How much do you think Thai Banks will love no more income letters

[jvs]

27 minutes ago, thedemon said:

 

That can't be correct because if you die intestate, unless you have no other relatives your wife is not entitled to 100% of your assets.

 

https://www.thailandlaw.org/intestate-succession-in-thailand.html

 

 

Can you tell me what would happen if the children are not living in Thailand?What if the house is in the Thai spouses name? Can children from outside Thailand claim their portion or does it belong to the Thai wife?

Edited November 20, 2018 by jvs

[puchooay]

11 minutes ago, jvs said:

Can you tell me what would happen if the children are not living in Thailand?What if the house is in the Thai spouses name? Can children from outside Thailand claim their portion or does it belong to the Thai wife?

If the deceased does not own the property how can it be included in any will or claim?

[thedemon]

18 minutes ago, puchooay said:

If the deceased does not own the property how can it be included in any will or claim?

 

I believe that, at least in theory, where the assets (including a house) are Sin Somros or joint marital property they would be subject to division among the legal heirs. It wouldn't make any difference that the land was in the deceased spouses name only.

 

In the eyes of the law it also wouldn't make any difference whether the entitled family were Thai or foreign.

[Russell17au]

34 minutes ago, jvs said:

Can you tell me what would happen if the children are not living in Thailand?What if the house is in the Thai spouses name? Can children from outside Thailand claim their portion or does it belong to the Thai wife?

In regards to a house in Thailand, all the legal documents including the land title are in the wifes name and it is legally owned by your wife, so your children who live outside Thailand do not have a legal claim to any of the house and it is not included in your estate because you have signed away that right by legally making the house a gift to your wife. The only thing a farang can own is a condo which would be included in the estate and then you could put that in your will for it to be sold and the proceeds be split between all the parties or just to your children.

[puchooay]

8 minutes ago, thedemon said:

 

I believe that, at least in theory, where the assets (including a house) are Sin Somros or joint marital property they would be subject to division among the legal heirs. It wouldn't make any difference that the land was in the deceased spouses name only.

 

In the eyes of the law it also wouldn't make any difference whether the entitled family were Thai or foreign.

Not true. Sin Somros does not give any rights to ownership to a foreigner. Even to the point that, if the Thai wife were to die first the foreign husband has no rights to the land.

[thedemon]

2 minutes ago, puchooay said:

Not true. Sin Somros does not give any rights to ownership to a foreigner. Even to the point that, if the Thai wife were to die first the foreign husband has no rights to the land.

 

The piece of paper signed at the land department is meaningless. Joint property is joint property no matter.

 

This has been tested in Thai courts many times in acrimonious divorce cases.

[MyFriend You]

12 hours ago, bikerlou47 said:

So after you are dead and burned your account will live on?

Post #2 - Believe it or not, that's exactly what the Bank Manager told me last week when I asked the same question.   He said I could always add her to my Bank Acct, but being Non-Thai, she would have to qualify the same as everyone else for a Bank acct.  A Power of Attorney??  He said   Nehhhhh  -  works for the courts during a dispute, but not the Bank.  A Debit Card is the easiest, legal(but risky) way to go.  Kind of strange what he said about the POA, she is listed in my Will to inherit my Condo in Thailand (eve as a foreigner) but can't legally access my Bank Account??  We are not married in the traditional sense, on paper, but married never the less.     

[puchooay]

3 minutes ago, thedemon said:

 

The piece of paper signed at the land department is meaningless. Joint property is joint property no matter.

 

This has been tested in Thai courts many times in acrimonious divorce cases.

Where land is concerned there is no such thing as joint property with Thai and foreigner.

[thedemon]

3 minutes ago, puchooay said:

Where land is concerned there is no such thing as joint property with Thai and foreigner.

 

Fortunately that is just another urban legend that goes from barstool to barstool.

 

The Thai Civil and Commercial Code doesn't distinguish between Thai and foreigner.

 

 

[puchooay]

2 minutes ago, thedemon said:

 

Fortunately that is just another urban legend that goes from barstool to barstool.

 

The Thai Civil and Commercial Code doesn't distinguish between Thai and foreigner.

 

 

Not so. Speaking from lots of experience. Foreigners CANNOT own land.

[thedemon]

20 minutes ago, puchooay said:

Not so. Speaking from lots of experience. Foreigners CANNOT own land.

 

I was going to explain what the process is when a foreigner inherits land from their deceased spouse but since you have lots of experience I will leave that to you.

[jvs]

36 minutes ago, puchooay said:

Not so. Speaking from lots of experience. Foreigners CANNOT own land.

Maybe not own land but entitled to half the money for it?

The more i read the more confused i get,hopefully some one will come along who is in the know.

[HHTel]

If the deceased is a Thai and the surviving spouse is a foreigner, then the land and property can be inherited by the surviving spouse.  In the case of a foreigner, he/she has 1 year to dispose of it.  He can sell it on the open market, or what often happens is that it's 'sold' to a trusted family member for peanuts and the surviving spouse gets to live in it until his death, hopefully.

 

On another point, a holographic will is legal in Thailand.  It must be written in the deceased own hand, signed and dated, and filed with the amphur.  It doesn't need witnesses or translation. (section 1657 Civil and Commercial Code).

[siddv]

Many of you are forgetting the cardinal rule. Never be worth more dead than you are alive in Thailand.

Edited November 20, 2018 by siddv

[fforest1]

11 hours ago, Magenta408 said:

Dude, grab yourself a couple of suds and tomorrow come back. 800,000 is peanuts.

Hey I would be more than happy if you threw some peanuts my way...

[thailand49]

On 11/19/2018 at 4:50 PM, puchooay said:

You could write a will to make things easier. No need for a lawyer.

The Will needs to be in Thai so suggest how to get around that plus it must be notarized by a specific Notary stamp?

[thailand49]

On 11/19/2018 at 5:02 PM, Peterw42 said:

Technically an account would be eventually shut down and the subject to probate/will etc but as others have said give someone an atm card or internet banking and they can transfer money etc. There is no automatic process were bank accounts get frozen the day after you pass away. 

Even back in the Australia I operated my parents accounts after they passed, moving money on the advice of the lawyer doing probate. Technically you are not supposed to but common practice. 

You hit it right on the head,  how would the bank know if you are dead unless they are told.  Plan ahead with your loved one and sit down and have a conversation with them sure Thais don't like to converse about death before it happens but if it is about money that always helps,  educate them about the use of the ATM card or Online Banking access if something happens?

[stropper]

if you have a joint account, its the others money if you die, so just have 160k bhart joint account with one card, easy , and no problems!

[HHTel]

1 hour ago, thailand49 said:

The Will needs to be in Thai so suggest how to get around that plus it must be notarized by a specific Notary stamp?

Not in the case of a holographic will.  No witnesses. Own handwriting. Filed at the Amphur.  Very cheap option.

[Robins]

On 11/20/2018 at 7:42 AM, fforest1 said:

No need for any stress....Just give your wife/girlfriend/son/daughter/brother etc a ATM card and they can draw the 800,000 out a little each day...

Politely suggest scratching girlfriend from that list.  Like a bad comedy I can see idisaster for some coming.  

Edited November 21, 2018 by Robins

[Robins]

Actually at 220 Baht a shot and a 15000 maximum withdrawal limit (my bank $500 a day) the Thai banks are making more money from me pulling cash out of my American bank account with their machines than they would if I deposited 800,000 Baht.   Interest is rather low these days. I average 7 to 8 ATM withdrawals a month. 

[bkk6060]

2 minutes ago, Robins said:

Actually at 220 Baht a shot and a 15000 maximum withdrawal limit (my bank $500 a day) the Thai banks are making more money from me pulling cash out of my American bank account with their machines than they would if I deposited 800,000 Baht.   Interest is rather low these days. I average 7 to 8 ATM withdrawals a month. 

You are losing money and your exchange rate is not going to be as good.

Truly the best way would be to take $25,000 from your home country and bring it here.

When you leave the US for example you will have to declare it.  No problem, just tell them what it is for.

When you get here go to the best exchange place (not the bank) and cash it in for Thai baht.

Take the baht to the bank and deposit it.

 

This will be my plan if the income option all goes to S.

[puchooay]

6 hours ago, thailand49 said:

The Will needs to be in Thai so suggest how to get around that plus it must be notarized by a specific Notary stamp?

Translation not difficult. Lots of translation services around although I did mine myself. No notary required.

[puchooay]

16 hours ago, HHTel said:

If the deceased is a Thai and the surviving spouse is a foreigner, then the land and property can be inherited by the surviving spouse.  In the case of a foreigner, he/she has 1 year to dispose of it.  He can sell it on the open market, or what often happens is that it's 'sold' to a trusted family member for peanuts and the surviving spouse gets to live in it until his death, hopefully.

 

On another point, a holographic will is legal in Thailand.  It must be written in the deceased own hand, signed and dated, and filed with the amphur.  It doesn't need witnesses or translation. (section 1657 Civil and Commercial Code).

Exactly my point about the land. The foreigner doesn't inherit it per se but rather has 1 year to get rid. He/she cannot own it.

[KhunFred]

Maybe the Visa agencies will love it more than the banks. They stand to make a killing with the number of farangs needing extensions without "income affidavits". I have seen quotes ranging from 12 thousand to 20 thousand for an extension of stay. Could prices drop with competition???

[bikerlou47]

On 11/20/2018 at 7:52 AM, overherebc said:

If the bank is aware you have passed on they will freeze the account. Someone may be charged with theft???? for using the card.

A will is the only way.

I went to Bangkok bank today..I was interested in daily limit and about if it was possible to name a beneficiary. 50,000 daily limit..with an exception with a call you can get 200,000. They recommended a will and my lawyer agreed.3000 baht for the will.

Thanks to all for their input.

BTW I only have a bank account everything else is already in my girl's name. She is the joy of my life we have been together 14 years.

[thailand49]

5 hours ago, puchooay said:

Translation not difficult. Lots of translation services around although I did mine myself. No notary required.

The question is you won't be around when it happens but will it be honored even if you did the translation yourself?????

[puchooay]

12 hours ago, thailand49 said:

The question is you won't be around when it happens but will it be honored even if you did the translation yourself?????

Technically it is not a translation. The Thai will is deemed to be the original. 

[HHTel]

Holographic will does not need a translation.  Your native language is fine.

[bkk6060]

Two of my friends got their extensions this week at Chonburi using the letters.  But, both were told by different IO's at some point next year it will change and only the 800, 000 in the bank will qualify.