Bank account beneficiary?

[Guest Miguel Delrio]

Is it possible for a person opening a bank account at a Thai bank to designate a beneficiary? That is, someone to receive access to the funds in the account when the original applicant passes away.

 

I asked at Kasikorn Bank by email as well as in person and have received no response.

 

You may suggest that I make it a joint account, but since I need this particular account for my annual retirement visa application that is not possible.

 

Any suggestions on this matter would be most welcome.

Thanks

[HighPriority]

Would a legal Will serve you better ?

[Guest Miguel Delrio]

2 minutes ago, HighPriority said:

Would a legal Will serve you better ?

Possibly. . .but I am married and expect my spouse to legally and automatically inherit my estate. . notably my US assets. My other Thai bank account is a joint account and my spouse should have automatic access to that when I pass on. Our marriage is not recognized here in Thailand, so the only asset that I am concerned about is the personla account I use for my retirement visa.

[digbeth]

A will could take time to execute, at least going to the court to appoint an executor etc, at least months

 

You can give them power of attorney to withdraw/manage your account, this can be the form of letter witnessed and recorded at the bank, or just a signature on the back of the withdrawal slip for one time use

[Guest Miguel Delrio]

Just now, digbeth said:

A will could take time to execute, at least going to the court to appoint an executor etc, at least months

 

You can give them power of attorney to withdraw/manage your account, this can be the form of letter witnessed and recorded at the bank, or just a signature on the back of the withdrawal slip for one time use

That seems like an excellent suggestion. The power of attorney would not affect my continued use of the account for visa purposes.

[bbko]

Assuming you trust your wife enough, could you just attach a debit card to your account and give her the PIN or put it in a sealed envelope labeled "Only open after death"?

[Guest Miguel Delrio]

4 minutes ago, bbko said:

Assuming you trust your wife enough, could you just attach a debit card to your account and give her the PIN or put it in a sealed envelope labeled "Only open after death"?

Another great suggestion that I never considered. Sounds like it might be illegal though?

[HighPriority]

24 minutes ago, Miguel Delrio said:

Possibly. . .but I am married and expect my spouse to legally and automatically inherit my estate. . notably my US assets. My other Thai bank account is a joint account and my spouse should have automatic access to that when I pass on. Our marriage is not recognized here in Thailand, so the only asset that I am concerned about is the personla account I use for my retirement visa.

I would think the Will is even more important given foreign assets.

The suggestion of the debit card and pin has merit.

[Moonlover]

3 minutes ago, Miguel Delrio said:

8 minutes ago, bbko said:

Assuming you trust your wife enough, could you just attach a debit card to your account and give her the PIN or put it in a sealed envelope labeled "Only open after death"?

 

3 minutes ago, Miguel Delrio said:

Another great suggestion that I never considered. Sounds like it might be illegal though?

Yes you're right, it would be illegal. But it's a very simple matter to make a will here. I wrote my own, had a Thai translation made and got two friends to witness my signature.

 

You can even make a simple, hand written form, called a 'Holograph' which doesn't even need a witness to sign it. 

 

Have a read here. Making a will in Thailand.

[cleopatra2]

2 hours ago, Miguel Delrio said:

That seems like an excellent suggestion. The power of attorney would not affect my continued use of the account for visa purposes.

Normally piwers of attorney cease once the individual dies. 

I am unclear on your statement that the marriage is not recignized here. 

 

Any last will made in Thailand needs to conform to the relevent parts of the Civil Code

Edited November 25, 2021 by cleopatra2

[CharlieH]

MOVED to Banking

[HAPPYNUFF]

When I transferred  the   required   money I use  for    Visa extension purposes  from one bank  to another,,,at the  demand of an Immigration officer, who   claimed      my original  Thai bank was not  allowed for that purpose???,,   I   inquired about    that  cash   going to my wife , on my  demise.     Both her and I signed   countless documents,  far more  than usual  for  just simply opening an account as in the past.    They were all in Thai of course, but my wife  assured me  they were for the purpose  of her eventually   gaining the money.    I  also have a Thai will,   bequeathing   her   my Thai assets.  However, I believe   she will still need to file for probate with the court to eventually    be given  this money. 

[JimmyJ]

10 hours ago, Moonlover said:

 

Yes you're right, it would be illegal. But it's a very simple matter to make a will here. I wrote my own, had a Thai translation made and got two friends to witness my signature.

 

You can even make a simple, hand written form, called a 'Holograph' which doesn't even need a witness to sign it. 

 

Have a read here. Making a will in Thailand.

Handwritten unwitnessed unnotarized holographic wills are valid in some states in the USA.

[Moonlover]

7 minutes ago, JimmyJ said:

Handwritten unwitnessed unnotarized holographic wills are valid in some states in the USA.

Is that so. There is also this strange anomaly in the UK as well. They are valid in Scotland but not in England and Wales. 

[curtklay]

I also have asked Kasikorn about appointing my stepdaughter as beneficiary to my 800K account, but can't get an answer. Someone said they can add a name to the passbook that is only visible under a blacklight, but I can't find out if that's true.

 

I think the best course of action is to visit a lawyer with my stepdaughter and have a Thai will drawn up. This doesn't concern my foreign holdings, only this single bank account. My Thai wife passed away, so my house and property are already owned by my stepdaughter, and I have a usufruct. I want her to have the fastest access to the account so she can pay for my final arrangements. Unless there is a way to appoint her as a beneficiary with the bank, I don't see any other way for her to access the account without my ATM card and PIN.

[CMBob]

18 hours ago, digbeth said:

You can give them power of attorney to withdraw/manage your account....

Ummmm.....doesn't a power of attorney expire upon death?

[Tracyb]

35 minutes ago, curtklay said:

I also have asked Kasikorn about appointing my stepdaughter as beneficiary to my 800K account, but can't get an answer. Someone said they can add a name to the passbook that is only visible under a blacklight, but I can't find out if that's true.

I added my Thai partner as my beneficiary on my 800k account at Bangkok Bank.  Filled out paperwork, they issued a new passbook with the same account number showing only my Na,e printed on the front page and then he signed the passbook in the back under my own signature where they are both only visible under a black light.  I’ve been using that passbook every year for my extensions of stay with no problem.

[lopburi3]

18 hours ago, Miguel Delrio said:

Our marriage is not recognized here in Thailand

A US marriage between male/female is fully legal in Thailand so this must be something else?  As said proper will seems the best path as without legal marriage normal inheritance chain may not be what you want.  ATM card use after death would not be legal (but probably not major issue if legally married).  Reports of spouse on passbook of single named account holder have been made but suspect that would also require marriage.   But after reading Tracyb post above may be wrong about that.

Edited November 26, 2021 by lopburi3
add information

[TigerandDog]

the fact that you're not officially married means that you will need a Thai will for your wife to inherit those funds.

[dlclark97]

18 hours ago, digbeth said:

A will could take time to execute, at least going to the court to appoint an executor etc, at least months

 

You can give them power of attorney to withdraw/manage your account, this can be the form of letter witnessed and recorded at the bank, or just a signature on the back of the withdrawal slip for one time use

A Power of Attorney expires the date the person giving it dies.  So of little use in this case.  However, if hospitalized she should be able to  withdraw funds from the account.  Possibly with some limits imposed.

[dlclark97]

18 hours ago, digbeth said:

A will could take time to execute, at least going to the court to appoint an executor etc, at least months

 

You can give them power of attorney to withdraw/manage your account, this can be the form of letter witnessed and recorded at the bank, or just a signature on the back of the withdrawal slip for one time use

A Power of Attorney expire on the day the person giving the POA dies.  Useless in this case.  However, it might prove beneficial if you are hospitalized. 

[bikerlou47]

I went to a lawyer 3000 baht and set it up

[Liverpool Lou]

19 hours ago, Miguel Delrio said:

Is it possible for a person opening a bank account at a Thai bank to designate a beneficiary? That is, someone to receive access to the funds in the account when the original applicant passes away.

Thai banks do not decide probate, you need a will to do what you're asking about.   On being advised of the death of an account holder the bank, by law, has to freeze the account.

[Liverpool Lou]

18 hours ago, digbeth said:

A will could take time to execute, at least going to the court to appoint an executor etc, at least months

The will can appoint the executor, there's no reason, normally, for probate to take months. 

[Liverpool Lou]

19 hours ago, digbeth said:

You can give them power of attorney to withdraw/manage your account, this can be the form of letter witnessed and recorded at the bank, or just a signature on the back of the withdrawal slip for one time use

POAs cease on the death of the donor/principal.

[Liverpool Lou]

19 hours ago, Miguel Delrio said:

That seems like an excellent suggestion. The power of attorney would not affect my continued use of the account for visa purposes.

...but the POA would end immediately on your death.

Edited November 26, 2021 by Liverpool Lou

[Liverpool Lou]

18 hours ago, bbko said:

Assuming you trust your wife enough, could you just attach a debit card to your account and give her the PIN or put it in a sealed envelope labeled "Only open after death"?

If she withdrew any money after his death it would be fraud.  Accounts have to be frozen on the death of the account holder.

[Liverpool Lou]

18 hours ago, Miguel Delrio said:

Another great suggestion that I never considered. Sounds like it might be illegal though?

Terrible suggestion bearing in mind that your thoughts about the legality of that action are correct.

[Liverpool Lou]

18 hours ago, HighPriority said:

The suggestion of the debit card and pin has merit.

No, it has no merit as his wife's withdrawing of funds after his death would be illegal.

[Liverpool Lou]

35 minutes ago, dlclark97 said:

However, if hospitalized she should be able to  withdraw funds from the account. 

Why?  If the account is not in her name she will not be able to access the account unless there is written authority from the hospitalised account holder for her to do so.

Edited November 26, 2021 by Liverpool Lou