Widow acces to funds

[RubbaJohnny]

Not sure if correct section, please move to family if more appropriate.

 

Once deceased what is the leagl the process here inside Thaland for Thai wife to inherit worldwide asets bank accounts.

 

I assume need the death certificate.

Is an authorized translation required and frrom who MFA < Embassy or just translation agency etc

Is an embassy letter needed ?

 

Anyone with experience of these matters most appreciated as I wish to get affairs in order as soon as possible and add clear instructions in Thai and English to documents I have and  will.

 

Thanking you in anticpation

 

Edited January 14, 2020 by RubbaJohnny
typos

[Kwasaki]

8 hours ago, RubbaJohnny said:

Once deceased what is the legal process here inside Thailand for Thai wife to inherit

Don't know much but Mrs knows she obviously needs a death cert and English translation.

All legal certs and translations of marriage.

My guess is my wife will have to get all papers certified by an official so they know they are not fraudulent. 

[bigwilly]

Probate. Full stop. 

Any Bank in Thailand wont even discuss it without Letters of Administration, from Thai Court.

See a Lawyer.

Regards BW.

[JimHuaHin]

I have not had personal experience with this issue, but I know some who have.

 

The cheapest, easiest and fastest option is to have a will applying to each country where the assets are located.

 

The deceased's wife will have to have certified copies of the death certificate and the will in a language acceptable to the courts of the countries concerned.  Additional documents may also be required in some jurisdictions.

 

If the wills do not set out precisely which assets are located where (such as bank account location (branch), names and numbers), then "Will Information" documents should be prepared for each will providing such details (for example, mine details bank accounts and other assets, such as land, pension, other valuables, etc).

 

Good luck.

 

 

[bkk6060]

Where are you from?

Just having a will is not the best course to take.

Putting all your assets in a trust will avoid probate, much less time before distribution of funds, and a huge tax bill. You need to have a will also.

Also, depending ( do you trust her) you can put her on your accounts changing them to a joint account.

The embassy here will assist with death cert. etc.

 

At least you are asking.  This is one of the dumbest expat mistakes.  We are all going to die I bet 90% have no plan at all. A will only is minimal but very poor planning leaving a family with probate is terrible.

Edited January 16, 2020 by bkk6060

[Langsuan Man]

29 minutes ago, bkk6060 said:

Putting all your assets in a trust will avoid probate

Not in Thailand it won't.  Thailand does not recognize trusts and since the OP does not tell us his home country there could be sever tax implications

 

And as others have said, everyone has to go through probate here in Thailand, with or without a Last Will and Testament.  If you have enough assets to make you think about this question, then you have enough incentive to hire a lawyer for some real advice 

[yankyoakum]

I would agree that a Thai Lawyer is first place to look and also a visit to home country consulate and ask for advice. I am guilty as well and we are not spring chickens, our wills are 25 years old and done in Texas, we need to get new ones here and make sure either of us is covered when one of us passes. Another thing to add to the 2020 list of important stuff to take care of, ...

[NoshowJones]

I have a lawyer back in the UK who has my will, it is already paid for, so when I die, my wife already has everything required, so when I meet my maker, she only has to contact my lawyer, and he should sort everything out.

[DennisE]

Are you from the United States? If so just give her the keys to the storage unit back home that’s what I’d do. And don’t forget to give her the pawn shop ticket so she can claim it. One last thing leave her the ATM card and the PIN number ON your last day not before so you can still afford the funeral.
 

See about getting a will in your home country that’s how you really do it. the embassy probably could assist ask them first. Oh and try not to die if you can help it. 

[DennisE]

23 minutes ago, possum1931 said:

I have a lawyer back in the UK who has my will, it is already paid for, so when I die, my wife already has everything required, so when I meet my maker, she only has to contact my lawyer, and he should sort everything out.

I just have a giant stash of money hidden under the house floor boards with a note describing how to find it in a safety deposit box for when I die. Me and my cousin El Chapo made a lot of cash dude. 

Edited January 16, 2020 by DennisE

[DennisE]

26 minutes ago, possum1931 said:

I have a lawyer back in the UK who has my will, it is already paid for, so when I die, my wife already has everything required, so when I meet my maker, she only has to contact my lawyer, and he should sort everything out.

That’s what the OP needs and a Will back home. I don’t how much help the Embassy is gonna be but they might be able to help facilitate something in his home country. 

[SiSePuede419]

4 hours ago, Langsuan Man said:

Not in Thailand it won't.  Thailand does not recognize trusts and since the OP does not tell us his home country there could be sever tax implications

 

And as others have said, everyone has to go through probate here in Thailand, with or without a Last Will and Testament.  If you have enough assets to make you think about this question, then you have enough incentive to hire a lawyer for some real advice 

Severe tax implications?  Really?

 

I want to buy whatever you are smoking.

 

In America, the first $11.8 million dollars are exempted from any estate tax. Doubt 99% of TVF readers are above that chunk of change in net worth. ????

 

What's the number in your home country?

 

"In 2018, the exemption doubled to $11.18 million per taxpayer"

Edited January 16, 2020 by SiSePuede419

[khunPer]

On 1/14/2020 at 11:22 PM, RubbaJohnny said:

Once deceased what is the leagl the process here inside Thaland for Thai wife to inherit worldwide asets bank accounts.

If in your home country it will follow inheritance law in your home country, preferably make a Last Will in your home country, and consult a lawyer there for specifications.

 

For any assets in Thailand you'll need a Last Will here, and it will follow Thai inheritance law.

 

For third countries – not your home country, nor Thailand – you should consult a lawyer. I presume that it could be part of a Thai Last Will, but if you have other heirs abroad, it might complicate the case.

 

If me, I would have two Last Will – I actually have – one for Thiland, and on for my home country. In both wills I have mentioned the existence of the other Last Will, and what area it shall cover. If you are tax-resident in Thailand, I would presume foreign accounts should be mentioned in a Thai will, apart from foreign accounts in your home country that should be covered by a Last Will there. Also bear in mind that there is (so far) no inheritance tax in Thailand, apart from some fees from transfer of property, whilst if covered by a Last Will abroad, there might be taxation.

[DennisE]

Oh, almost forgot important please don’t forget to make sure she has the house and car keys. Seriously talk to the Embassy but definitely talk to a lawyer back home! 

[DennisE]

Honestly I gotta make sure all my affairs are in order as well for my wife. Most of them already are like life insurance and survivor benefits for my pension benefits but I’m gonna make sure NLT tomorrow night so as long as I don’t die in the next 24 hours she should be ok. 

[SiSePuede419]

By the way, some countries have no estate tax whatsoever.

 

Macau	2001
Portugal	2004
Slovak Republic	2004
Sweden	2005
Russia	2005
Hong Kong	2006
Hungary[7]	2006
Singapore	2008
Austria	2008
Liechtenstein	2011
Brunei	2013
Czech Republic	2014
Norway

[RubbaJohnny]

Thanks everyone,

 

Going back to my OP what documents are required by Thai banks?

 

[Langsuan Man]

19 hours ago, SiSePuede419 said:

Severe tax implications?  Really?

Yes, really, especially if an IRA or 401 K is involved

 

More true today with the new Required Minimum Distribution policy per the Secure Act 2019, which shortens the time heirs have to cash in these retirement plans 

[bigwilly]

Hi.

Please read my earlier post. Ive been through this personally with 3 Thai widows whose husbands had a Thai Will.

Banks involved, BBL,Krunsri and SCB.

They will only release assets with Letters of Administration issued by a Thai Court naming the Administrator / beneficiary. Thai will only covers assets in Thailand, you will need a seperate Will in any Country where you have assets.

Dont listen to people guessing, do your wife a favour, see a Thai Lawyer and make a Will.

Regards BW.

[mshs]

On 1/16/2020 at 1:09 AM, RubbaJohnny said:

Thanks everyone,

 

Going back to my OP what documents are required by Thai banks?

 

Your banks in Th may have a nominee or beneficiary option and that could be useful.

If not and your assets other than those in the bank, will go through probate (since trusts are not recognized in Th).  Best not to do anything now - your heirs will choose the method of conveyance when the time comes.

 

[bigwilly]

On 1/16/2020 at 3:21 PM, possum1931 said:

I have a lawyer back in the UK who has my will, it is already paid for, so when I die, my wife already has everything required, so when I meet my maker, she only has to contact my lawyer, and he should sort everything out.

Thats great news for assets in the UK, but it won't cover assets you own in Thailand.

In my experience of course.

Regards BW.

[NoshowJones]

1 hour ago, bigwilly said:

Thats great news for assets in the UK, but it won't cover assets you own in Thailand.

In my experience of course.

Regards BW.

That's no problem, nearly all my assets are in the UK, I only keep living expenses in Thailand, don't trust the Thai government or immigration.

That's some username you have. ????

[bigwilly]

3 hours ago, possum1931 said:

That's no problem, nearly all my assets are in the UK, I only keep living expenses in Thailand, don't trust the Thai government or immigration.

That's some username you have. ????

Hi Possum, yes, I used to weigh in at 145kgs, hence the name, It just kinda stuck.

Regards BW

[DJ54]

In your home country Will make sure you’re specific in what you want. My father had house and a couple $100k in the bank. 5 children and wife (not children’s mother) were included on the quasi Will he’d made. 

 

Ended up judge decided who got the house (his wife lived in) and 

the money in bank. Wife got the money and house was given to 5

children). We children decided sell the house each getting 1/5 after

any fees and repairs. Brothers proceeds who passed 35 years ago was given to split between his 3 children

[TallGuyJohninBKK]

On 1/16/2020 at 7:39 AM, bigwilly said:

Probate. Full stop. 

Any Bank in Thailand wont even discuss it without Letters of Administration, from Thai Court.

See a Lawyer.

Regards BW.

 

The OP specifically said " to inherit worldwide asets bank accounts." So presumably he's not talking mainly about any assets in Thailand, but rather, international ones.

 

And in that case, what they're going to ask for is going to depend on the country where the asset is located and what their local laws/procedures are.

 

Edited January 19, 2020 by TallGuyJohninBKK

[TallGuyJohninBKK]

On 1/16/2020 at 1:57 PM, SiSePuede419 said:

Severe tax implications?  Really?

 

I want to buy whatever you are smoking.

 

In America, the first $11.8 million dollars are exempted from any estate tax. Doubt 99% of TVF readers are above that chunk of change in net worth. ????

 

What's the number in your home country?

 

"In 2018, the exemption doubled to $11.18 million per taxpayer"

 

Where the potential tax issue comes into play, at least in the U.S. for U.S. assets going to a foreign national, is whether or not the beneficiary has a ITIN/SS number, which many don't. Without that, I think the IRS has a mandatory 30% withholding amount.

[TallGuyJohninBKK]

On 1/18/2020 at 7:00 AM, bigwilly said:

Thats great news for assets in the UK, but it won't cover assets you own in Thailand.

In my experience of course.

Regards BW.

 

The generally accepted guidance is to have a country specific will for each/any country where the person has assets, and each country will only covers assets held in that country. And in drafting those, you have to make sure they are worded very clearly as to what they cover and don't, and so that the latest one doesn't end up overriding/canceling out other, prior, country specific ones.

 

There are also going to be different laws and procedures from country to country on just what it takes to have a valid will in that particular country. So having country specific wills ensured that each one is going to be valid for its intended purpose.

 

 

Edited January 19, 2020 by TallGuyJohninBKK

[TallGuyJohninBKK]

On 1/15/2020 at 5:22 AM, RubbaJohnny said:

Once deceased what is the leagl the process here inside Thaland for Thai wife to inherit worldwide asets bank accounts.

 

It would help if the OP came back to indicate what country he's a citizen of, and some idea of the countries where the assets he wants to go to his wife are located.

 

It's really going to be more of a process of dealing with the countries where the assets are located vs. doing much here in Thailand. The Thailand part for international assets is mainly going to be the wife/executor getting copies of the Thai death certificate and accompanying Embassy letter from your Embassy in Thailand, and then using those to unlock access to the assets elsewhere. Assuming she's a designated beneficiary for the accounts in some form or fashion.

 

 

Edited January 19, 2020 by TallGuyJohninBKK

[Orton Rd]

On 1/16/2020 at 7:39 AM, bigwilly said:

Probate. Full stop. 

Any Bank in Thailand wont even discuss it without Letters of Administration, from Thai Court.

See a Lawyer.

Regards BW.

Just make the Mrs joint signatory on a Thai account, so when you pop it she can go in an withdraw it all. Might be technically illegal but they wont know you are dead and nobody will care anyway. Abroad you need a will of course but not with s solicitor in control of it.

[RubbaJohnny]

 

Joint Account here exists but unaccepatable for immigration.

Edited January 20, 2020 by RubbaJohnny