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

[ilms]

As others have stated, if you want to have any say about what happens to your Thailand-based assets after you die, you need to make a will in Thailand.  I've been told that a foreign-made will carries no weight in Thailand  and even if it did, one could imagine the process of translating, certifying, legalizing a foreign document like that would be a massive and expensive headache for your heirs. 

The process of making a Thai will need not be overly complicated or expensive.

There are DIY options.  I chose to do it via a lawyer who is very well-regarded by expats in our area. It wasn't too expensive and I feel that it will give the best chance of things being done correctly once I pass on.

[khunPer]

1 hour ago, bangon04 said:

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

Who can legally reduce the account, if not in a shared name, or someone with some kind of authorized power from the account owner?

 

Authorities will be alerted about death of a foreigner, and so will the foreigner's home country embassy. Bank accounts are recorded with passport number and/or Thai ID-number, so easy to find out.

[LukKrueng]

16 hours ago, david555 said:

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 

If you keep the money in another bank account for the 7 months the fate of the money will be the same, so I guess you suggest keeping it in the fridge or under the mattress? 

[crazykopite]

My American friends Thai wife passed they had a joint account plus she had an individual account .I helped I took him to scb bank with death certificate ,bank books when it came to the joint account we had no problem they told him to withdraw the money and open up a new account in his name ,however when it came to her individual account the death certificate was not enough they told us we would have to go through solicitors bla bla bla they confirmed that she had 2,500 baht in the account  she didn’t have a debit card had she done so her husband could have withdrawn it on the QT . In the end we decided that the expense of using a solicitor didn’t warrant all the BS we would have to go through for 2,500 bht . 7 years on as far as I’m aware it sits in the SCB in her name and my friend went back to the US if I were you next time you renew your retirement use an agent who can magic up a visa without the need of money in the bank and enjoy your 800,000 baht and beware if you have over a million baht in savings you are only now covered for the first million if the bank goes under as the rules changed some two weeks ago before that you were covered for a lot more 

[david555]

1 hour ago, LukKrueng said:

If you keep the money in another bank account for the 7 months the fate of the money will be the same, so I guess you suggest keeping it in the fridge or under the mattress? 

Not ideal , but ...

Any other solutions as asked by OP.....? ????

besides do you really think a moment that being on the other end of the world  I only rely on money on bank ....? Easy  yes, but one click from a wrong person /hacker or even official and you are BROKE and  no money means ....no help ... cash shall always be King ..in bad and emergency times ....

 

besides, the big legal hurdle (going court , lawyers fee , must deal with that  inside Thailand .... with a will for  800K or 400K ? ..... things aren't that simple as in the west a will is handled....also the beneficiary from it need to come Thailand ( if not living Thailand ) 

 

Understanding your point in your answer , but any other solutions besides the use of agent fee ?

 

(and driving you for the future  in I.O.'s hands .... as your uncomplete records/ file  don't die ...???? )

Edited August 21, 2021 by david555

[Kwaibill]

18 hours ago, Peterphuket said:

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

We were told at Samut Prakan, first go, our 400,000(marriage)  had to stay for two months, which we did.  

Missus plans to ask if neccesary on renewal.

I got the impression once that proof of the required monthly income was sufficient, but immigration seems bound to this embassy bit, which seems a no go. (US).

Two thoughts:

1) Why in hell can't the US embassy confirm a monthly SS income? Mine is over the amount for marriage.

2) Does immigration not regard a bank book and letter from the bank showing monthly deposits as "proof of income"?

Tempted to start going back to Laos every 90 days and at visa renewal time, if things ever "normalize".

Edited August 21, 2021 by Kwaibill
Spelling

[david555]

6 minutes ago, Kwaibill said:

We were told at Samut Prakan, first go, our 400,000(marriage)  had to stay for two months, which we did.  

Missus plans to ask if neccesary on renewal.

I got the impression once that proof of the required monthly income was sufficient, but immigration seems bound to this embassy bit, which seems a no go. (US).

Two thoughts:

1) Why in hell can't the US embassy confirm a monthly SS income? Mine is over the amount for marriage.

2) Does immigration not regard a bank book and letter from the bank showing monthly deposits as "proof of income"?

Tempted to start going back to Laos every 90 days and at visa renewal time, if things ever "normalize".

Ext. because married to Thai , you can take the whole 400K after all stamped as o.k. , different than under ret ext  800k

, as that need the whole period at least 400K stay on bank , or next ret. ext  is not possible (in normal way ) also if taken the 800k complete or under even 400K your ret,ext could become cancelled , and you are considered as on overstay from date of going under the 400K (if the find out )

[brianthainess]

22 hours ago, Wuvu2 said:

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. 

There is quite a simple process, his wife would have been next of kin, The Krungsri bank answered an e-mail from me, when i asked about my wife getting my money, Take the death cert. to your local family court, where it will go to probate, once that is finished, take the letter, death cert, bank book, to the bank and PP, I'm not saying it is easy for one bereaved, or how long it takes the court, but i have been told about 4 months max. (My wife has taken my surname) apparently we can make a will at the local Amphur for little money. Of course this is for marriage.

[david555]

15 minutes ago, brianthainess said:

There is quite a simple process, his wife would have been next of kin, The Krungsri bank answered an e-mail from me, when i asked about my wife getting my money, Take the death cert. to your local family court, where it will go to probate, once that is finished, take the letter, death cert, bank book, to the bank and PP, I'm not saying it is easy for one bereaved, or how long it takes the court, but i have been told about 4 months max. (My wife has taken my surname) apparently we can make a will at the local Amphur for little money. Of course this is for marriage.

In such case easy to do it seems..., but if it is not an local Thai or foreign inheriting person living in Thailand ???? .....might (?) 4 month's court pending..... , flying Thailand to proceed (with all needed doc. insurances , test's etc. , staying the needed time ... ???? it would be a different case .....

 

I know ,different case , but it could be so ,and then it is a burden.... For money matters Thailand is a "quicksand " place .... you must think where to put your feet  (eg. $€ )....????

[Saltire]

My brother in the UK is the executor of my UK will. He and a Thai lawyer in Pattaya are joint executors of my Thai will. Practice is Australian/Thai. Cost 5000 Baht.

 

When I pass I am told it will take around 4 weeks to settle the Thai estate with a required visit to a probate court to prove validity of the will. The will is in both Thai and English.

 

I will never know of course, but I hope it works as well as was explained!

 

 

[JimGant]

OP, definitely need a Thai Will to handle your 800k account. And, to make things simple, let's assume your Thai Ex is whom you wish as your beneficiary. Thus, you could sit down, using one of the many Thai Will templates available, and write your Will yourself, naming your Ex as executor and as sole beneficiary. Also, name him as your next of kin (NOK), so your embassy, when they're notified of your death, know who to release your body to. Have two witnesses (not your Ex) witness your signature, and videotape the writing and signing of the Will, storing on a thumb drive (simple insurance). But, except for the NOK release of your body, your Ex probably won't need to use this Will, as he can easily avoid probate, if he doesn't believe everything he hears on this subject......

 

I'm not familiar with SCB, but I'll assume they're similar to Bangkok Bank..... Thus, reestablish your retirement account with your Ex as a co-signatory. This allows him to access your account legally -- if he has your passbook. Also, establish your account as an internet account, with a 3rd party recipient (your Ex) set-up (takes a couple of OTP.s to do so, at least with Bangkok Bank). So, when you die, advise your Ex to soonest logon to your account and remove most of the money to his account (I guess, if you're not completely trusting, you could withhold the password from your Ex, only to be found in "papers available upon death.")

 

Anyway, bank won't know you're dead, as there's no one in the loop required to notify the bank of your death. Certainly not the embassy, who has no need to know of your banking habits. Nor any Thai authorities. Possibly the hospital, if you died with a large unpaid bill. In which case, they may go to your NOK for banking information...... But, otherwise, the bank won't know you're dead and thus has no legal obligation to freeze your account. [In Thailand, there's no mechanism to establish a Pay On Death beneficiary, as you can in the States (a so-called Toten Trust) -- officially, then, account settlement is supposed to go thru probate. Many bank managers, however, ignore this, as mine so advised me. Thus, the below guidance.]

 

So, Ex transfers most of the money out (but doesn't close the account, which as co-signatory he couldn't do); Ex is the beneficiary of this money, per Thai Will -- so this transfer looks nice and clean; and supposedly there is no one contesting this transfer.......

 

...... but what about the brother in England who's a beneficiary on the OP's UK Will? Will he contest the Ex getting it all?

 

So, OP, if you've got a brother with an interest in this, forget all the above and get a Thai lawyer to draw up your Will, naming himself as executor, and whomever beneficiaries you want that 800k to go to. Expect some heavy expenses involved to come out of that 800k.

 

Some pertinent info available on this thread:

https://aseannow.com/topic/1001829-what-to-do-when-an-ex-pat-dies-in-thailand/

 

For those interested in joint accounts, note the related discussion in the above link, namely, according to some legal opinions, a joint account can be frozen, and must then go thru probate. My bank manager says: BS. But, she's soon to retire -- who knows what might follow..... Thus, my wife has been briefed to not only empty my retirement account into her solo account, but to do the same for our joint account.

 

 

 

 

 

 

[khunbillmex]

Assuming your condition is terminal but your death is not instant but pending in a few days/weeks or whatever you could do a funds transfer out or even an account closing yourself rather than waiting until after your passing and having someone else do it.

[thaibeachlovers]

On 8/20/2021 at 12:55 AM, 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.

To my knowledge as soon as the authorities learn of your death all bank accounts are frozen, till the legalities are sorted.

Just make a will in Thailand. It's not expensive.

[thaibeachlovers]

On 8/21/2021 at 6:55 PM, JimGant said:

OP, definitely need a Thai Will to handle your 800k account. And, to make things simple, let's assume your Thai Ex is whom you wish as your beneficiary. Thus, you could sit down, using one of the many Thai Will templates available, and write your Will yourself, naming your Ex as executor and as sole beneficiary. Also, name him as your next of kin (NOK), so your embassy, when they're notified of your death, know who to release your body to. Have two witnesses (not your Ex) witness your signature, and videotape the writing and signing of the Will, storing on a thumb drive (simple insurance). But, except for the NOK release of your body, your Ex probably won't need to use this Will, as he can easily avoid probate, if he doesn't believe everything he hears on this subject......

 

I'm not familiar with SCB, but I'll assume they're similar to Bangkok Bank..... Thus, reestablish your retirement account with your Ex as a co-signatory. This allows him to access your account legally -- if he has your passbook. Also, establish your account as an internet account, with a 3rd party recipient (your Ex) set-up (takes a couple of OTP.s to do so, at least with Bangkok Bank). So, when you die, advise your Ex to soonest logon to your account and remove most of the money to his account (I guess, if you're not completely trusting, you could withhold the password from your Ex, only to be found in "papers available upon death.")

 

Anyway, bank won't know you're dead, as there's no one in the loop required to notify the bank of your death. Certainly not the embassy, who has no need to know of your banking habits. Nor any Thai authorities. Possibly the hospital, if you died with a large unpaid bill. In which case, they may go to your NOK for banking information...... But, otherwise, the bank won't know you're dead and thus has no legal obligation to freeze your account. [In Thailand, there's no mechanism to establish a Pay On Death beneficiary, as you can in the States (a so-called Toten Trust) -- officially, then, account settlement is supposed to go thru probate. Many bank managers, however, ignore this, as mine so advised me. Thus, the below guidance.]

 

So, Ex transfers most of the money out (but doesn't close the account, which as co-signatory he couldn't do); Ex is the beneficiary of this money, per Thai Will -- so this transfer looks nice and clean; and supposedly there is no one contesting this transfer.......

 

...... but what about the brother in England who's a beneficiary on the OP's UK Will? Will he contest the Ex getting it all?

 

So, OP, if you've got a brother with an interest in this, forget all the above and get a Thai lawyer to draw up your Will, naming himself as executor, and whomever beneficiaries you want that 800k to go to. Expect some heavy expenses involved to come out of that 800k.

 

Some pertinent info available on this thread:

https://aseannow.com/topic/1001829-what-to-do-when-an-ex-pat-dies-in-thailand/

 

For those interested in joint accounts, note the related discussion in the above link, namely, according to some legal opinions, a joint account can be frozen, and must then go thru probate. My bank manager says: BS. But, she's soon to retire -- who knows what might follow..... Thus, my wife has been briefed to not only empty my retirement account into her solo account, but to do the same for our joint account.

 

 

 

 

 

 

It'd be a cold soul that on their beloved partner's death ran to the bank to withdraw his money.

 

If they can't wait till the lawyers sort the will, put enough money into a safe. In the event of death they can get the safe cut open.

In retrospect, that's what I'd do with my wife, rather than giving her a sum of money with instructions not to spend it unless I died. Lesson learned!

[JimGant]

35 minutes ago, thaibeachlovers said:

It'd be a cold soul that on their beloved partner's death ran to the bank to withdraw his money.

Yeah, you're right. Might as well head for probate, be prepared to wait many months for distribution, and then to pay, reportedly, up to 50,000 baht in fees. And all to have the desires of your Will paid out exactly the same as if your beneficiary had initiated the payout himself, with a couple of keystrokes. Who are the damaged parties in this scenario? Only the law firm, who loses a large fee. No wonder my bank manager, when I broached this subject, said, with a wink and a nod, forget probate--the bank will never know, nor care, since they won't be officially notified of the death and thus will have no obligation to freeze the account.