Banks stealing , all

[muffy]

I can't put down whom my money in the bank goes to if I die . Don't tell me will , I would like to know how much the banks steal yearly when you die . I wonder ?

[worgeordie]

Well its up to you,to make sure that does not happen,get advice.

regards worgeordie

 

[FritsSikkink]

If you don't have anyone to give the money to and you are dead, who cares. 

[userabcd]

The money will go to the treasury, not the bank.

[scorecard]

2 minutes ago, userabcd said:

The money will go to the treasury, not the bank.

But that depends on whether somebody / some agency applies to the court for clearance of your debts etc. In which case the court will automatically order any funds remaining to be paid into Thai general revenue.

 

If none of the above happens it just sits in the bank and ignored and the bank will eventually classify the account as inactive or similar words. What happens from there, use your imagination. 

 

[userabcd]

1 hour ago, scorecard said:

But that depends on whether somebody / some agency applies to the court for clearance of your debts etc. In which case the court will automatically order any funds remaining to be paid into Thai general revenue.

 

If none of the above happens it just sits in the bank and ignored and the bank will eventually classify the account as inactive or similar words. What happens from there, use your imagination. 

 

I'm sure the bank have a code of conduct and regulatory rules which they will follow.

 

It is not the lawless place many will have us believe.

[scorecard]

1 hour ago, userabcd said:

I'm sure the bank have a code of conduct and regulatory rules which they will follow.

 

It is not the lawless place many will have us believe.

Agree, however there's plenty of past incidents of bank employees / bank managers caught doing illegal and unethical things.

 

On the other hand if you call the 2 mainstream high profile bank call centers and ask about the bank's policy when one owner of a joint account, anybody can sign dies you will get many different answers including; 'bank has no policy totally up to the local branch manager'.

 

Not exactly reassuring. 

[bkk6060]

The title should be The ignorance of Falang and their assets in Thailand.

Condos

Cars

Motorbikes

Bank accounts

 

Ask an expat what happens when they are gone and they shrug their shoulders "I don't know, the embassy will take care of that".  Or, "I have a will in my home country".

Most have no clue and no idea and are too cheap to pay for proper legal advise here.

There are ways to protect your Thailand assets but you need to see a proper lawyer to get the necessary documents completed.

Don't be stupid and leave your family/loved ones with nothing. 

[Thainess]

My best advice to you would be not to die. Give up alcohol, smoking, drugs, and risky behaviours including sexual ones, and don't live in or visit a high-risk country that has a weak health and safety culture, for example Thailand. Then your risk of dying will decrease massively and you won't have to contemplate this problem.

[blackcab]

Moved to the Banking forum.

[Pib]

In Thailand they don't have laws that allow designation of a beneficiary for a bank account upon your death.  TIT.  Instead, the court probate process is followed....so be sure to have a will saying who your bank account assets go to "especially if you are single/have no children." 

 

If you are married or have children but have no will then the probate process will give bank assets to next of kin under Thai law, but it can take up to a year since family members often fight over who gets what. 

 

If you are single, no known next of kin who can claim your assets, have no will, then you funds will probably end up being transferred to the government where they can be reclaimed down the road if a next of kin comes forwards asking for the money.  But once again, the next of kin will have process to go through to get the funds.

 

 

 

 

[RJRS1301]

Make a legal will, then the executor applies the will terms, distributes assets to beneficiaries.

Note in the will of course where your assets are held, banks, trusts, solicitors.