Fate of my 800,000 baht deposited for Ret Ext.

[soleddy]

At 60 I duly retired from teaching and obtained my retirement extension.

I am unmarried with no kids.

 

I have a full UK will with a large UK Law Firm. Apart from nieces and brothers and two EU friends, my Thai Ex (male) is also a beneficiary.

 

As a Thai, he has pointed out that in the event of my demise, the SCB bank keeps my money unless I can get it out, or if I have a fatal accident. He is not sure that the 800,000b is covered by my UK will, even though it is part of my estate.

 

In the event of my demise I have suggested that the Thai friend and my brother march into the SCB with my cremation paper and my UK will. My friend, as a Buddhist, tells me that as a box of ashes, Thai law says I have no need of the 800k and the bank may decide to keep it.

 

Does anyone know the procedure to be followed if I have no family but I am cremated here?

 

Thx

 

Eddy

[bluebluewater]

Your UK will won't carry a lot of weight here in Thailand.  Have a will drawn up here in Thailand (in Thai language and translated in English of course) that concerns itself with only your money that is deposited here in Thailand.

[HeijoshinCool]

Get a second ATM card and give your PIN to your lawyers and modify your will to furnish that pin, upon you becoming ashes, to whomever you gave the card to.

[DrJack54]

OP, you will need to make a will to cover your Thai assets, namely the 800k.

Mods could move this topic to legal forums perhaps.

 

Edited August 19, 2021 by DrJack54

[blackcab]

Moved to the family forum.

[david555]

Also you could during 7 month's take half out of it and keep it under your own handling . So at least 400 000 are out that danger zone temporary....

 

Keep good watch to fil up again to 800K sure 2 month's  before your new ret.ext.  

Edited August 19, 2021 by david555

[jak2002003]

If I were you I would use that money to enjoy your retirement. Spend it on yourself and what's left leave it to who you want by making a separate will here in Thailand 

 

What's the point of saving money up and not using it? You have no children / dependents or partner to leave it to so use it to have an enjoyable life in your retirement. 

 

Why is the Ex so worried about getting his hands on your money?  Don't know your relationship with him but seems a bit off to me.

 

If you want him to have some of you money why not just give some to him now?

 

You are only 60 right? Likely you will have a new partner you night want to leave the money too. 

 

[scubascuba3]

Spend the money in the remaining years and use an agent at 12,500 a year

[Sheryl]

I had a Thai will made up specifically for thsi reason.

[Michaelaway]

How much does it cost for a Thai will?

[DrJack54]

41 minutes ago, Michaelaway said:

How much does it cost for a Thai will?

It's not excessive and best option.

I'm guilty of not having a Thai Will.

Your typical "I'll take care of it soon". 

I wonder how many 800k+ deposits have been tied up with banks post death due to no will. Not so bad if your married to Thai as eventually she would receive the funds however Will is best and worth it.

[andy9469]

To make a will with a Thai lawyer costs at least 5,000 Baht and later the lawyer will act as the executor of the will. After the death bank accounts will be frozen (by the embassy) and every inheritance has to be verified by a Thai court. This process takes about 6 months.

For assets in Thailand everybody should make an extra will as Thai law might be different to the law in your home country (e. g. compulsory portion).

I found this website about making a will in Thailand:

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

I think you should check with your local amphur. In Pattaya you can do this every Wednesday afternoon.

[Gsxrnz]

Did anybody wonder why "Big Joke" changed the rules regarding the 800/400K requirements a few years ago, which you can never use because you would default your visa?  Ask yourself how many expats die in Thailand without a Thai will and their overseas families cannot touch it, then multiply that number by say 600K Baht average, then consider the relationship that banks managers have with the BIB, and then ask yourself where all that money goes to.

 

They would prefer you die with a substantial amount in your account as opposed to the nominal 2 pounds three and fourpence as it was previously.

 

[userabcd]

What does your UK lawyer advise/suggest about wills (UK and Foreign) and having foreign assets?

Edited August 20, 2021 by userabcd

[Wuvu2]

18 hours ago, HeijoshinCool said:

Get a second ATM card and give your PIN to your lawyers and modify your will to furnish that pin, upon you becoming ashes, to whomever you gave the card to.

This is a very bad. It makes the recipient a criminal stealing from a bank for any withdrawals after the date of death.  You must create a Thai will for any hard assets in Thailand. I had a farang friend who died without a Thai will and even his legal Thai wife could not recover the money in the Thai bank accounts registered only in his name. There may be a process for it - but she gave up after a couple of years trying. 

[topt]

6 hours ago, Gsxrnz said:

Ask yourself how many expats die in Thailand without a Thai will and their overseas families cannot touch it, then multiply that number by say 600K Baht average, then consider the relationship that banks managers have with the BIB, and then ask yourself where all that money goes to.

You ever think about writing a book............

 

7 hours ago, andy9469 said:

To make a will with a Thai lawyer costs at least 5,000 Baht and later the lawyer will act as the executor of the will.

There was also the option of a DIY will being touted (in a nice way) on here. Can't remember the cost but I think @blackcab was involved.

Not sure you want a thai lawyer as executor personally. If it is fairly simple and going to one person I would suggest to make the beneficiary the executor as well.

[tandor]

...obviously to overcome your dilemma you need to make a Thai will bequeathing your Savings Account to whoever!

[KKr]

covered this in my Final Directive, Under what circumstances to pull the plug, and who gets what, signed with four witnesses that are not beneficiaries.

I have the impression this is sufficient.

[chilly07]

Always remember my company lawyer telling me that out of all professions there were more Lawyers in prison than any others in the UK and I certainly wouldn't trust a lawyer in Thailand. 

[Speedhump]

I don't see why the 800k should be treated any differently to the rest of your Thai assets. If you have a Thai will bequeathing all your assets to your partner, can it be ignored, saying 'he doesn't need this stuff/money any more because he's dead'? No. 

 

Get legal advice, but the question seems fairly ridiculous to me. 

 

I wish you a long life! 

[newnative]

8 hours ago, andy9469 said:

To make a will with a Thai lawyer costs at least 5,000 Baht and later the lawyer will act as the executor of the will. After the death bank accounts will be frozen (by the embassy) and every inheritance has to be verified by a Thai court. This process takes about 6 months.

 

For assets in Thailand everybody should make an extra will as Thai law might be different to the law in your home country (e. g. compulsory portion).

 

I found this website about making a will in Thailand:

 

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

 

I think you should check with your local amphur. In Pattaya you can do this every Wednesday afternoon.

 

       A Thai lawyer preparing a will is only the executor of the will if that is specifically written into the will.  Normally, the executor is often a family member--spouse, son, daughter, etc.  Being an executor is not something to be taken lightly--there can be a lot of work--and paperwork--involved.  A Thai lawyer certainly can be an executor but it should be clearly stated in the will, with monetary compensation also written into the will for the work involved.  5000 baht normally would only cover the preparation of a will, not the work involved in being an executor.  

[shortstop2]

13 minutes ago, newnative said:

5000 baht normally would only cover the preparation of a will, not the work involved in being an executor.  

What are typical fees involved with being an executor?  If one has accounts with multiple banks is the executor fee than if just one bank?

[blackcab]

1 hour ago, topt said:

There was also the option of a DIY will being touted (in a nice way) on here. Can't remember the cost but I think @blackcab was involved.

 

The topic is pinned to the top of this forum. The cost is 990 baht.

[gk10012001]

7 hours ago, Gsxrnz said:

Did anybody wonder why "Big Joke" changed the rules regarding the 800/400K requirements a few years ago, which you can never use because you would default your visa?  Ask yourself how many expats die in Thailand without a Thai will and their overseas families cannot touch it, then multiply that number by say 600K Baht average, then consider the relationship that banks managers have with the BIB, and then ask yourself where all that money goes to.

 

They would prefer you die with a substantial amount in your account as opposed to the nominal 2 pounds three and fourpence as it was previously.

 

No doubt.  It was an easy stroke of the pen to create more monies.  And

[Peterphuket]

15 hours ago, david555 said:

Also you could during 7 month's take half out of it and keep it under your own handling . So at least 400 000 are out that danger zone temporary....

 

Keep good watch to fil up again to 800K sure 2 month's  before your new ret.ext.  

As far as I know, you'll have to keep the money for 2 or 3 months after your ret.extension.

[david555]

Just now, Peterphuket said:

As far as I know, you'll have to keep the money for 2 or 3 months after your ret.extension.

Excactly .....hence i talk of 7 months and then a new full 800k needed topped up ( 2 before applicating+ 3 months after stamped = 5 months and then maximum 7 month under your handling for the half of it eg.400 000 

[Peterphuket]

11 hours ago, scubascuba3 said:

Spend the money in the remaining years and use an agent at 12,500 a year

About 15 years I have now a retirement extension with 800K on the bank, all the time.

That what you say, use an agent, I see it more than once and was not aware of this, and still I don't understand.

Is there somebody who can explain this, and maybe somebody know an agent in Hua-hin or surroundings?

[thailand49]

Thai Will in my opinion is just worthless especially if you are talking about just the 800,000 baht, as noted, but of course it is about trust isn't it, just obtain a ATM card, give it to your friend and when you number is up just drawn the money out! 

Even with a Will it seems no one give a <deleted> when it comes to farangs no one follows the rules so one needs to think of ideas to get around things ATM card will do just that?????

[khunPer]

20 hours ago, soleddy said:

As a Thai, he has pointed out that in the event of my demise, the SCB bank keeps my money unless I can get it out, or if I have a fatal accident. He is not sure that the 800,000b is covered by my UK will, even though it is part of my estate.

To my knowledge banks will freeze accounts upon death until the estate is settled.

 

Best advice is always to make two last wills, one covering assets in one's home country - i.e. UK in your case - following the home country's law, and nother last will in Thailand covering assets here, and following Thai law. Write the conditions for the retirement deposit in the Thai will.

 

Making a Thai will can be a very simple procedure, and verified at the local "amphor" district office. You can read about it in the book Thai Law for Foreigners, or search in ASEAN Now forum, there are several threads here with information about making a Thai last will.

[newnative]

21 minutes ago, shortstop2 said:

What are typical fees involved with being an executor?  If one has accounts with multiple banks is the executor fee than if just one bank?

    I don't think there is a 'typical' fee--estates and the work involved can vary so much; some family members named as executor will do the work with little or no compensation.  The fee could be a percentage of the value of the estate or a set fee agreed upon by the parties and written into the will.