must go back home to collect inheritance?

[BananaBandit]

Mom & Dad (in USA) are scared the COVID is gonna take them out.

 

This prospect keeps them going on about the subject of inheritance.

 

If they wanna hook me up, I ain't gonna turn them down.  But, at the same time, I really don't want to have to leave Southeast Asia in this lifetime. 

 

So I wish to ask:   

 

Is it possible to collect inheritance from overseas?

 

And could I sell the house from overseas too?

 

(To my knowledge, I'm the sole beneficiary.)

[cjinchiangrai]

yes and yes, no problem, just a little extra paperwork. The lawyer doing the probate could do this for you, or better yet a trusted friend.

 

[RAZZELL]

OP - all can me done remotely/online.

 

But I would've thought it would be nice to see them before they "pop their clogs"? 

 

They're a long time dead 

 

 

RAZZ

[TallGuyJohninBKK]

It's certainly easier if you're there, but it's also possible if you're only here.

 

I just had a family member die in the U.S. earlier this year, and was their executor and main inheritor. I couldn't and didn't go back. But managed to successfully handle everything from here.

 

In part things depend on whether the inherited estate has a high enough value to require court-supervised probate in your family's particular state. But things like payable on demand bank and financial accounts, where there is a named beneficiary, don't count toward probate and get handled separately and directly between the beneficiary and the bank.

 

As executor, I dealt with my relative's attorney over the phone and by email, A LOT. And likewise, as a POD beneficiary for a lot of different financial accounts, I spent countless hours on the phone and by email dealing with the banks, insurers, etc. They're going to want either copies of the death certificate and sometimes an original. Often they'll accept an emailed PDF. Some want a mailed original.

 

If your parents want you as their main beneficiary, one of the best things they can do is to also name you as the executor of their estate, so you'll be in charge of the process. Also, make sure NOW that they develop and share with you a complete list of all their assets, details of those such as account numbers and such, and provide you with copies of their pertinent documents (wills, trusts, advance care directives, etc).

 

And then, for financial accounts, make sure they have correctly declared and accepted beneficiary designations for their accounts, so that when they die, those proceeds of those can go directly to the beneficiaries without having to endure the considerable expense and time delays associated with court-supervised probation.

 

Ahh...also... make sure if you're executor, you know just what's going on with your family federal and state tax situation, so hopefully you don't get left holding the bag for large unpaid taxes or missed tax filings.

 

 

[turgid]

The property itself is relatively straightforward. I've sold one remotely. Understand you probably wont get the best price and remote sales do offer the opportunity for deals between mates at your cost.  The contents are likely to get "asset stripped" by whoever you pay to do house clearance. You might want to get any valuable items like jewelry etc documented now. 

I assume based on the flippancy of your post this is a way off. But understand it's unlikely they'll both die at the same time and your reluctance to visit might be seen by the one left alone as a reason to leave it to the cats home, or whoever actually has enough empathy to care about them.

[BananaBandit]

You guys have given me a lot of info here. Thank you. I will read over these posts a few times more in the coming days. 

 

I expect Mom & Dad to pull through. But seeing as how they keep fixing on the inheritance subject, I figure I owe it to them to try to learn a bit. 

 

And if this pandemic stuff ever ends, maybe they can come visit me. I'd like to see them! 

[DFPhuket]

If they have considerable assets and you wish to avoid probate, look into a living revocable trust. Basically, they move their assets into a trust and have control of the trust until death at which point you automatically become the trustee and control the assets. 

 

It would also be a good time to make certain a medical power of attorney is setup — also known as a health care proxy or health care agent — allowing someone of their choosing to make health care decisions if they're incapacitated. 

 

A financial power of attorney is also a good thing to consider. 

 

All of these documents can be organized by an attorney. I have all three and the total cost was under $1,000. Yes, a lot of money but probate can be much more expensive. 

[4MyEgo]

23 hours ago, BananaBandit said:

And could I sell the house from overseas too?

As other have said, yes.

 

I sold mum's place as her attorney (power of attorney), i.e. mum is still alive but cannot understand about her financials, and is now in a nursing home being cared for, when she was admitted she had early stage dementia and a large refundable bond was required which is why I sold her property, right on the peak of the market, so it was great timing.

 

Not to bore you, but as I had a 25 year career in property, I would suggest when the time comes to sell, employ a property valuer, although I think you call them property appraisers in the states, one who is at arms length of an estate agent to provide you with a fair market valuation/appraisle, naturally you will pay a fee for it, but best to know what it's really worth and use it as a guide which would be separate to what the estate agents tell you, as the agents game is to quote high to win your business and once you have signed up they will start bringing you in the lower offers, or market offers which should be in line with the valuation/appraisle, this called conditioning the vendor until they accept the figure which is roughly in line with the valuation/appraisle.

 

Also advisable you get an attorney to be your power of attorney to sign the sale of contract docs on your behalf albeit always a risk when handing over your power to "anyone".

 

I sold mums place from here using the power of attorney we took out in 1990 for times like this, and at the same time got her to do a will with me being the executor of her estate, much to the dissatisfaction of other family members (sharks), one even wanting to sell me his share of his inheritance for a discount when she was admitted into the nursing home, he didn't like it when I reminded him mum was still alive and kicking well and that I hoped she out live him so that I could get a larger share of her estate......lol ????

 

[thaibeachlovers]

23 hours ago, RAZZELL said:

OP - all can me done remotely/online.

 

But I would've thought it would be nice to see them before they "pop their clogs"? 

 

They're a long time dead 

 

 

RAZZ

Being able to "see" parents before they die when overseas has only been possible for a relatively short time. Neither of my parents saw their parents before they died.

My parents emigrated on a ship, which took weeks to get to/ from where they ended up living. It was many decades after that that air travel became cheap enough to go for a "visit".

[1FinickyOne]

A couple of things you may want to get straight now while it sounds like they are still ok - - power of attorney and a health care power of attorney are very important... 

 

my parents had long before illness named each other as healthcare POA... this was very problematic when they both developed dementia... the doctors were unable to talk with us kids as there are hippa privacy laws that they had to abide... 

 

If they have a lawyer and accountant, you will want to know who these people are... you will want a copy of the Will... 

 

And for visits, as you know, there is skype and zoom etc...

 

PM me if you want further info... 

[TallGuyJohninBKK]

2 hours ago, DFPhuket said:

If they have considerable assets and you wish to avoid probate, look into a living revocable trust. Basically, they move their assets into a trust and have control of the trust until death at which point you automatically become the trustee and control the assets. 

 

I think an American living in TH needs to be careful about being designated in a family member's living trust. From the info I received on the subject, there are some legal issues about being able to designate as a trustee someone who's not living in the U.S.  I'm not 100% certain about that, but it came up in my family member's situation.

 

[TallGuyJohninBKK]

One of the biggest issues I faced in my family member's situation was not being able to fly back to be there to personally handle the closing up of his rental home and deal with his possessions.  (Technically, I could have gone back, but wouldn't have been able to get back home here if I had gone. And since I have no home there, it effectively meant I couldn't go).

 

Fortunately, my elderly family member had a hired caretaker, so I was able to direct and work thru that person, whom I continued to pay, to help wind down my family member's home and possessions. But had there not been the caretaker, I'm not sure how I could have handled those kinds of things remotely (unlike the financial account stuff).

 

I was the only remaining family relative in the situation, so there was no other family member I could turn to in the U.S. to assist with the wind down.

 

 

 

 

[DJ54]

Hopefully your parents live a long time and enjoy life.

 

Concerning POA our Father passed away and fortunately our (5 children) youngest sister took care of everything (she lives in same city the rest other states/countries) sold house etc by POA. 

 

He resided in Florida which at that time required two witnessess. POA

had to be certified (may not be the correct word) by US Embassy. Had to

make two trips from NE to Bangkok. Second trip was because two witnesses were required.

 

Technically the attorney should have allowed for the Consulate Officer to be one of witnesses. Attorney wouldn’t allow it so had to fly myself and neighbor to Bangkok for second trip. 

 

The office certifying document and neighbor was counted as two witnesses. 

 

My father wrote his own assets besides personal items House and @ $200k in bank he no unpaid bills. The judge had to decide about assets

because it was clear my fathers intentions. He remarried after he and 

Our mother divorced. Pops was retired 30+ years our my mother will

be 90 next month she worked on factory floor until 75 .. she loved work. 

 

Judge awarded step mother the cash in bank and awarded house 

to his 5 children. Step mom could live in the house as long she wanted Responsible for yearly property tax. Five years later she moved to Texas to be near her family near brother bought a house for her. 

family. House was sold $70k divided amongst the children. 

 

Ps youngest sister ain’t that young 60 but sounds good to her.. 

 

Enjoy life as much as you can and be happy..  I love it here in Thailand (most days)...

[Techno Viking]

Would you sell the house before or after they shuffle on ?