Trusts & Wills
Trusts are, in principle, a very simple concept. A trust is a private legal arrangement where the ownership of someone’s assets (which might include property, shares or cash) is transferred to someone else (usually, in practice, not just one person, but a small group of people or a trust company) to look after and use to benefit a third person (or group of people).
The person giving the assets is usually known as the “settlor” in the UK or a “grantor” in the US (but can also sometimes be called the “trustor” or the “creator”). The people asked to look after the assets are called the “trustees” and the person who benefits from the trust is called the “beneficiary”. The details of the arrangement are usually laid out in a “trust deed” and the assets placed in the trust are the “trust fund”.
Think of making a Will as a form of insurance. It enables you to make decisions as to how you want to dispose of your possessions, including property, for the benefit of your family, friends, carers, neighbours, and also include any organisations and charities you admire and respect. Without a Will, you leave everything to the rules of intestacy, chance and possibly the taxman!
It is only by making a Will you can ensure that your wishes will be carried out. For example, you will be able to ensure that your wife/husband receives everything you intend them to. A Will can ensure an unmarried partner inherits. It can be used to appoint a guardian for your child(ren) under 18. Children and grandchildren can be included to ensure they receive particular gifts you intend them to receive. Without a Will, none of this may happen.
It is important to remember that Thai assets are not covered by a will written in your own country and it is advisable to have a will to cover your assets in your home country as well as a will to cover any Thai assets you may have.
For more information or to discuss how trusts and wills can protect your family please Contact us