concept of trusts is not generally embedded in Thai law except for specific financial or capital market activities. You may need a lawyer in the following situations:
- Seeking alternatives to trusts for estate or asset planning
- Understanding how Thai law and regulations impact foreign ownership and asset management
- Considering investment vehicles or capital market instruments involving trusts
- Drafting wills, setting up companies, or creating other structures for asset protection
- Navigating inheritance matters involving international elements or foreign heirs
- Advising expatriates or business owners on the administration of their Thai estate
- Transferring property for family or charitable purposes where a trust would be used elsewhere
Given the narrow circumstances in which trusts are permitted, a qualified lawyer can provide crucial guidance on suitable alternatives and compliant options.
Local Laws Overview
Trust law in Thailand is governed mainly by two key sources. First, the Thai Civil and Commercial Code, which does not recognize general trust relationships. Second, the Trust for Transactions in Capital Market Act, which applies only to financial institutions and high-value investors involved in capital markets. The main points to be aware of in Lat Krabang are:
- General trusts for private individuals or family inheritance are not recognized under Thai law
- Business structures such as limited companies, foundations, and associations are commonly used to accomplish asset management and succession objectives
- Foreign nationals face certain restrictions on property ownership, necessitating careful planning
- Wills and other estate planning tools are governed by the Civil and Commercial Code
- The Trust for Transactions in Capital Market Act allows trusts only for capital market transactions and under strict compliance processes
For most individuals or families, wills, corporate entities, or foundation structures are recommended to manage assets, transfer property, and ensure succession.
Frequently Asked Questions
What is a trust, and can I set one up in Lat Krabang, Thailand?
A trust is an arrangement where a trustee holds assets for beneficiaries. In Thailand, setting up a trust for personal purposes is not recognized by law except in limited cases involving capital markets through licensed institutions.
Are there any Thai laws that allow for trusts?
Yes, but only under the Trust for Transactions in Capital Market Act, which allows trusts for certain financial market activities. Personal or family trusts are not allowed under Thai law.
What alternatives do I have to manage my assets in Thailand?
Common alternatives include making a will, forming a Thai private limited company, or setting up a foundation or association for asset management and succession planning.
Can foreigners use trusts to hold land or property in Lat Krabang?
No, foreigners cannot use trusts to own land or real estate in Thailand. Foreign nationals are generally subject to specific property ownership rules under Thai law.
Is it legal for expatriates to create a trust outside Thailand for assets located in Lat Krabang?
It is possible, but enforcement of foreign trusts over assets in Thailand may be problematic due to non-recognition of trust law. Legal advice is essential in such cross-border matters.
Can I use a trust for charitable purposes in Thailand?
Charitable purposes can be served by creating a foundation or association under Thai law, as charitable trusts are not recognized.
How do I ensure my assets are correctly passed on after my death in Lat Krabang?
Drafting a legally valid Thai will is the primary method for ensuring asset disposal according to your wishes in Thailand.
Who oversees or regulates trusts in Thailand?
The Securities and Exchange Commission of Thailand regulates trusts created for capital market transactions as permitted under the relevant Act.
What tax implications apply to trusts or trust-like arrangements in Thailand?
As general trusts are not recognized, normal taxation rules apply to companies, foundations, and individuals. Specific tax advice is vital based on your asset structure.
How can a lawyer help with asset planning in the absence of trusts?
A lawyer can advise on the best legal structures, draft appropriate documentation, and ensure compliance with Thai laws for asset management, succession, and taxation.
Additional Resources
For further help and information regarding trusts or alternative legal arrangements in Lat Krabang, you may find these resources useful:
- The Thai Bar Association
- The Lawyers Council of Thailand
- The Securities and Exchange Commission of Thailand (for matters relating to Trusts in Capital Markets)
- Department of Business Development (for company, foundation, or association registration)
- Local law firms with expertise in estate planning and company law in Lat Krabang or Bangkok
These organizations can provide guidance, information on finding a qualified lawyer, and details on the relevant legal framework.
Next Steps
If you need legal assistance related to trusts or their alternatives in Lat Krabang, Thailand, here is how to proceed:
- Define your objectives clearly, such as asset protection, succession planning, or charitable giving
- Gather relevant documents, including property titles, existing wills, and company documents
- Contact a lawyer or law firm in Lat Krabang or Bangkok experienced in estate planning and Thai inheritance law
- Discuss the legal options available to you, considering Thai law's restrictions on trusts
- Ensure all documentation is properly drafted, notarized, and, where necessary, officially registered
- Review your estate plan periodically or after life changes with your legal advisor to ensure ongoing compliance and protection
Prompt legal advice is key to ensuring your assets are managed and distributed according to your wishes within the boundaries of Thai law.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.