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

[Mr Wong]

No need for a will for the 800,000 baht.

Simply go to your bank along with who ever you want to have the 800,000. For a one off fee of just 100 baht the bank will include a special provision in your passbook that if you die then who you nominate will automatically have access to the funds.

I have done this and know many other farangs who have done it.

A lot cheaper than going to a lawyer who will try and milk as much as they can for themselves not just now but also after you die.

[Brick Top]

I am in a similar situation being 63 , I made a will in the UK with a old well established law firm , cost was £95 . I then in Phuket were I reside went to two law firms to make a Thai will , both of them wanted the same amount 25,000 THB equivalent to £550. My Thai assets amount to less than 10% of my UK assets.

I just refused to be ripped off and pay that amount of money in Thailand for a will , so it never got done.

If anyone in this forum knows off a good lawyer in Phuket who would do my Thai will for say 5000 THB please let me know. 

[Brick Top]

I am in a similar situation being 63 , I made a will in the UK with a old well established law firm , cost was £95 . I then in Phuket were I reside went to two law firms to make a Thai will , both of them wanted the same amount 25,000 THB equivalent to £550. My Thai assets amount to less than 10% of my UK assets.

I just refused to be ripped off and pay that amount of money in Thailand for a will , so it never got done.

If anyone in this forum knows off a good lawyer in Phuket who would do my Thai will for say 5000 THB please let me know. 

[scubascuba3]

1 hour ago, Peterphuket said:

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?

By using an agent to liaise with Immigration a payment is made instead of keeping 800k or the 65k a month. As for agents in Phuket, no idea, maybe start a new thread if no one gives a recommendation

[DJ54]

US Citizen / US Bank Account I was twice reported as deceased and both times the account was frozen. Long story short luckily first time I was flying to the US within a few days. Called the bank

becayse I couldn’t access account online and it took some time and transferred calls to supervisor 

to find out why... 

 

Went to my US bank passport, bank card, 3 drivers license (US,Thailand,China) all valid and shown 

to Customer Service Manager who then called department at their headquarters to get the account

unfrozen and the Customer Service arguing the point all the different items given clearly ID and sitting in front of him. 

 

I had to go go to Social Security office the next day to get a statement I was alive and reported deceased in error. Social Security provided a statement that I’d not applied for any Socisl Security

benefits..

 

Hapoened again the next year .. lucky Customer Service noted the first occurrence in my account 

information. I had just arrived in China  ( lived there 10+ years) from Los Angeles and day prior I 

was at the US branch making account changes... they added the bank representative from Los Angeles.....  Said yes he remembered me from the day before and I was alive.. they released the account..

[Peterphuket]

46 minutes ago, scubascuba3 said:

By using an agent to liaise with Immigration a payment is made instead of keeping 800k or the 65k a month. As for agents in Phuket, no idea, maybe start a new thread if no one gives a recommendation

Thank you very much.

But my name is Peterphuket, where I stay long time ago, but now living around Hua hin.

[ChaiyaTH]

10 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.

 

Lol, you mis out on the basics. The reason they want 400-800K baht deposits is because they can do fractional banking and charge 13% yearly interest to Thais. That means 400K becomes 4-8M baht with 13% = 520K-1.4M a year.

 

They do not need dead people their funds for that, that's more like the cherry on top. In fact, they earn more on it as long you are still alive.

Edited August 20, 2021 by ChaiyaTH

[mikebike]

5 minutes ago, ChaiyaTH said:

Lol, you mis out on the basics. The reason they want 400-800K baht deposits is because they can do fractional banking and charge 13% yearly interest to Thais. That means 400K becomes 4-8M baht with 13% = 520K-1.4M a year.

 

They do not need dead people their funds for that, that's more like the cherry on top. In fact, they earn more on it as long you are still alive.

Or... some of us still get income facilitation letters from our govt and don't have to keep a penny here... ????

[ChaiyaTH]

3 minutes ago, mikebike said:

Or... some of us still get income facilitation letters from our govt and don't have to keep a penny here... ????

What is your relevance? You thought following my posts in every subforum would do something because you didn't like what's said? Silly old man.

[The Theory]

1 hour ago, Mr Wong said:

For a one off fee of just 100 baht the bank will include a special provision in your passbook that if you die then who you nominate will automatically have access to the funds.

The death has to be reported to the bank  (legal papers) before accessing the fund

? or that person can access the fund even before death ? 

[new2here]

10 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.

 

That’s basically how it happened when one of my former colleagues passed away here in 2019 due to late stage cancer.

 

The first thing that happened is a death certificate was issued by the hospital (he passed while in-hospital), then his lawyer (who was the estate executor) took that plus his original US passport to the ACS office, who then ultimately issued a Consular Report of Death.

 

That Embassy report, the thai death certificate, canceled passport, translated copy of the will naming the lawyer as acting as executor, a copy of his ID card to the bank who then initially froze the account but shortly afterwards forwarded the funds to the attorney. 

 

He did the same for his credit cards (which either had zero or small balances that were paid at that time), drivers license, credit bureau, and to the district SSO office.    His remains were created locally and sent back to the US. The executor/attorney handled that such as the export heath permit - all the paperwork he had made it simple. 

 

The attorney used basically the same papers to close out his condo (rented) and to arrange for the sale of household property that wouldn’t be sent back and to the freight forwarder who managed the actual shipment of his remaining property to his next of kin in the US. 

 

I remember the attorney telling me it took about 4 weeks in total to get it all done from end to end, but the initial steps were done in only a few days. 

 

So, it would be my opinion that so long as the right people, paperwork and process is followed, the assets will in fact be “returned” to you/next of kin— it’s just that it’s going to take some time and paperwork for that to happen. 

[couchpotato]

1 hour ago, Mr Wong said:

No need for a will for the 800,000 baht.

Simply go to your bank along with who ever you want to have the 800,000. For a one off fee of just 100 baht the bank will include a special provision in your passbook that if you die then who you nominate will automatically have access to the funds.

I have done this and know many other farangs who have done it.

A lot cheaper than going to a lawyer who will try and milk as much as they can for themselves not just now but also after you die.

Not doubting you, But this method has never been discussed here before, and from personal experience none of my banks have ever offered this service.

So can you provide more details and maybe some proof of the process.

thank u.

[mahjongguy]

1 minute ago, couchpotato said:

Not doubting you, But this method has never been discussed here before, and from personal experience none of my banks have ever offered this service.

So can you provide more details and maybe some proof of the process.

thank u.

Ditto.  If it's true I need to know.

[mikebike]

18 minutes ago, ChaiyaTH said:

What is your relevance? You thought following my posts in every subforum would do something because you didn't like what's said? Silly old man.

Didn't realize it was the same poster... just reply to things I find amusing or have some experience with. Not everybody has to deal with the 400/800k thang. It is not the only way Thai authorities accept. The blame lies with home country consulates, not the Thai govt. and your conspiracy theory...

[Delight]

 The simple solution -assuming that  you trust your Thai Friend-is to open a joint account.Both your names.

The ATM card being in possesion with your friend -or with a law firm.

Your friend can  legally  extract the money after you have passed away.

Very easy to organise.

If you have internet banking -then you can monitor this account

[Elkski]

Your forgetting the #1 Rule:

Be worth more alive than dead.  

Why is ex even asking? 

Why is ex getting some? 

I guess it was a financial thing?

Your only 60 so hopefully you have a good 15-25 years left.  You should be expecting many more partners or more be good one who isn't asking about what your will says. 

Lots of 75 yr old guys having <30 yr old partners.    

And someone please explain to me how spending down the 800k for 5 months of the year adds up the more fun?  If your on a fixed income what different does it make?  

[Elkski]

Just now, Delight said:

 The simple solution -assuming that  you trust your Thai Friend-is to open a joint account.Both your names.

The ATM card being in possesion with your friend -or with a law firm.

Your friend can  legally  extract the money after you have passed away.

Very easy to organise.

If you have internet banking -then you can monitor this account

But I thought the 800 k needs to be in a solo account.   That is like putting a price on your head well above the typical 5-15 k required to get a hit.

[wprime]

You must have a Thai will for your Thai estate.

 

A local lawyer can set this up for you. Then the beneficiary needs to attend court in Thailand with the will. If it's not disputed, then the beneficiary can recover the funds.

 

An easier technique would simply be to give the beneficiary access to your bank account, then they can withdraw the funds once you die.

[jak2002003]

29 minutes ago, Elkski said:

Your forgetting the #1 Rule:

Be worth more alive than dead.  

Why is ex even asking? 

Why is ex getting some? 

I guess it was a financial thing?

Your only 60 so hopefully you have a good 15-25 years left.  You should be expecting many more partners or more be good one who isn't asking about what your will says. 

Lots of 75 yr old guys having <30 yr old partners.    

And someone please explain to me how spending down the 800k for 5 months of the year adds up the more fun?  If your on a fixed income what different does it make?  

Yeh, I wondered why he is leaving so much of his money to his Ex!

 

If one of my ex's was asking me how to get my money from my bank account when I died I would not be best pleased to say the least. 

 

 

[DrPhibes]

2 hours ago, Mr Wong said:

No need for a will for the 800,000 baht.

Simply go to your bank along with who ever you want to have the 800,000. For a one off fee of just 100 baht the bank will include a special provision in your passbook that if you die then who you nominate will automatically have access to the funds.

I have done this and know many other farangs who have done it.

A lot cheaper than going to a lawyer who will try and milk as much as they can for themselves not just now but also after you die.

The Thai Wife says you can designate a non-Thai Beneficiary for the account.  Check with your bank on this.

[hanuman2543]

5 hours ago, Wuvu2 said:

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. 

Why didn't she approach the court to solve the problem?

https://www.thailandlawonline.com/thai-family-and-marriage-law/civil-law-on-succession-inheritance-heirs-and-wills

Edited August 20, 2021 by hanuman2543

[mahjongguy]

8 minutes ago, DrPhibes said:

The Thai Wife says you can designate a non-Thai Beneficiary for the account.  Check with your bank on this.

Kbank told me "blood relatives only". So did Bangkok Bank.

[chalawaan]

14 hours ago, scubascuba3 said:

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

This is interesting! I resent the new (2018) rules which effectively hold us hostage financially, so I was contemplating marriage to reduce my financial requirements to B400K but the intrusiveness of the marriage visa really pisses me off!

 

I am close to finding an agent who will be able to pull levers, it's still a LOT of money for an agent, but screw these gummint shiny bums and their BS hand-drawn maps and lovey-dovey photos and worst of all, their home visits!  

The other upside of being married without their rent-seeking police coming around to drink my beer is that I'm still taking B400,000 a year out of their vile clutches! Thanks, Kramer.

[HeijoshinCool]

.

   23 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.

 

Nonsense. You have freely given the person your card and your pin and permission to withdraw funds. Nothing criminal about it, and many folks have done just that.

 

 

 

 

[jwest10]

47 minutes ago, Delight said:

 The simple solution -assuming that  you trust your Thai Friend-is to open a joint account.Both your names.

The ATM card being in possesion with your friend -or with a law firm.

Your friend can  legally  extract the money after you have passed away.

Very easy to organise.

If you have internet banking -then you can monitor this account

While alive the account has to be in own name!!! 
Not sure later.

[chalawaan]

9 minutes ago, HeijoshinCool said:

.

 

   23 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.

 

Nonsense. You have freely given the person your card and your pin and permission to withdraw funds. Nothing criminal about it, and many folks have done just that.

There's an open topic on exactly this elsewhere (Chiang Mai forum) and from what I have been told, this is illegal after the individual dies..

However this is also Thailand.

So my personal takeaway is: cover all the bases, legal, overseas, and otherwise.

That may mean having corresponding wills at home and wills here.

My (limited) understanding is that anyone assuming control of a deceased persons Thai assets after their death, but before probate occurs, will create a world of hurt for the beneficiary, as in any other country.

 

 

 

 

[mahjongguy]

"My (limited) understanding is that anyone assuming control of a deceased persons Thai assets after their death, but before probate occurs, will create a world of hurt for the beneficiary, as in any other country. "

 

I asked a few Thais who all said that there is little risk as long as no one complains. I guess they didn't get the memo: when someone dies with more than 50 baht in their pocket, the worst of human nature will reveal itself. Greed and envy seek revenge. 

 

Clearly it's illegal. If you care for someone enough to leave them 800,000 baht then do it properly.

 

Fact is, all you need to create a Thai will is a piece of paper and a pen. 

[HeijoshinCool]

Yes, TIT, and banks here have been known to fight wills tooth and nail. Lawyers get involved, and as we know they always win.

 

The poster who suggested using an agent is an option, and actually the one I choose for myself.

 

14k baht per year is very cheap insurance.

[bangon04]

4 hours ago, khunPer said:

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

 

If the account holder is dead intestate who will be obliged to inform the bank? Plenty of time to reduce the account.....

[bikerlou47]

I spent 3000 baht to a Thai lawyer to draw up the papers so my GF can get the 800000!