Dying in Thailand and the safety of your financial and ‘other’ assets

[Bundooman]

After two accidents in the past four years, one quite serious, and considering my age is approaching 75, my thoughts turn to making preparations for what happens when I die and my UK family have suggested the same thing too. It has been on my mind for a while…..

I know what has to happen regarding notifying the police, Embassy, obtaining a local Death certificate, what my wife must do and how to contact the members of my UK family, and the never-ending details of personal matters that I must compile, sort and record to set ‘my affairs’ in order – and how to provide step by step instructions using simple prompt cards for the myriad of things she will need to do on my demise.

The whole process is daunting to me, let alone my partner, (we aren’t married) and she has never needed to do this kind of stuff before, although I don’t suppose many of our partners/wives have either.

So while I’m planning and thinking, certain worries repeatedly crop up in my head. They are:

·        Do the police have the authority to take possession/confiscate my Bankbooks and credit cards, whether they be for UK or Thai Banks?

·         Do they expect my passport to be handed over to them? My Birth Certificate?

·         If so, what happens then – and how are they processed? When does my ‘wife’ get them back? – How does she get them back?

·         What action is taken by the bank? How do these matters proceed? Does anyone know, please?

·         If a Thai will is made, how is it possible to be sure that the lawyer isn’t going to ‘pocket’ your assets? Or the police for that matter… Do they, (either police or Lawyers have the right to establish your wealth by ordering the bank to provide information?

Like many on this forum, everything here in Thailand will go to my long-term girlfriend and our daughter. The same goes for my assets in UK. I have a UK will and am now preparing to source a reliable lawyer here in Thailand for the Thai side of things. But I am extremely uneasy about the renowned dishonesty of the Legal brigade.

I have tried to find information on this forum, but although I know the subject has been aired before – I cannot find it, so if someone has a link, I would be grateful. I would also be grateful for any factual information that you can provide.

I look forward to hearing what you have to say and advise. Thank you.

[Spaniel]

I think if I were you I would marry the girlfriend.     

[beautifulthailand99]

If you bought a condo or house by via the company method and you are the director ensure your other nominees don't inherit the company on your death. If you don't trust them then sell whilst you can to somebody you do (trust). 

[KMartinHandyman]

I think if I were you I would marry the girlfriend.     

That to me would be the greatest factor to assure things go on the up and up. I would also look into the validity and possibly registering the Thai marriage in ones home country. A will to a girlfriend is good I guess but a wife’s rights might more easily get the due respect in any country.

[bouph12]

This might be the thread you're looking for:

 

 

A married couple can have a simple will registered and kept at the local Amphur for minimal cost without involving a lawyer. You could ask there if they'll do the same for you and your partner. 

   

 

[nong38]

Bundoorman, why don't you send me a personal message, I might have some information for you.

[wwest5829]

My approach has been to keep Thailand and the US assets quite separate. My investments are in the US and a US Will and beneficiary designation names my two Sons as heirs. My outlook for Thailand is what comes to Thailand, stays in Thailand. My Thai partner will be designated as sole beneficiary for whatever property and money in the banks I hold upon my death. She is provided for, to the extent I am able and there is no legal entanglements with US.

[marcusarelus]

My approach has also been to keep Thailand and the US assets quite separate my US assets are in a old paper bag in a storage closet $12.00.  The rest of my assets are in 4 different Thai banks.  I am trying to run out of money the day I die.  Not as easy as it sounds. 

[cardinalblue]

You are not getting interest on that $12....look into a preferred stock to generate a stable dividend...

 

best to keep home country (with a trust) and thailand assets completely separate...my child has the tiltes on our lands and house in LOS...

 

get your our house in order way b/f you die..

[suzannegoh]

46 minutes ago, wwest5829 said:

My approach has been to keep Thailand and the US assets quite separate. My investments are in the US and a US Will and beneficiary designation names my two Sons as heirs. My outlook for Thailand is what comes to Thailand, stays in Thailand. My Thai partner will be designated as sole beneficiary for whatever property and money in the banks I hold upon my death. She is provided for, to the extent I am able and there is no legal entanglements with US.

That's a good approach.  Though via a will you could specify that your sons get your assets in Thailand too, if your estate isn't enormous then it probably isn't worth the trouble.

[Bundooman]

23 hours ago, Spaniel said:

I think if I were you I would marry the girlfriend.     

That is certainly an option - I will have to look at that. We are both single, but have decided up to now to remain unmarried. Thank you. Obvious move, but it hasn't crossed my mind recently. I need to think about that.  

[Bundooman]

22 hours ago, KMartinHandyman said:

That to me would be the greatest factor to assure things go on the up and up. I would also look into the validity and possibly registering the Thai marriage in ones home country. A will to a girlfriend is good I guess but a wife’s rights might more easily get the due respect in any country.

Yes, I am now considering that - have thought about it in the past, but we have been happy as we are. Now, it takes on a more serious note and some discussion between us.

Do you know if it can it be registered in my own country, UK, without having to physically return? (That may appear to be a stupid question, but it would be interesting to know for sure). Thanks for your advice. 

[Bundooman]

22 hours ago, bouph12 said:

This might be the thread you're looking for:

 

 

A married couple can have a simple will registered and kept at the local Amphur for minimal cost without involving a lawyer. You could ask there if they'll do the same for you and your partner. 

   

 

Thank you for that - I'll have a very serious look at it. It may be exactly what I need. I was unable to find something like that by myself. Cheers!

[Bundooman]

18 hours ago, nong38 said:

Bundoorman, why don't you send me a personal message, I might have some information for you.

That sounds interesting - but how do I do that? Even though I have been here many years, I have no idea how to contact you personally. Sorry to appear thick, have seen that message a number of times but never really gave it much thought. 

 

Is it possible to do that via TV? Please educate me and I would be happy to contact you. Thanks.

[Bundooman]

1 hour ago, wwest5829 said:

My approach has been to keep Thailand and the US assets quite separate. My investments are in the US and a US Will and beneficiary designation names my two Sons as heirs. My outlook for Thailand is what comes to Thailand, stays in Thailand. My Thai partner will be designated as sole beneficiary for whatever property and money in the banks I hold upon my death. She is provided for, to the extent I am able and there is no legal entanglements with US.

My view too. I have a valid will for my UK assets. I believe that I have to make a will here in Thailand for my Thai assets, which means it somehow has to mirror, (both in English and Thai), my UK Will. 

 

My uneasiness surrounds how likely it is that a Lawyer, the police, the Bank or someone else, doesn't manage to purloin the lot instead of it all going to my girlfriend. We are both thinking the same way. Thank you.

[Bundooman]

1 hour ago, marcusarelus said:

My approach has also been to keep Thailand and the US assets quite separate my US assets are in a old paper bag in a storage closet $12.00.  The rest of my assets are in 4 different Thai banks.  I am trying to run out of money the day I die.  Not as easy as it sounds. 

No, it is not. There is approx. 1 million Baht in one of my Bank accounts that has to remain there for Retirement purposes at Immigration. That IS a worry..... about what happens to that after I die.....! Maybe I should rethink that? But thanks, anyway. It's a thought.

[jvs]

3 minutes ago, Bundooman said:

No, it is not. There is approx. 1 million Baht in one of my Bank accounts that has to remain there for Retirement purposes at Immigration. That IS a worry..... about what happens to that after I die.....! Maybe I should rethink that? But thanks, anyway. It's a thought.

That money will go to whomever is your heir,simple.

 

[suzannegoh]

My view too. I have a valid will for my UK assets. I believe that I have to make a will here in Thailand for my Thai assets, which means it somehow has to mirror, (both in English and Thai), my UK Will. 
 
My uneasiness surrounds how likely it is that a Lawyer, the police, the Bank or someone else, doesn't manage to purloin the lot instead of it all going to my girlfriend. We are both thinking the same way. Thank you.

The portion of your estate that's in Thailand will go through probate but if you make a will and specify your GF as being the Executor then she ultimately will be the one managing the estate rather than a third party. But if the GF won't be competent to handle the matter it might be better to specify someone else that you trust as the Executor.

[IssanMichael]

I am Married to a Thai and 74 and in poor health, so i have sorted out the way forward when i die. I have joint accounts for the main money and the amount needed for the retirement visa i have organised a higher limit of withdrawal 500k, so that account can be cleared very quickly by the other half as an atm card is all thats needed. As far as the will is concerned i had a Thai will with an English copy signed by the local Village Chief and then i have done a will for the bits i have in the UK and organized it to be sorted out by my Son. I have attached the will in Thai and English for you, no lawyers needed. Please note a Thai will is not valid in the UK and visa versa. 

T13_Last_Will_and_Agreement (2).pdf 13_Last_Will_and_Testament.pdf

Edited March 23, 2019 by IssanMichael

[nong38]

19 hours ago, nong38 said:

Bundoorman, why don't you send me a personal message, I might have some information for you.

Tap on the envelope next to the bell, then look when the window opens for compose new message. type one to me Nong 38. I tried to send you a message but it appears you are not allowing messages in, maybe you need to look at your settings? I am not a techno wiz either but I am sure you will be able to figure it out.

[jvs]

27 minutes ago, nong38 said:

Tap on the envelope next to the bell, then look when the window opens for compose new message. type one to me Nong 38. I tried to send you a message but it appears you are not allowing messages in, maybe you need to look at your settings? I am not a techno wiz either but I am sure you will be able to figure it out.

Easier to just click on the username and then click message.

[JimGant]

2 hours ago, marcusarelus said:

I am trying to run out of money the day I die.  Not as easy as it sounds. 

Yeah, being overly conservative, I saved way more money than I'll ever need -- and that covers any contingency, including long term care. But, it's hard to break old habits, so I still find myself wasting time, looking for nitnoy discounts or promotions. What a waste. At least I now afford myself business class when I travel abroad.

 

I love the bumper sticker on an RV I saw traveling across the States: "We're spending our children's inheritance." Or, the goal in life: The first check you ever bounce is the one to the undertaker.

 

[manchega]

For any bank accounts in Thailand your wife(gf) should take the books to the bank and withdraw all money immediately on your demise.

Once the money is out of banks and any security boxes and safes are empty then you can begin to look at what happens to the assets.

 

For the UK the law will see things are done properly, the only thing you want to do is minimise losses due to inheritance tax.

[jvs]

5 minutes ago, manchega said:

For any bank accounts in Thailand your wife(gf) should take the books to the bank and withdraw all money immediately on your demise.

I believe this is illegal and can land who ever does this in trouble.

No doubt it is being done but i would not advice this.Why would you want to do this in the first place?

[Tomahawk21]

On 3/22/2019 at 3:43 PM, beautifulthailand99 said:

If you bought a condo or house by via the company method and you are the director ensure your other nominees don't inherit the company on your death. If you don't trust them then sell whilst you can to somebody you do (trust). 

they will have to be Thais, where money is concerned can you trust any Thais?

[khunPer]

On 3/22/2019 at 9:23 AM, Bundooman said:

I look forward to hearing what you have to say and advise. Thank you.

You will need two Last Wills, one in UK for your properties in UK, and following UK-law; and one in Thailand for any property here, following Thai law.

 

The Thai will will be brought to a court, you can appoint an executor yourself in the Will, otherwise the court will appoint one.

 

You can in details read about in the book "Thai Law for Foreigners"; there are several threads in Thaivisa Forum with information about Last Will and execution of it.

????

[KMartinHandyman]

Yes, I am now considering that - have thought about it in the past, but we have been happy as we are. Now, it takes on a more serious note and some discussion between us.
Do you know if it can it be registered in my own country, UK, without having to physically return? (That may appear to be a stupid question, but it would be interesting to know for sure). Thanks for your advice. 

Sorry I’m not sure and from USA. There you have to notify your states attorney general

[Tomahawk21]

On 3/22/2019 at 3:29 PM, Spaniel said:

I think if I were you I would marry the girlfriend.     

would it have to be a Thai marriage or one that is registered in the OPs own country?

[Tomahawk21]

21 hours ago, nong38 said:

Bundoorman, why don't you send me a personal message, I might have some information for you.

many of us are in the same position here it would be nicer if you have good info to make it public. thx

[Caine]

Go to your doctor ask him where you are going to die, when he gives you the answer don’t bother going there. Then you live forever simple.