Bank Withdrwals On Death

[Delight]

 If you have a condo -then you will for certain need a will

However if you have no assets -then I would forget about the will.

Probate is expensive.

Just about dealing with the money.

Given that you trust your girlfriend -the a joint account will fix it.

A death certificate will be issued.

The appropriate embassy has to be advised-otherwise your pensions will only stop when you cease to verify that you are still alive.

Some pension providers request this on a regular basis.

 

 

[billd766]

58 minutes ago, wgdanson said:

You cannot use a joint account for retirement extension.

Absolutely correct.

 

It must be a single account in your name only.

[khunPer]

On 6/20/2019 at 10:55 AM, Speedo1968 said:

The questions relate to closing an account kept for a retirement visa.

 

Has any had the unfortunate task of having to withdraw funds by ATM from KBank following the death of a loved one ?

If so were restrictions placed or were there other difficulties ?

Funds needed for the 800k baht/400k baht extension of stay based on retirement need to in an account with a single name only, i.e. the applicant of extension of stay.

 

You could before, and probably still can, use a joint account with two names, but the deposit then need to be the double, i.e. 1.6 million/800k baht.

 

Often a deposit for "retirement" is a fixed account for better interest, so there is no ATM with pin-code, to give to a trusted person, which I saw someone suggest, and which many use for their normal expense account with ATM card.

 

As soon as a bank is informed about a death, the deceased person's account will be frozen. However, accounts with two names are still accessable by the other named account holder. If in a trusted relationship, shared accounts are often a good solution for some funds, also in case of accidents where instant access to money could be important.

 

It might take time, more than a year, before everything in a Will is settled by court, and bank accounts will be accessable (some with experience might answer more precise, otherwise look in other threads, it has been covered before). If the Thai Will states about overseas heirs, the bank should probably transfer directly to overseas accounts; you might need legal advise for this kind of clause in your Will.

 

In general, its always advised to make two Last Will, one covering any assets you have in Thailand, and following Thai law; and one covering any assets you might have in your home country, and following your home country's laws.

????

[brianthainess]

I asked the question in an e-mail to the "yellow bank" they replied,wife go to family court with death certificate,then go to bank with my bank book and the court papers sounds almost easy, so ask your bank with an e-mail. I did the same with a U K bank and got a detailed e-mail back on how to proceed. An Australian bank got an e-mail from me,they replied  "see a lawyer" as helpful as a kick in the head.  

[brianthainess]

18 hours ago, sometimewoodworker said:

Asked that question last week we were told, death certificate, marriage certificate, house book, ID Card and the money will be released. Krungsri bank, Udon, near immigration.

I think they have to go to family court first, bcoz that's what they told me in an e-mail.

[scorecard]

31 minutes ago, brianthainess said:

I think they have to go to family court first, bcoz that's what they told me in an e-mail.

Why would the family court be involved?

 

On death any court order would come from the court which issues 'court orders' in relation to distribution of the deceased persons' assets (in other words grants probate of the deceased persons affairs',  either aligned to the content of a will or according to the dictates of Thai law if there is no will.

 

 

[Naam]

12 hours ago, billd766 said:

Absolutely correct.

 

It must be a single account in your name only.

nope! for 13 years (till last year) we used a joint account without problems. for the last and future extensions we setup a separate account for my wife's extension.

[billd766]

37 minutes ago, Naam said:

nope! for 13 years (till last year) we used a joint account without problems. for the last and future extensions we setup a separate account for my wife's extension.

I guess that you were lucky as I went to Nakhon Sawan a few years ago and that is what they told me then. It wasn't a problem then as I was using a UK Embassy letter and proof of my 3 pensions.

[sometimewoodworker]

2 hours ago, brianthainess said:

 

20 hours ago, sometimewoodworker said:

Asked that question last week we were told, death certificate, marriage certificate, house book, ID Card and the money will be released. Krungsri bank, Udon, near immigration.

I think they have to go to family court first, bcoz that's what they told me in an e-mail.

 

As the information was given to SWMBO in Thai in the branch where the account was being opened, I rather think that they know exactly what they need.

 

This being Thailand YMMV.

 

Go to a different branch get a different answer.

[JimGant]

On 6/24/2019 at 2:59 PM, tompelli said:

You can nominate someone as a signatory on your account. I've done that here with Bangkok bank, signature is on the passbook & only shows up under UV light.

Right. Meaning, my signatory wife can empty my individual account into hers, by going to the counter with my passbook. Alternatively, she can do this online, as we've set my account to transfer into hers. Now, if I'm dead, and they know, can she do this? If this were the US, no -- as the signatory authority sounds the same as a Power of Attorney, which expires upon death. But is it the same? Dunno. So, just go for it. Our small moo baan Bangkok Bank manager has already said this is the way it should be, albeit with a wink and a nod. She also said don't worry about the joint account -- it's hers in-full upon my death (yeah, but told the wife to empty it anyway, in case they get a new bank manager, with differing opinions...).

 

Bottom line. The Thai lawyer mafia wants everything to go thru probate -- for some, 50,000 baht for the service. But if your wife, or partner, has signatory authority, or joint account access, what's the big deal about moving such assets to your own account, especially if the Will designates you as sole beneficiary, and also the executor...? Who's the aggrieved party that could be used in any legal dispute? Hey, absence of malice. Move the money per the above. And <deleted>... the lawyers.

[cliveshep]

My wife has my pin number and passwords for both UK and Thai bank account. I told her to transfer all money in the UK account to herself or her sister, the accounts are already set up for internet banking and I make her do transfers so she understands the procedures.

 

For my Bangkok Bank account again it is internet banking, she is already set up on that, the transfer limit I have put right up and I've told her when I die don't piss about crying, go straight to my lap-top and clear the accounts out. Frankly I'd not be in a rush to notify the pensions people or the UK bank but that is up to her.

 

Doing the transfer straight away but declaring my time of death a couple of hours after the actual time will hopefully fudge things so she can say I did the transfers with my dying breaths.

 

What else can I do so keep it away from courts and lawyers? There is little enough and she'll need every baht.