800K Posthumously

[MamaSan]

'Hope this is posted in the right forum.  If not, kindly re-direct.

Does anyone know what happens to the required 800K Retirement Extension Deposit  if the account holder passes away with neither a will nor a formal spouse - as the account would be in the recently deceased's name alone?

Does it default to the bank?  Could a consulate direct it to next of kin? Other?

[soi3eddie]

 

Very good question. It could apply to many of us. Hopefully someone can give a sensible answer.

 

 

[liddelljohn]

always make a will ,, even if u want it to go to the dogs home,,,,,,,,applys in every country

 

I have a will in UK and another in Thailand

[Bruce Aussie Chiang Mai]

Yep  need a will. If no one give it to give to soil dogs or me.

Bank or Government will have it.

[foreverlomsak]

34 minutes ago, MamaSan said:

'Hope this is posted in the right forum.  If not, kindly re-direct.

Does anyone know what happens to the required 800K Retirement Extension Deposit  if the account holder passes away with neither a will nor a formal spouse - as the account would be in the recently deceased's name alone?

Does it default to the bank?  Could a consulate direct it to next of kin? Other?

Any claim that is made for the money will have to be made through a Thai court, as would any claim by a Thai wife/partner in the case of no will (even with a will it might still be required to be validated by a Thai court in case counter claims are made by A N Other in another legal juristiction). If no claims made it would be forfeit in the first instance to the bank.

[foreverlomsak]

11 minutes ago, liddelljohn said:

I have a will in UK and another in Thailand

Unless each recognizes the other and are specific in their content, they could be subject to counter claims in both countries, which would be very expensive and take a considerable time to resolve.

[Orton Rd]

You can have the account a joint signatory which is not a joint account. If I go the Mrs can go in an take out what she wants, the bank are not going to be told i am dead. It's a back up to an ATM card which can always get damaged.

[Lacessit]

21 minutes ago, foreverlomsak said:

Unless each recognizes the other and are specific in their content, they could be subject to counter claims in both countries, which would be very expensive and take a considerable time to resolve.

If they say exactly the same thing in English and in Thai, I can't see why there would be any problem.

[foreverlomsak]

7 minutes ago, Lacessit said:

If they say exactly the same thing in English and in Thai, I can't see why there would be any problem.

I leave all my possessions to X in England, ditto to Y in Thailand, big problems.

Why I said needs to recognize each other in that X get all English possessions and has no claim in Thailand, and vise versa.

[kingofthemountain]

2 hours ago, MamaSan said:

'Hope this is posted in the right forum.  If not, kindly re-direct.

Does anyone know what happens to the required 800K Retirement Extension Deposit  if the account holder passes away with neither a will nor a formal spouse - as the account would be in the recently deceased's name alone?

Does it default to the bank?  Could a consulate direct it to next of kin? Other?

Good question

i presume it's a good source of income for the banks

or at least it was as in the last years the western retired population

in Thailand seems to melt like  snow in the sun

 

To make a will seems to be a good advice

however the problem is to who gives the will?

And how to be sure when you are not here anymore your will

is used as you wanted? I know i could trust any notary in my country of origin

but if Thailand, i am not sure at all about the final result.

 

Maybe it could be something organized by the consulate, with a serious

lawyer recommended and controled on a regular basis?

Edited January 4, 2021 by kingofthemountain

[Lacessit]

8 hours ago, foreverlomsak said:

I leave all my possessions to X in England, ditto to Y in Thailand, big problems.

 

Why would you do that? My will explicitly states my assets in Thailand go to my GF here, my assets in Australia go to my son. There is a will in Australia, and one in Thailand. The content of both wills is identical.

[MamaSan]

8 hours ago, kingofthemountain said:

Good question

i presume it's a good source of income for the banks

or at least it was as in the last years the western retired population

in Thailand seems to melt like  snow in the sun

 

To make a will seems to be a good advice

however the problem is to who gives the will?

And how to be sure when you are not here anymore your will

is used as you wanted? I know i could trust any notary in my country of origin

but if Thailand, i am not sure at all about the final result.

 

Maybe it could be something organized by the consulate, with a serious

lawyer recommended and controled on a regular basis?

Really good point here - who would present the will - and to where - and why bother if one were not beneficiary?

[Lacessit]

2 hours ago, MamaSan said:

Really good point here - who would present the will - and to where - and why bother if one were not beneficiary?

The executor of the will, who quite frequently is also the beneficiary. To where the money is.

I was not a beneficiary in either my father's or mother's will. I was the executor of both. I think it's called fiduciary duty in Australia, don't know if the same applies here.

Edited January 5, 2021 by Lacessit

[foreverlomsak]

4 hours ago, Lacessit said:

Why would you do that? My will explicitly states my assets in Thailand go to my GF here, my assets in Australia go to my son. There is a will in Australia, and one in Thailand. The content of both wills is identical.

That is exactly what I was trying to say what was needed to ensure no possible ambiguity.

[soisanuk]

Thailand, as with many other countries (State in USA) have laws governing the distribution of ones estate if they die without having a will.  I noted this website page appears to have an English translation of the Thai law: https://www.samuiforsale.com/law-texts/thailand-inheritance-laws.html

 

It contains the following;

 

Quote

Section 1620. Where a person dies without having made a will, or if having made a will, his will has no effect, the whole of his estate shall be distributed among his statutory heirs according to the law.

 It goes on to identify statutory heirs. 

 

[malcolminthemiddle]

On 1/4/2021 at 10:23 PM, Orton Rd said:

You can have the account a joint signatory which is not a joint account. If I go the Mrs can go in an take out what she wants, the bank are not going to be told i am dead. It's a back up to an ATM card which can always get damaged.

 

I have been searching for a bank that would allow multiple signatories on a 800k retirement account without success. Adding a second signatory to a fixed term bank account - Jobs, economy, banking, business, investments - Thailand Visa Forum by Thai Visa | The Nation

[Orton Rd]

Krungsri bank of Ayuttaya will do it, Mrs been in with Bank book and taken cash out no problem.

Edited January 6, 2021 by Orton Rd

[natway09]

It is not a deposit, it is & remains your money.

Please stop insinuating that Immigration has any form of lean over your money, They do not.

It is simply to show that you have means to support yourself whilst staying in Thailand.

The monies will go into your estate wind up just the same as any other Thai bank account would

[malcolminthemiddle]

On 1/4/2021 at 10:02 PM, foreverlomsak said:

Unless each recognizes the other and are specific in their content, they could be subject to counter claims in both countries, which would be very expensive and take a considerable time to resolve.

Individual Wills should be made for each country where assets are held.

It is unnecessary to mention any assets held in a foreign country other than stating that the Will does not revoke any other Will made in a foreign country.

Any Will can be contested but only in the country of origin.

Each Will is subject to jurisdiction and probate in the country of origin.

[malcolminthemiddle]

45 minutes ago, Orton Rd said:

Krungsri bank of Ayuttaya will do it, Mrs been in with Bank book and taken cash out no problem.

I think you may be talking about a current account rather than the fixed deposit account holding 800k for retirement mentioned by the OP when all the 800k can be taken out at the end of the deposit term without penalty? 

Edited January 6, 2021 by malcolminthemiddle

[Bender Rodriguez]

to die with ZERO family in thailand or home country, now that is sad

 

[dsj]

Does anyone knows where you can go to get a will drawn-up? Thanks

[Jaxxper]

On 1/4/2021 at 10:02 PM, foreverlomsak said:

Unless each recognizes the other and are specific in their content, they could be subject to counter claims in both countries, which would be very expensive and take a considerable time to resolve.

Ours are set up so that only assets  in the respective countries are identified in each will. That way there can be no conflict.

Good point though if someone inadvertently bequeaths the same asset differently in each will. 

[Surasak]

27 minutes ago, dsj said:

Does anyone knows where you can go to get a will drawn-up? Thanks

Actually you can write your own will. It needs to be signed by at least two witnesses.

If you must have a lawyer, they are easily found, but be careful. The cost will be about 5000 Baht, but could be less or more.

[Captor]

3 hours ago, malcolminthemiddle said:

 

I have been searching for a bank that would allow multiple signatories on a 800k retirement account without success. Adding a second signatory to a fixed term bank account - Jobs, economy, banking, business, investments - Thailand Visa Forum by Thai Visa | The Nation

And I believe it is illegal to take out money from a dead persons account. Even if it is a joint signatory account. Better you check that up what will happen in case of your death.

[Seeall]

On 1/4/2021 at 9:57 PM, foreverlomsak said:

Any claim that is made for the money will have to be made through a Thai court, as would any claim by a Thai wife/partner in the case of no will (even with a will it might still be required to be validated by a Thai court in case counter claims are made by A N Other in another legal juristiction). If no claims made it would be forfeit in the first instance to the bank.

Sounds like a pain ...  give the access to someone to give the missus when u drop better..

[gamini]

there is a very simple way around this if you are married. open an online account with your wife's account and your account. give your wife your login details, so in the event of your death, she can quickly login and transfer the 800 K into her account. you can transfer between accounts up to million baht ./The bank accounts must be in the same bank. It's not exactly legal but I cannot see any problems with it. She can always say that you transfered the money into her account on your deathbed.the bank is highly unlikely to do any investigation ,it certainly doesn't check every single transfer.

[Seeall]

1/ You need 800k in your name only yes?

 

 

[Tracyb]

I have such an account at Bangkok Bank. I have no will.  I do have a second person, my significant other, who is a signatory on the account.  This was arranged at my branch.  That person’s signature shows under black light at the bank on the back page of the passbook, just under mine, and is able to withdraw funds in the case of my becoming unable to do so for ANY reason.  That person’s name is not shown as an owner on the inside front cover of the passbook because that person is not an “owner” of the account...joint or otherwise.  It’s legit.  The bank allows it and immigration accepts the passbook for use during my annual extensions of stay.

 

Pick a person you trust.  I mean....trust with your life kind of trust.  Then take that person with you to the bank to make this happen by filling out the required forms and signing the new passbook issued to you.

 

This workaround may not be everyone’s cup of tea but it does work for me.

 

Best wishes!

Edited January 6, 2021 by Tracyb

[billzant]

I advise strongly making a Thai will. If you know your bank I would discuss with them - perhaps even tell them who the heir is by will , I discussed with my bank and she said that the courts make a decision - similar to UK probate? If there is no will and no heir by Thai law I think the bank gets it. A Thai friend who organised the funeral and who was known to be a friend of someone who died was contacted by the bank. This might be the equivalent of due diligence. The family weren't interested and I am mostly sure the bank got the money.