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Trusts law in Pattaya, Thailand fall under Thai civil and commercial code. However, the concept of trusts is not fully developed and Thailand lacks a comprehensive legal framework for recognizing and regulating trusts. But in recent years, foreign and local practitioners have found ways to structure similar arrangements through fiduciary agreements and other types of agreements, helping you manage assets in a way that resembles a trust.
There are complex legal aspects and various requirements to consider when setting up an arrangement resembling a trust in Pattaya. You may need a lawyer for effective estate planning or structuring, asset protection, or managing your businesses. A skilled attorney could offer advice on avoiding future legal disputes and ensuring that the trustee strictly adheres to the stated terms. Not complying with all the legal requirements might lead to disputes over or mismanagement of your assets.
While Thailand does not recognize the concept of trust under its civil and commercial code, it has provisions regarding 'Juristic Acts' that can be used to structure a trust-like agreement. It requires the person transferring the rights (the "Settlor") and the person accepting the rights (the "Trustee") to have the legal capacity to act and for the object, or purpose, of the transfer to be legal and not against public order or good morals.
1. Can a foreigner create a trust in Pattaya? Foreigners can structure trust-like arrangements in Pattaya, for this they need to comply with certain Thai legal principles and requirements. 2. How can a trust-like agreement be terminated? The termination process depends on the terms set in the agreement. These agreements usually include terms on how they can be terminated. 3. Can trust property be seized by creditors? If the agreement was properly structured and meets all legal requirements, then creditors cannot directly seize trust property. 4. Do I need a lawyer to structure a trust-like agreement? While it's not mandatory, it's highly recommended due to the complexity of Thai law and potential legal challenges. 5. What if the trustee breaches the agreement? If the trustee fails to adhere to the agreement terms, they may be liable for any losses or damages that result from their breach.
The Thai Government's official web portal and the website of the Department of Business Development are good starting points for information. Local law offices often provide information brochures or blog posts on their websites as well.
If you need legal assistance in establishing an arrangement that resembles a trust in Pattaya, Thailand, it's important to contact a legal professional with experience in this area. They will guide you through the process, ensuring that you meet all the requirements and helping you understand all the potential legal implications.
