House in Company Name, what happens after death?

**a. boozer** · 08-05-2009, 09:47 AM

Talking to a chum a couple of days ago, and he asked a question, which I was unable to answer, so hope that someone on Teak Door can help.

Like a lot of people, a chum has his house here in Thailand, in a company name, his lawyers holding the required 51%. What is the legal position when he dies, how can he ensure that the house and land passes on to his next of kin (all U.K. residents). He is concerned that because the majority share holding is in the lawyers name, that the property could be taken over by them.

**TSR2** · 08-05-2009, 09:50 AM

You haunt it!!

**dirtydog** · 08-05-2009, 09:53 AM

The lawyers should sign over there shares to him but not declare them, on his death the company should probably need restructuring.

**teddy** · 17-05-2009, 02:26 PM

need a will though I would have thought

**Farangbaba** · 26-06-2009, 11:17 PM

With the laws on property in Thailand so heavily weighted against foreigners your friend does not own the land, the 'Thai' company does.
He doesn't even have a majority share in that company, and even if he has 49%, (very doubtful,) he doesn't have control. By the way, to own property, a company must be 'Clearly Thai owned' i.e at least 70% Thai shareholding.
It sounds as though your friend is being led up the proverbial, I may be wrong, indeed I hope I am, but he needs good, independent advice, soon.

**DrivingForce** · 27-06-2009, 01:04 AM

^Well your information is not true in all cases where being a US citizen is concerned depending on the business.. But in the case of others it is mostly accurate..

**William** · 28-06-2009, 03:41 PM

^being a US citizen has no bearing whatsoever on property owership as it is carved out of the Treaty (between Thailand and the US).

If you have been told otherwise, you may wish to seek a seconjd opinion.

**DrivingForce** · 28-06-2009, 04:55 PM

^I wasn't speaking of property ownership, I was speaking of the percentages of company ownership he eluded to as it pertains to other citizens which is why I said his post was partly correct..

**William** · 28-06-2009, 08:03 PM

^company ownership is correct if it is within an agreed sector. Some sectors are still restricted, but I agree this is small

**DrivingForce** · 28-06-2009, 10:45 PM

^ Yes..... This is what I was referencing...

**Fabian** · 07-07-2009, 04:41 PM

But land ownership is restricted? That's what we are talking about here.

**DrivingForce** · 09-07-2009, 03:43 PM

But I was responding to another posters comment yes?? Is that some how offensive?? It wasn't off topic to respond to another posters comment especially if it was inaccurate in every case was it? Or is that privileged only reserved for those who attack my posts whether incorrect or not??

**eko22488** · 08-08-2009, 09:52 AM

If you have paid all the capital to create a Thai Juristic Entity you must protect yourself for the possibility of your death!

A will and other legal protection against nominee shareholders/directors is essential while you are competent. You need to discuss these matters with a trustworthy English speaking lawyer........if you can find one!

**Mid** · 08-08-2009, 10:03 AM

You need to discuss these matters with a trustworthy English speaking lawyer........if you can find one!

last heard of was in Sydney

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House in Company Name, what happens after death?

Your friend needs real legal advice.

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