when you die - the bank wins

[JAZZDOG]

8 minutes ago, Peter Denis said:

The mandatory 800K does NOT need to be on a Thai Bank Account, but can be on a bank in your home country. 

Well, at least that's how the Retirement Visa formalities in Belgium state it, but could be different for other countries.

Not here, must be seasoned 60 days, 90 days for renewal

[Jip99]

 

1 minute ago, BuaBS said:

 

 

Even if you have a will , the folks you leave it to will have to come to a country they've never been to and don't understand the language.

 

 

No they don’t.

 

An executor may need to be in the country if 5he assets are here.

[Jip99]

6 minutes ago, JAZZDOG said:

Living Trust is the way to go and include access info to all fund sources with the Trustee. Simple, all assets in one safe place. Trustee will usually be the person you want to end up with your assets when you move on. Very easy to set up.

 

 

I didn’t think Thai law recognized trusts.....

 

 

I could be wrong.

[JAZZDOG]

4 minutes ago, BuaBS said:

13 minutes ago, JAZZDOG said:

Don't do it, leave your money somewhere it works for you, direct deposit the income and give immigration a lie letter from you embassy. How do you think all the gringo derelicts without a pot to piss in stay here on retirement extensions. Look at them, it's not based on their 401K

Only works when you have an income.

Not from a US embassy, that's why it's a Lie Letter, nobody verifies the funds. You lie and sign.

[JAZZDOG]

1 minute ago, Jip99 said:

 

 

I didn’t think Thai law recognized trusts.....

 

 

I could be wrong.

The trust owns the asset just as you own the asset here in LOS. Trust is a separate entity like a corporation.

[wombat]

i could be wrong, if an account has been dormant for 4 years then it is closed.

[Peter Denis]

Posted 8 minutes ago

19 minutes ago, Peter Denis said:

The mandatory 800K does NOT need to be on a Thai Bank Account, but can be on a bank in your home country. 

Well, at least that's how the Retirement Visa formalities in Belgium state it, but could be different for other countries.

                                  > Not here, must be seasoned 60 days, 90 days for renewal

JAZZDOG - I don't understand your response.

In order to get a 1 year valid OA retirement visa for Thailand, one of the requirements is that I - as Belgian citizen - need to demonstrate to the Thai embassy in Belgium that I have 800.000 THB on a Thai OR Belgian bank-account.

So there is no hassle of having this sum on a thai bank-account.

But it's of course possible that the Thai retirement visa requirements for other citizenships are different.

[Dumbastheycome]

 I  guess it depends  on  circumstances. Anything  by way  of  assets I  have in Thailand would  go to my wife here anyway. Outside of Thailand is  covered a different  way.

[Dumbastheycome]

15 minutes ago, JAZZDOG said:

The trust owns the asset just as you own the asset here in LOS. Trust is a separate entity like a corporation.

?

[JAZZDOG]

3 minutes ago, Peter Denis said:

Posted 8 minutes ago

                                  > Not here, must be seasoned 60 days, 90 days for renewal

JAZZDOG - I don't understand your response.

In order to get a 1 year valid OA retirement visa for Thailand, one of the requirements is that I - as Belgian citizen - need to demonstrate to the Thai embassy in Belgium that I have 800.000 THB on a Thai OR Belgian bank-account.

So there is no hassle of having this sum on a thai bank-account.

But it's of course possible that the Thai retirement visa requirements foother citizenships are different.

You need to  declare on an affidavit in front of Embassy staff of US$ 25,000 (depends on xchange rate) INCOME. not funds on deposit. OR have seasoned funds in a Thai bank or combination of both. Go to the Pattaya IO website

[55Jay]

9 minutes ago, wombat said:

i could be wrong, if an account has been dormant for 4 years then it is closed.

My accounts with Krungsi have been frozen after 1 year with no transactions.  Interest payments in don't count.  They usually send a notice by post and the account will also disappear from view on internet banking. 

 

Late last year, Govt talking about seizing funds from savings and current accounts left dormant for 10 years.

http://www.nationmultimedia.com/detail/Economy/30330115

 

[Mattd]

9 minutes ago, Peter Denis said:

In order to get a 1 year valid OA retirement visa for Thailand, one of the requirements is that I - as Belgian citizen - need to demonstrate to the Thai embassy in Belgium that I have 800.000 THB on a Thai OR Belgian bank-account.

Correct, but if you want to extend the permission to stay in Thailand at the end of the visa period (up to 2 years) and not reapply for another O-A visa, then the funds would have to be in a Thai bank, which is what was being inferred.

[Mattd]

32 minutes ago, Jip99 said:

 

 

I didn’t think Thai law recognized trusts.....

 

 

I could be wrong.

As of right now it doesn't, although there are ways around this.

The Government are actually pushing through a new Private Trusts Act, to my knowledge it has yet to be fully enacted though, once it is there will be some restrictions, for example, a trustee will have to be qualified under the act and licensed by SEC.

[Jip99]

35 minutes ago, JAZZDOG said:

The trust owns the asset just as you own the asset here in LOS. Trust is a separate entity like a corporation.

 

 

I am well aware of that - but that was not my question.

 

http://integrity-legal.com/legal-blog/thailand-business/are-trusts-recognized-under-thai-law/

 

[JAZZDOG]

3 minutes ago, Mattd said:

As of right now it doesn't, although there are ways around this.

The Government are actually pushing through a new Private Trusts Act, to my knowledge it has yet to be fully enacted though, once it is there will be some restrictions, for example, a trustee will have to be qualified under the act and licensed by SEC.

Why cant my Trustee takeover my position in my company and co-sign with authority over my accounts"

[maximillian]

Told my wife to withdraw all the money from the bank before reporting my departure to the police or to anybody else.

[Peter Denis]

When you are happy with how and to who your assets will be taken care off after you die, there is no need for a will.

However, if you have specific wishes re this matter, it is indeed wise to write a WILL.

Contrary to what you might think, there is no actual need to have your will registered, but obviously if you do so this gives extra security that it will be executed as you wished.

I did not register my will, but made 3 identical handwritten, dated and signed copies, which I did provide at 3 people I trust.  And this is perfectly legal. 

Also you need not worry about whether what you write is 'compliant with law'.  As the law is 'higher' than a contract, your will - if it contains any wishes/stipulations that are not compliant with law (like giving everything to 1 child and nothing to another) - will be executed 'within the boundaries of the law' and as close as possible to your intentions.

 

[Mattd]

3 minutes ago, JAZZDOG said:

Why cant my Trustee takeover my position in my company and co-sign with authority over my accounts"

Trustee or a person with a Power of Attorney in this instance?

[JAZZDOG]

1 minute ago, Mattd said:

Trustee or a person with a Power of Attorney in this instance?

Perhaps but in the case of a bank account the trustee would have to be a signatory. The Trustee could even be director of the company but that would include duties. Basically all a Living Trust entails is signing your assets over to a trust to avoid probate and to expedite settling ones estate. Seems I could sign over my assets to anyone anywhere I wish. No law says I need to reside in LOS to own a company, RE, car , boat ETC.

[kickstart]

19 hours ago, robblok said:

Why would the bank have to look for a heir ?. Its your duty to make sure your heirs know there the money is. I don't get it do banks in other countries go looking for heirs ? AFIK its not the banks responsibility, also how would they know your dead ? 

If you die in Thailand, your family will get death certificates, from your local Ampur, if you have the yellow house registration book, that will be stamped, dead, take these to your bank, they should release funds within 60 days,

Now if yo die in your home country, then you would need  lawyers letters, death certificate   and I would say they would have be officially translated into Thai, and then a Thai court order ,a lot of hassle.

 

[Suradit69]

20 hours ago, poanoi said:

even tho i get zero interest on my visa account,

this is the no.1 reason i dont feel like bringing over money here

That makes no sense. If you have any possessions in Thailand, including a bank account, have a will drawn up. As one poster already said, until your bank at home received official notification of your death they wouldn't do anything and then they'd just wait until a court decided when and to whom they could hand your money over to someone. The same thing would happen in Thailand.

 

Look for another No. 1 excuse.

[Jip99]

3 minutes ago, Suradit69 said:

That makes no sense. If you have any possessions in Thailand, including a bank account, have a will drawn up. As one poster already said, until your bank at home received official notification of your death they wouldn't do anything and then they'd just wait until a court decided when and to whom they could hand your money over to someone. The same thing would happen in Thailand.

 

Look for another No. 1 excuse.

 

 

Thailand's rules of intestacy are very clear  and a court would quickly sign of a legitimate claim for administration.

[Suradit69]

35 minutes ago, kickstart said:

If you die in Thailand, your family will get death certificates, from your local Ampur, if you have the yellow house registration book, that will be stamped, dead, take these to your bank, they should release funds within 60 days,

How would the bank know to whom they should hand out the money without a court order.  The 6 classes of statutory heirs only comes into play if the deceased left no will. How would the bank know if a will had been made or if "the family" with the registration book is entitled to the funds?

[Suradit69]

13 minutes ago, Jip99 said:

 

 

Thailand's rules of intestacy are very clear  and a court would quickly sign of a legitimate claim for administration.

They would need to allow time for the absence of a will to be established. Simply because the current immediate family doesn't know of a will doesn't mean one does not exist.

 

In addition, if no one comes forward with a will, the rules of intestacy may be very clear, but proving that all descendants are accounted for, especially in the case of a foreigner, can be time consuming.

 

If there is no will there would be no decedent designated administrator familiar with the deceased and his various possible family connections.

 

Quote

Thai inheritance laws designate intestate heirs and so long as there is an heir surviving in one of the classes, the heir of the lower class has no entitlement to share in the assets. The one exception is where there is a descendant and a parent in which case they take an equal share (section 1630). If there is more than one heir in any one class, they take an equal share of the entitlement available to that class. The surviving spouse is a statutory heir but their entitlement depends on what other class of statutory heir exists.

 

 

 

Edited June 26, 2018 by Suradit69

[jvs]

1 hour ago, maximillian said:

Told my wife to withdraw all the money from the bank before reporting my departure to the police or to anybody else.

If you die at home her doing so would raise some questions.

[Jip99]

39 minutes ago, Suradit69 said:

They would need to allow time for the absence of a will to be established. Simply because the current immediate family doesn't know of a will doesn't mean one does not exist.

 

 

 

 

 

 

 

No they don't.

 

If the widow presents herself to the local court, with the death certificate, and claims that there is no Will, the judge will immediately grant "probate" to her.

 

 

 

I have seen this happen....... and yes, there was a Will.

[watcharacters]

19 hours ago, JAZZDOG said:

Depends on your timing. I have a plan to exhaust my funds just prior to my demise than write a bad check for my funeral.

 

Great idea but if you're in the Kingdom you'll find you will not be having a funeral or cremation.

 

Cash and carry only please.

6 hours ago, JAZZDOG said:

Problem with that is everybody I know would empty my account within an hour of me giving them access. I'm leaving everything to my dogs via a living will.

 

 

YOU have your countries mixed up.    Living Will?

 

[JAZZDOG]

11 minutes ago, watcharacters said:

 

Great idea but if you're in the Kingdom you'll find you will not be having a funeral or cremation.

 

Cash and carry only please.

 

 

YOU have your countries mixed up.    Living Will?

 

Were you born obnoxious or did someone mistreat you along the way?

[kokopelli]

3 hours ago, JAZZDOG said:

Not from a US embassy, that's why it's a Lie Letter, nobody verifies the funds. You lie and sign.

You are not correct, JAZZDOG about the lying. Every American expat I know tells the truth, sort of.

They may not specify the exact amount of money they earn but they simply put the minimum required even though their income is much greater.

[Suradit69]

56 minutes ago, Jip99 said:

 

No they don't.

If the widow presents herself to the local court, with the death certificate, and claims that there is no Will, the judge will immediately grant "probate" to her.

I have seen this happen....... and yes, there was a Will.

 

1 hour ago, Jip99 said:

Thailand's rules of intestacy are very clear  and a court would quickly sign of a legitimate claim for administration.

First you're talking about the rules of intestacy. Now you're saying there was a will.

The rules of intestacy apply only if there is no will. 

If there was a will, the deceased was not intestate.

 

Make up your mind what it is you're talking about. You're obviously using words you don't understand.

 

Quote

Intestacy is the condition of the estate of a person who dies without having made a valid will or other binding declaration.