when you die - the bank wins

[hashmodha]

On Tue Jun 26 2018 at 4:34 PM, 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.

Forgive me for asking...as I must think about Will and single name Bank account.. How can one set up a Living Trust?... In Thailand? in English?.. where can I keep it for safety?.. Recognised as being legally binding?...can I see an empty draft somewhere to read up....so many useful things about life going on here... Thanks awfully!

[Mark1066]

On 6/26/2018 at 4:21 PM, observer90210 said:

I would be curious to see the figures of the amounts of unclaimed farang money in Thai banks ,on which the account holders have passed away.

 

And if something is done to trace the heirs via the embassies? or if the money is just pocketed by the Thai Banks ?

 

Best option is to have a will, give a power of attorney to your next of kin back home, with the ATM card codes...

A power of attorney is of no use if you’re dead. When you expire so does the POA.

[SCOTT FITZGERSLD]

14 hours ago, hashmodha said:

Forgive me for asking...as I must think about Will and single name Bank account.. How can one set up a Living Trust?... In Thailand? in English?.. where can I keep it for safety?.. Recognised as being legally binding?...can I see an empty draft somewhere to read up....so many useful things about life going on here... Thanks awfully!

you don't set up a living trust in a country like thailand.

thailand is not that developed yet.

if you have serious money, you keep it in a developed country, even in hong kong, and

set up your trust there.

otherwise, if it's just your 800K for RE visa, leave it for charity...or for massage money of  the bank managers.

[observer90210]

12 hours ago, Mark1066 said:

A power of attorney is of no use if you’re dead. When you expire so does the POA.

Good information, thanks, was not aware of this. Guess that the best option in that case is to hand out a double of the ATM card with the code ?

[Mark1066]

8 hours ago, observer90210 said:

Good information, thanks, was not aware of this. Guess that the best option in that case is to hand out a double of the ATM card with the code ?

I think the person you gave the card to could get into trouble if the date of their withdrawals and the date of your death were examined but I’m not an expert.

[hashmodha]

20 hours ago, SCOTT FITZGERSLD said:

you don't set up a living trust in a country like thailand.

thailand is not that developed yet.

if you have serious money, you keep it in a developed country, even in hong kong, and

set up your trust there.

otherwise, if it's just your 800K for RE visa, leave it for charity...or for massage money of  the bank managers.

Thanks..and what about the single account cash? how can my wife have access to ?ATM..does the job?

Will money ever reach charities here in Thailand??

I recall taking cash to Tsunami victims myself to Koh Lanta as they told us not to trust anyone here....Red Cross was honourable !

Edited July 4, 2018 by hashmodha
Additional words

[SCOTT FITZGERSLD]

11 hours ago, hashmodha said:

Thanks..and what about the single account cash? how can my wife have access to ?ATM..does the job?

Will money ever reach charities here in Thailand??

I recall taking cash to Tsunami victims myself to Koh Lanta as they told us not to trust anyone here....Red Cross was honourable !

yes your wife can have access to your acounts via ATM, but than make

sure you dont get on her nerves, otherwise she will empty your accounts

without any warning.

[hashmodha]

30 minutes ago, SCOTT FITZGERSLD said:

yes your wife can have access to your acounts via ATM, but than make

sure you dont get on her nerves, otherwise she will empty your accounts

without any warning.

That's funny!...so far 14 years on there is harmony there as I have always been correct and generous and she has her own bank accounts as I made sure what she earns she keeps and manages her own affairs..

Edited July 4, 2018 by hashmodha
Additional words

[SCOTT FITZGERSLD]

On 7/4/2018 at 5:01 AM, hashmodha said:

That's funny!...so far 14 years on there is harmony there as I have always been correct and generous and she has her own bank accounts as I made sure what she earns she keeps and manages her own affairs..

yes i think that's the secret to a long time happy relationships with a thai / asian woman. 

they like to keep their money, or money  that they perceive as theirs.

not so much that they want to milk their man, as much as they like to keep their independance

and "their money in their bank".

 

i have a friend who is married to a thai wife , with kids and common business.

when asked how he keep it together, he said that he let her keep her part

of the profit from the business in her bank accounts, while he keeps his in different bank account.

 

this is somehow different from the ideal of "ever togehter in richness and in poverty", 

but seems to work better, maybe cause the family laws in thailand are not so developed,

and the woman is affraid to be left alone with the kids and no money.

[puck2]

On 6/26/2018 at 1:12 PM, 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.

.... then give your dog the PIN-number of your ATM-card.