Learning about inheritance…How to divide without a problem

There have been various news reports about people fighting for the inheritance and sometimes, the main reason for it might not always be because of greed. Instead, it might be because they are not being treated fairly. So, how should you manage the inheritance without causing problems? Let’s see…

First of all, let’s find out what inheritance is. Inheritance includes assets, rights, duties and responsibilities, like money, property, cars or even the right as a creditor. However, in the event where the inheritance’s owner has more debt than the value of the inheritance, then the person receiving it will not have to be responsible for the debt. For example, if the owner of the inheritance has assets worth 10 million baht before death but was 20 million baht in debt, the debt must be dealt with first. In this instance, while the inheritor will not receive any inheritance, they also do not need to pay the remaining 10 million baht of debt.

So, how to divide the inheritance without causing any problems? The best way to do it is when the inheritance’s owner is still alive, because the person with lots of assets including lands, properties, cars, cash and other valuables, has to divide the assets equally and should be fair to all descendants. There should be a meeting, with a written record, maybe not once but monthly in order to track income, profits, and expenses. It is also important to have an agreement on the income for the person who’s in charge of the business only.

The benefit of dividing the assets early is that it is clear, and the inheritor (your children) will have the chance to make a living out of it. In some cases that parents live for a long time, their children become old and therefore lose this opportunity. Parents usually split the money equally for all their children with the condition that they must invest into something with this money and therefore have more chances to be successful.

The disadvantage of giving away the inheritance while they’re still alive is that sometimes, their children are unable to keep or maintain it. For example, they sell the land or the property for cash, making them homeless and therefore have to come back and live with their parents. However, for the property type of inheritance, the problem can be prevented, by signing the usufruct, for example, if you have a house, and would like your child to have it for investment, your child can sign the legal usufruct for 30 years or as long as you live, your child cannot sell or transfer the property, unless agreed by you (parents).

Therefore, the best way to avoid conflict is to compromise, which is very important. Many people will have the rights to the inheritance, but the most important people are your family because they will be with you for a long time. When we are out of assets or in great debt, only family can help us.

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