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In Thailand, trusts are not officially recognized by the civil law. This means that the country doesn't have a proper legal framework for trusts. However, for foreigners living in Thailand like in Phuket, creating a trust in their home country to manage their Thai assets is an accepted practice. This use of foreign trusts has gained recognition in Thailand, especially with regards to inheritance planning, asset protection, and for business and investment purposes.
There could be several reasons why you might need a lawyer for dealing with trusts. Given the complexity and importance of trusts, drafting or managing one without professional legal help could result in mistakes. A lawyer could guide you in avoiding potential legal problems in the future. When establishing a trust in your home country to manage your assets in Thailand, it's best to seek the advice of a legal expert who is familiar with international law and Thai law. Also, in the unfortunate event of disputes arising from trusts, a lawyer is ideally positioned to represent your interests in court.
In Thailand, the local laws do not officially recognize trusts. Therefore, there are effectively no regulations governing them. This lack of regulation applies throughout the country, including Phuket. However, the acceptance of foreign trusts implies that Thailand recognizes the validity of trusts established elsewhere. It's also worth noting that asset protection and inheritance provisions under Thai law can be quite complex and may necessitate professional help.
Can I set up a trust in Thailand? While there is no official law recognizing trusts in Thailand, you can set up a trust in your home country to manage your Thai assets.
Is my trust valid in Thailand? Yes, if it is established in accordance with the laws of your home country, it is likely to be recognized in Thailand.
What benefits does a trust offer? Trusts can provide many benefits, including asset protection, inheritance planning, and tax advantages.
Can I manage my trust on my own? Managing a trust can be complex and time-consuming. It is wise to seek professional help to manage it properly.
What do I do if there is a dispute regarding the trust? In case of any disputes, it is advised to seek legal counsel immediately.
The Office of the Judiciary in Thailand can provide general legal advice. However, for advice regarding trusts, you will likely need to approach legal professionals or law firms who specialize in international law and trusts.
If you need legal assistance with trusts, your next step would be to find a lawyer who can guide you through the process. Look for someone experienced in international law, particularly those familiar with the legal framework of your home country, as well as Thai law.
