Funds Out by Inheritance

[KhaoYai]

None of use live forever and 'that day' comes to us all. It is likely that I will have significant funds and assets in Thailand which are willed to my family in the UK.

 

My Thai will is being dealt with by a solicitor but I would like to know what, if any, problems are my family likely to have in getting their inheritance?  I presume its important to prove that my funds were brought into Thailand from abroad? Or is that not important when its an inheritance matter?

[ezzra]

The solicitor that handles your will should know all the answers and concerns you have regarding all matters, if he doesn't, ask him to find out, afterall, this is what you're paying them for and it's part of the will preparations...

[KhaoYai]

10 hours ago, ezzra said:

The solicitor that handles your will should know all the answers and concerns you have regarding all matters, if he doesn't, ask him to find out, afterall, this is what you're paying them for and it's part of the will preparations...

When dealing with anything in Thailand, I like to be armed with the facts. Sadly, in Thailand 2 different solicitors may tell you 2 different things.

[inThailand]

Especially, out of country Will beneficiaries will need info on your assets and where they are located as well as the embassy and Thai attorney contact info.

 

Without this info they are in the dark and at the mercy of Thai banks, government officials and legal system.

[placnx]

My understanding is that for Thai assets you should have a Thai will, written by hand. You can have this registered, at amphur office, I seem to remember. For the sake of clarity, I typed a copy of this will, in case someone might misinterpret my handwriting.

 

Then you should have the will mentioned in your UK will, that this other will covers your Thai assets. As for getting the assets from Thailand, that is a separate question.

 

[scorecard]

18 hours ago, KhaoYai said:

When dealing with anything in Thailand, I like to be armed with the facts. Sadly, in Thailand 2 different solicitors may tell you 2 different things.

Which is why anybody needs to do the work to check the credentials and past history and the fees before engaging a lawyer and I mean both Thai and foreigner lawyers operating in Thailand.

[placnx]

I found this link which describes quite well the requirements for a Thai will.

https://www.samuiforsale.com/family-law/forms-of-wills-under-thai-law.html

It is good to state in the text of the Thai will that it pertains only to assets situated in Thailand, if you have another will covering your estate in general.

 

If you do not have a will conforming to Thai law, I believe that you might be deemed intestate, and then your Thai assets would be distributed to recognized beneficiaries accordingly, if any, and hopefully not be seized by the state!!

[Arkady]

I have no personal experience of this but a friend living in Hong Kong asked me for advice in claiming her husband's Thai bank account.  He wasn't living in Thailand but opened an account because he had business here and travelled frequently to Bangkok.  He died suddenly.  Although she had a will and Hong Kong probate, the Thai bank needed a court order from a Thai court in order to release the funds and had to travel to Thailand to get this. Of course they also needed the will, probate and other documents translated to Thai and certified by the Chinese or home country embassy and the Ministry of Foreign Affairs.  I think that may be the Thai equivalent of probate. In the end the amount in the account wasn't enough for her to go through this process and have the hassle and expense of at least two trips to Bangkok to get it all done.

 

It will be worth it for the OP's overseas family, as he says the Thai assets are substantial, but it may involve some effort and trips to Thailand to get it all done.  To remit overseas will involve some documentation.  I have never seen inheritance as grounds for remittance overseas but I believe it is possible.

 

The OP didn't mention if he had any Thai family he might also wish to be beneficiaries.

[KhaoYai]

Gentlemen,

 

I thank you for all comments but would point out that my original post makes it clear that I am going through the process of making a Thai will. I am aware that my Thai assets must be dealt with through the Thai system.

 

What I am seeking to do is make sure that my UK family do not have problems in getting the assets/cash that I have left for them - I won't be around to intervene ????.

 

I have already prepared details of my fixed assets and given my bank account details to my daughter in the UK. Whilst fixed assets are easy to list, bank accounts are obviously fluid.

 

My whole point here is that I've read several posts from people concerned about moving funds out of Thailand whilst they are alive. For example, I understand that in order to take funds from the sale of a condo out of the country, people have to show the original FET where they brought in the funds to buy that property.

 

There are clearly some restrictions/difficulties, I am trying to find out what they may be.

[KhaoYai]

1 hour ago, Arkady said:

The OP didn't mention if he had any Thai family he might also wish to be beneficiaries.

Not at the moment - who knows about the future. However, if that becomes the case I will deal with that separately and make it quite clear what is intended for each person in my will. 

 

I guess all any of us can do is make our intentions clear and ensure that they are legally recorded. We just hope there is no fighting afterwards that prevents/delays the rightfull person from getting what we intended them to have.

[Montnoveau]

What kind of assets are we talking about? Condominium? Car? TV?

[KhaoYai]

I have a house, I don't want to (and won't) get into discussions about ownership, I'm quite happy that's secure. However, upon my death it will have to be sold and the proceeds passed on to my son. I have a motorbike and will have a car next year.  Items of furniture etc, I'm not too worried about - I'll leave them to my friends in Thailand as they are never worth much secondhand and not worth the hassle.

 

Proceeds from the sale of the house, bike and car + cash in the bank are the items I'm concerned about.  However, at current exchange rates, I will not be transfering more cash than I need from the UK but that will change if and when exchange rates improve - I have a need to have cash in Thailand as soon as its prudent to do so.

Edited August 5, 2019 by KhaoYai

[scoutman360]

On ‎8‎/‎5‎/‎2019 at 10:15 AM, placnx said:

My understanding is that for Thai assets you should have a Thai will, written by hand. You can have this registered, at amphur office,

 

Quickly, I will point out that you DO NOT need it registered at the local amphur office. There is no benefit in doing that. And, there is no benefit in having it written by hand. You just need the witnesses signatures ..2..  

[scoutman360]

Here is what I have regarding Thailand Will and Testaments. I keep a copy of this on the front page of my Will for whoever finds it.

 

For an account in Thailand, if the owner of the account is deceased, the beneficiary should report the death to the bank.  The bank will then freeze the account until the authorized Executor gets in touch with the bank and either closes the account or retains the funds.  This would stop anyone from being able to access the account with the ATM card.  Occasionally, the bank may release the funds to the spouse of the owner but more likely they would freeze the account and wait for the executor.

In order for the beneficiary to get hold of funds, an executor must be appointed by the court in Thailand.  It would be the official executor's responsibility to approach the government and / or private sectors in reclaiming whatever assets that are in the deceased party's name and to either distribute them to the beneficiaries in accordance to the will or equally (if there is no will) or to liquidate the non-liquid assets and to distribute the funds derived from the liquidation to the beneficiary(ies) accordingly. (executor should be named in the Will).

In order to be appointed as the executor, the designated candidate must attend the court in person.  The beneficiaries do not have to attend court as long as each have provided the designated candidate for the executorship with a letter of consent and their statement that they have no objection to this court appointment.

Sunbelt Asia Legal Advisors strongly advises drafting a will in Thailand to appoint your executor and to name beneficiaries so that funds are distributed according to your wishes.

 

 

[inThailand]

On 8/5/2019 at 11:22 AM, placnx said:

I found this link which describes quite well the requirements for a Thai will.

https://www.samuiforsale.com/family-law/forms-of-wills-under-thai-law.html

It is good to state in the text of the Thai will that it pertains only to assets situated in Thailand, if you have another will covering your estate in general.

 

If you do not have a will conforming to Thai law, I believe that you might be deemed intestate, and then your Thai assets would be distributed to recognized beneficiaries accordingly, if any, and hopefully not be seized by the state!!

Yup, the Thai legal system is unpredictable. Hence why my home country Will says to carry out my Thai Will if Thai legal system won't.

[inThailand]

On 8/5/2019 at 7:15 PM, Montnoveau said:

What kind of assets are we talking about? Condominium? Car? TV?

motorbike, condoms and a cheap phone.

[LivinLOS]

On 8/5/2019 at 2:28 PM, KhaoYai said:

I have a house, I don't want to (and won't) get into discussions about ownership, I'm quite happy that's secure. However, upon my death it will have to be sold and the proceeds passed on to my son. I have a motorbike and will have a car next year.  

 

The issue is more complex than just legal.. 

 

If you have a will, that says a house is to be sold, and the proceeds of that sale are to be passed overseas.. You will be reliant on the legal owner of the property doing so. 

 

Sure the will may say they have to, but enforcement of that will, ensuring a sale happens, releasing those assets ?? The reality is Thais have ways of simply avoiding these issues until they go away. The only way to avoid this would be to pre sell the assets and have a 'rent until death clause' I can guess.. That way you have regained control of them. 

 

I mentally just assume every baht thats brought into Thailand is one that becomes unrecoverable in my demise. Those funds, those assets, etc etc are the ones my wife can keep, and she will have a stipend or trust fund payment for life after that. 

[KhaoYai]

12 hours ago, LivinLOS said:

If you have a will, that says a house is to be sold, and the proceeds of that sale are to be passed overseas.. You will be reliant on the legal owner of the property doing so. 

As I have said, I am quite happy about ownership of the house, I am also certain that it will be sold. The debate on ownership/control of a property has been hammered out many times on TV - I am satisfied that my house will be sold and that the funds will be available to my family.

 

What I'm trying to establish is if my beneficiaries will have any problems actually getting the funds from my assets out of Thailand.

[KhaoYai]

A number of posts again commenting on the making of a will. I am quite happy that my lawyer knows exactly how to do that.

 

What I'm asking is will my family have any problems actually getting any funds out of Thailand? 

[scoutman360]

6 hours ago, KhaoYai said:

 

What I'm asking is will my family have any problems actually getting any funds out of Thailand? 

 

That is a very good question, and for years, I have been reading up on Wills and have made and updated them. But I have never heard an answer to your question, either.

 

Normally, to get funds transferred out of Thailand, (1) one needs proof that the funds were brought into Thailand or (2) the money was earned in Thailand through employment (e.g., employment, work permit, etc.). But what if a foreign executor gains access to the funds? Very good question. Might need to ask the bank.

[KhaoYai]

Thank you, I never thought of asking the bank. I'll do that - cheers.