Joint Bank Accounts and Necessity of a Will

[khaepmu]

My Thai wife and I have 2 joint accounts, one Thai bank account and one Thai mutual fund account. I have heard and have been told that in the event of my death or my wife's death, a will would not be necessary for either one of us to have immediate and continuous access to the funds in the accounts.

Does anyone have any first hand knowledge or experience with joint accounts?

 

I cannot imagine a relative of my wife  having a valid claim to any of the assets in the accounts in the event of my wife's death.  (we are legally married 

and have a proper marriage certificate). But what do I know. 

 

I also have one Thai bank account in my name. In the event of my death, who could make a valid claim to the money in that account besides my wife? None of my relatives overseas would be interested.  Years ago I sent an email to that bank asking if my wife would need a will to get the money in the account. They answered back that she could use my ATM card to withdraw  funds until the account was empty. But if my ATM card expired before all the funds were withdrawn, she obviously could not get a new one. (I wish I had saved that email from the bank).

 

A few years ago we  made a will for our bank accounts and her house. In the event of my death, she get everything and vice versa. No other beneficiaries. The will is only in Thai, and the lawyer used Thai numbers (which I cannot read)for the bank accounts and mutual fund account. He failed to put the name of the mutual fund company in the will, only the account number. I never liked this lawyer very much. My wife and are are now thinking about getting another will with a more reputable lawyer that we have met and get the will made in both languages. My wife, like many Thais, is not real  familiar with wills and when I said we should get a better will done her reaction was one of almost of complete indifference. "Don't worry, no one is going to take anything from you if i die". 

 

A few days ago my wife had me watch a YouTube clip of a Thai lawyer who claims that my wife could make her own will in handwritten Thai and English leaving everything to me, sign it, and it would be valid in a probate court. I watched the video.  My Thai isn't great but I was able to follow much of what he said. I was skeptical. I said think you would need at least a few witnesses to sign the will but she said no. Actually, she wants to go this route rather then go to a new lawyer to revise our present will. 

 

My wife also bought five rai of land for not very much money,  the land that you don't have a deed for. To enable you to keep the land you have to grow stuff on it. She has a transfer paper signed by the person who sold it to her. She wants to put this in the will. I told her I don't think I can own or sell that kind of property even if she includes it in a new will.  Actually, I am not all that bothered about it but surprisingly the land has gone up in value and people have asked her about selling it. 

 

To conclude, we are trying to decide how to go about making a new will. I have downloaded a form would that we can use. It looks quite good. It is in both English and Thai, fill it out with our 2 bank accounts , our mutual fund account and her house registration. It would be interesting to know if she can really write her will without having to go through a lawyer in which case if I die first, she could take the will to the probate court, make an appointment and make the proper asset transfers. Sounds too easy.

 

Talking about wills and probate. What a wonderful topic.

 

[jwest10]

Hi Khaepmu

Yes, have just read your post today 28th October and very interesting  and yes solicitors and what to do regarding property and such like.
Yes interesting what you say about solicitors and yes it is also the cynic in me regarding the financial sector and yes including banks and not just here but also in the UK also.
Indeed have a debit card for one in my own name and add to it a little for the purpose of the yearly requirement for my extension which is in my sole name.
I  have never needed to withdraw and frankly never tried and normally one would activate but did remember a member of staff  helping me but yes in your death  provided your card was in date and can see no reason why your wife could withdraw the daily maximum.
However, you know people would know if someone was deceased and chatter  and did read somewhere that everything would be frozen until the Court decides.
Also on the will and we thought about it very seriously but the solicitor we used for signing a document that I was still alive  but my wife has obviously  a different surname on the property to our grandchildren and very difficult to draw up.
They know what my wishes are regarding the property but think in theory everything would go to the Court of Probate to decide.
Even with a will and not just here but even distant cousins would  and could make a claim on the will or contest the will.
There is every likelihood that we would die before our next of kin but if it was the other way and of course in the name of the next of kin and surely one could still live there but assume the Son would sort this, if and when it happens.
 

Yes a very very complex procedure and yes unfortunately people do tend to come out of the woodwork.
However, everyone needs to enjoy each day as and when it arrives and just do our best for our families but it is a real worry and also like everywhere what happens when the money runs out and I know of people around the world and families are split up because of regulations etc.
No way am I an expert but just pointing out certain things
All good luck to you and yours.


We have s joint account  whereby my frozen state pension is paid in to and the ever fast declining small savings go in via my UK bank and use this for daily living etc.

 

Edited October 28, 2021 by jwest10
spelling

[Leaver]

2 hours ago, khaepmu said:

I cannot imagine a relative of my wife  having a valid claim to any of the assets in the accounts in the event of my wife's death. 

 

Perhaps you should broaden your imagination.  

[khaepmu]

46 minutes ago, Leaver said:

 

Perhaps you should broaden your imagination.  

I know what you mean and I know I sound a little bit naïve. But the fact that I am  her husband and both her parents are dead. I may very well be wrong but I can't see any of her relatives being able to walk into our bank  and demand all or some of my assets from the joint account if my wife died.  I don't think anyone cold get into our joint account if my wife dies accept for me. Actually, I opened the joint account with my wife more than 20 years ago. At the time I had just assumed that in the event of my or her death the money would automatically belong to one of us. A lot of people said I must really trust my wife what with opening a joint account. It has never been an issue with me. No question of trust. Only later did i hear that just because you have a joint account it doesn't necessarily mean the money will go to you if the wife dies. But I did some google searches and got contradictory information. But if you have a joint account and still need a will and have to go through probate procedures then there is no point in having the joint account. As far as I can see. 

 

But anyway, I do have a will but don't like the way it was put together. 

 

 

 

 

[Leaver]

59 minutes ago, khaepmu said:

But the fact that I am  her husband and both her parents are dead.

Does she have kids?

 

1 hour ago, khaepmu said:

I may very well be wrong but I can't see any of her relatives being able to walk into our bank  and demand all or some of my assets from the joint account if my wife died. 

 

Don't you mean "OUR" assets, not "my" assets?   It's a joint account.  

 

1 hour ago, khaepmu said:

 I don't think anyone cold get into our joint account if my wife dies accept for me.

 

Maybe her family see a lawyer and the lawyer arranges the account to be frozen pending legal action.  Who knows?

 

1 hour ago, khaepmu said:

Actually, I opened the joint account with my wife more than 20 years ago. At the time I had just assumed that in the event of my or her death the money would automatically belong to one of us.

 

Never assume anything in Thailand. 

 

Many accounts from guys kicked out of their own homes in Issan because the wife died before them and the family wanted the house, despite the foreigner paying for the land and the house.  

 

1 hour ago, khaepmu said:

A lot of people said I must really trust my wife what with opening a joint account.

 

Do you trust her family members s well?

 

What is "trust" worth in Thailand?  Can it be relied upon?

 

1 hour ago, khaepmu said:

Only later did i hear that just because you have a joint account it doesn't necessarily mean the money will go to you if the wife dies.

 

Correct.

 

1 hour ago, khaepmu said:

But if you have a joint account and still need a will and have to go through probate procedures then there is no point in having the joint account. As far as I can see. 

 Exactly.

 

1 hour ago, khaepmu said:

But anyway, I do have a will but don't like the way it was put together. 

 

Question is, does your wife have a will, and who does she leave her  assests to, including cash at bank?  

 

 

[HashBrownHarry]

15 hours ago, Leaver said:

Does she have kids?

 

 

Don't you mean "OUR" assets, not "my" assets?   It's a joint account.  

 

 

Maybe her family see a lawyer and the lawyer arranges the account to be frozen pending legal action.  Who knows?

 

 

Never assume anything in Thailand. 

 

Many accounts from guys kicked out of their own homes in Issan because the wife died before them and the family wanted the house, despite the foreigner paying for the land and the house.  

 

 

Do you trust her family members s well?

 

What is "trust" worth in Thailand?  Can it be relied upon?

 

 

Correct.

 

 Exactly.

 

 

Question is, does your wife have a will, and who does she leave her  assests to, including cash at bank?  

 

 

Yawn!

[khaepmu]

Some real paranoia about what happens to ones assets in the event of a Thai Wife's death. I do trust my wife. And I seriously doubt her 2 sisters who live in other parts of the country are going to pay up for a lawyer to get our old house or some money in our bank account. Even if they could , I seriously doubt her sisters would try to dislodge me from the house. And should my wife die, I would make a new will and make her sisters beneficiaries. Over the years I have known a number of expats whose wives have died and not one had a problem with relatives greedily making  claims ono their assets. I am not saying it doesn't happen. 

 

Being so mistrustful of Thai relatives,  I wonder how  some of you people can sleep at night. We both have a copy of the will along with the lawyer. Not many assets. A couple bank accounts and an old house which I probably wouldn't live in should my wife die. I would prefer a small apartment over house ownership in Thailand any day. But that's just me. 

 

This reminds me of expats telling me to never lend money to a Thai, you will never get it back. I have lent money to my wife's relatives and a few friends when they were quite desperate. We always got the money back. Of course, I don't encourage money lending. And I have, on 2 occasions, lent money to 2 different expats and, lo and behold, where are they and where is the money.

[LOUIS65]

You MUST have a notarized  Will in Thai with the English translation, made through a reputable company. A  ops will be left with the notaries office , and a copy for you. We  are a married English couple , we have been living in Thailand for many years, we have made the Thai wills. The bank will do anything to hang onto the money.

[LOUIS65]

We used Assist Thai Visa Services in Chiang Mai , everything notarized, an American lawyer working there did the very through will. Around 8,000 baht, well worth it for peace of mind !

 

[topt]

2 hours ago, LOUIS65 said:

You MUST have a notarized  Will 

Why?

The will, presupposing no obvious clangers, will be legally valid as long as signed by 2 witnesses neither of whom should be beneficiaries.

1 hour ago, LOUIS65 said:

We used Assist Thai Visa Services in Chiang Mai

Considering the OP posted in the Pattaya forum..........

 

@khaepmuhave you tried looking for other threads on wills? There have been a few on Thai Visa/aseannow which will be relevant but you may be better searching with a search engine rather than the aseannow built in one.

[topt]

@khaepmujust noticed there is a long thread pinned at the top of the Pattaya forum

[Leaver]

On 10/29/2021 at 8:59 AM, HashBrownHarry said:

Yawn!

 

Wake up, Harry.  You may just learn something, rather than keep building houses in Issan.