Guest Miguel Delrio Posted November 25, 2021 Share Posted November 25, 2021 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 Link to comment Share on other sites More sharing options...
Popular Post HighPriority Posted November 25, 2021 Popular Post Share Posted November 25, 2021 Would a legal Will serve you better ? 5 Link to comment Share on other sites More sharing options...
Guest Miguel Delrio Posted November 25, 2021 Share Posted November 25, 2021 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. Link to comment Share on other sites More sharing options...
digbeth Posted November 25, 2021 Share Posted November 25, 2021 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 1 1 Link to comment Share on other sites More sharing options...
Guest Miguel Delrio Posted November 25, 2021 Share Posted November 25, 2021 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. Link to comment Share on other sites More sharing options...
Popular Post bbko Posted November 25, 2021 Popular Post Share Posted November 25, 2021 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"? 2 1 1 4 Link to comment Share on other sites More sharing options...
Guest Miguel Delrio Posted November 25, 2021 Share Posted November 25, 2021 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? Link to comment Share on other sites More sharing options...
HighPriority Posted November 25, 2021 Share Posted November 25, 2021 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. 2 Link to comment Share on other sites More sharing options...
Popular Post Moonlover Posted November 25, 2021 Popular Post Share Posted November 25, 2021 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. 4 Link to comment Share on other sites More sharing options...
cleopatra2 Posted November 25, 2021 Share Posted November 25, 2021 (edited) 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 1 Link to comment Share on other sites More sharing options...
CharlieH Posted November 26, 2021 Share Posted November 26, 2021 MOVED to Banking Link to comment Share on other sites More sharing options...
HAPPYNUFF Posted November 26, 2021 Share Posted November 26, 2021 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. 1 Link to comment Share on other sites More sharing options...
JimmyJ Posted November 26, 2021 Share Posted November 26, 2021 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. 1 Link to comment Share on other sites More sharing options...
Moonlover Posted November 26, 2021 Share Posted November 26, 2021 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. Link to comment Share on other sites More sharing options...
curtklay Posted November 26, 2021 Share Posted November 26, 2021 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. 1 Link to comment Share on other sites More sharing options...
CMBob Posted November 26, 2021 Share Posted November 26, 2021 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? 2 Link to comment Share on other sites More sharing options...
Tracyb Posted November 26, 2021 Share Posted November 26, 2021 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. 1 1 Link to comment Share on other sites More sharing options...
lopburi3 Posted November 26, 2021 Share Posted November 26, 2021 (edited) 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 1 Link to comment Share on other sites More sharing options...
TigerandDog Posted November 26, 2021 Share Posted November 26, 2021 the fact that you're not officially married means that you will need a Thai will for your wife to inherit those funds. 1 Link to comment Share on other sites More sharing options...
dlclark97 Posted November 26, 2021 Share Posted November 26, 2021 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. 1 Link to comment Share on other sites More sharing options...
dlclark97 Posted November 26, 2021 Share Posted November 26, 2021 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. Link to comment Share on other sites More sharing options...
bikerlou47 Posted November 26, 2021 Share Posted November 26, 2021 I went to a lawyer 3000 baht and set it up 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 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. 2 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 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. 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 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. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 (edited) 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 Link to comment Share on other sites More sharing options...
Popular Post Liverpool Lou Posted November 26, 2021 Popular Post Share Posted November 26, 2021 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. 3 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 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. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 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. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 26, 2021 Share Posted November 26, 2021 (edited) 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 Link to comment Share on other sites More sharing options...
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