what happens to your cash deposits?

[GeKoSc]

What will happen with your cash deposits at your Thai bank if you will die.

Is ist possible to arrange with the bank to return the money to a certain persons or accounts? 

[Peterw42]

Yes, its called a will.

[Tacuisse]

4 minutes ago, Peterw42 said:

Yes, its called a will.

Which some people don't have, or it's a will which only applies in their country of origin.

To be on the safe side, a Thai will AND a will in the country of origin which state the same terms is desirable.

[Rc2702]

I always leave my bank card with mrs when doing a visa run. If something did happen she has got access to thai cash at least.

 

 

[GeKoSc]

4 minutes ago, Tacuisse said:

Which some people don't have, or it's a will which only applies in their country of origin.

To be on the safe side, a Thai will AND a will in the country of origin which state the same terms is desirable.

I my case I would eventually want that this money should be returned to my account in the USA. But would it be sufficient to have this written will or order (signed by a notary) to be added to my account and will the Thai bank accept it? 

[Tacuisse]

The bank is not going to send the money just because you tell them that's what you want for a future event. Your will needs an executor to ensure it happens.

[GeKoSc]

Just now, Tacuisse said:

The bank is not going to send the money just because you tell them that's what you want for a future event. Your will needs an executor to ensure it happens.

I agree on your view... 

[Just Weird]

1 hour ago, GeKoSc said:

I my case I would eventually want that this money should be returned to my account in the USA. But would it be sufficient to have this written will or order (signed by a notary) to be added to my account and will the Thai bank accept it? 

No it won't be sufficient because after a customer's death the bank does not decide what happens to the money.

 

If you have a wife and children here and die without leaving a will the money will eventually go to your family regardless of instructions that you give to your bank.  The bank wouldn't accept those instructions anyway because it couldn't comply with them.  After your death no transactions can be made on the account until probate has been granted and then the funds would be distributed. 

 

If you want to leave your money to someone else you need a will.  You cannot instruct that funds are sent to your US account after your death because at that stage you do not have an account that you can make transactions on as you are dead. 

Edited June 20, 2018 by Just Weird

[dotpoom]

I will do my best to make sure it doesn't happen.....not by trying to avoid death....but by having a good old time spending the balance after "taking care" of those that were good to me....while they and myself are still living that is.

 

 

[HarrySeaman]

This isn't simple in Thailand.

 

If you own property or have a bank account you need a will and you need an executor.  There can then be two or three visits to a Thai court over up to a year's time before the estate is settled.

 

If you want a foreign relative or someone else to be your executor think about the cost of them traveling to Thailand for up to three visits.  Frankly it can be less costly to just abandon what money you have in a Thai bank account or even the value of a condo.

 

Having a Thai executor is obviously best, but they need some incentive such as payment for making the court visits.

 

The bottom line is you need to find a trustworthy  Thai lawyer (a Thai reserved occupation) with a foreign advisor that will help you prepare a will.

 

Don't forget about what happens to your body when you die.  Without a will the body may be held in storage while your embassy tries to find your legal next of kin and asks what to do with the body.  Your government may well force your next of kin to pay for this.  If the government sends the body back to your country in a sealed coffin this can be very expensive.

 

I think Thai law requires an autopsy to be performed in Bangkok if you die outside a hospital, and the cost for that is charged to your estate (check with your lawyer about this).  Specify in your will what is to be done with your body by your executor and how they are to how to pay for all expenses.

 

I you do die outside a hospital I strongly suggest that your executor get the layer there before the death is reported to the police.  Once the lawyer is there with a copy of the will they can call the police then make sure that the police don't confiscate anything.  The lawyer and/or executor should also take care of calling for transportation of the body.

 

Make sure the lawyer keeps a copy of your will, make sure the executor has a copy of your will, make sure your next of kin has a copy if you have a Thai executor, and finally see if you can file a copy with your embassy.

[jgarbo]

17 hours ago, Rc2702 said:

I always leave my bank card with mrs when doing a visa run. If something did happen she has got access to thai cash at least.

 

 

Only if she hears of your demise before the authorities. Otherwise the account is frozen until probate.

[tpthai2]

What is the law regarding access to a  "joint bank account" with your wife if the husband passes?

 

 

Edited June 21, 2018 by tpthai2

[John1012]

When one dies in Thailand and one has multiple bank accounts, how are the banks notified to freeze the accounts and who does this?

[GalaxyMan]

11 minutes ago, tpthai2 said:

What is the law regarding  "joint bank account" with your wife?

 

 

They told me that it can't be done. Same with the car title; only one name allowed.

I have done the Will thing. Makes the most sense. My Thai lawyer tells me that it can take 3-4 months to be probated.

[charliebadenhop]

What if you have a dual account? In my case my daughter who comes and visits once a year, and me.

 

When I die does anything need fairly quickly done with the account?

 

[Bundooman]

1 hour ago, HarrySeaman said:

This isn't simple in Thailand.

 

If you own property or have a bank account you need a will and you need an executor.  There can then be two or three visits to a Thai court over up to a year's time before the estate is settled.

 

If you want a foreign relative or someone else to be your executor think about the cost of them traveling to Thailand for up to three visits.  Frankly it can be less costly to just abandon what money you have in a Thai bank account or even the value of a condo.

 

Having a Thai executor is obviously best, but they need some incentive such as payment for making the court visits.

 

The bottom line is you need to find a trustworthy  Thai lawyer (a Thai reserved occupation) with a foreign advisor that will help you prepare a will.

 

Don't forget about what happens to your body when you die.  Without a will the body may be held in storage while your embassy tries to find your legal next of kin and asks what to do with the body.  Your government may well force your next of kin to pay for this.  If the government sends the body back to your country in a sealed coffin this can be very expensive.

 

I think Thai law requires an autopsy to be performed in Bangkok if you die outside a hospital, and the cost for that is charged to your estate (check with your lawyer about this).  Specify in your will what is to be done with your body by your executor and how they are to how to pay for all expenses.

 

I you do die outside a hospital I strongly suggest that your executor get the layer there before the death is reported to the police.  Once the lawyer is there with a copy of the will they can call the police then make sure that the police don't confiscate anything.  The lawyer and/or executor should also take care of calling for transportation of the body.

 

Make sure the lawyer keeps a copy of your will, make sure the executor has a copy of your will, make sure your next of kin has a copy if you have a Thai executor, and finally see if you can file a copy with your embassy.

Thankyou HarrySeaman. That is a very clear procedure. I for one, find it very useful

[macahoom]

2 hours ago, GalaxyMan said:

They told me that it can't be done. Same with the car title; only one name allowed.

I have done the Will thing. Makes the most sense. My Thai lawyer tells me that it can take 3-4 months to be probated.

 

"They" told you you cannot have a joint bank account with a Thai?

 

Nonsense! Of course you can!

[billd766]

2 hours ago, GalaxyMan said:

They told me that it can't be done. Same with the car title; only one name allowed.

I have done the Will thing. Makes the most sense. My Thai lawyer tells me that it can take 3-4 months to be probated.

 

I am not sure which bank you are with bu I am with Kasikorn and I have a joint account with my wife and an account in my sole name. Both to sign. My wife also has an account in her name. we have 2 ATM cards for each account so either of us can draw on any of the accounts if/when one of us dies.

[lopburi3]

2 hours ago, GalaxyMan said:

They told me that it can't be done. Same with the car title; only one name allowed.

I have done the Will thing. Makes the most sense. My Thai lawyer tells me that it can take 3-4 months to be probated.

Who is "they"?  A lawyer?  Banks have always offered such accounts with option of each having access or requiring both together to access.  

Edited June 21, 2018 by lopburi3

[charliebadenhop]

So Billd, what is your understanding with the joint account, if one of you passes away?

[hgma]

Have a chat with Bank & first beneficiary present together with your (Thai/embassy legalized) will, then , if procedures are clear....open the account and carry on!