Naming a Beneficiary on a Thai Bank Savings Account

[prakhonchai nick]

Does anyone know whether a beneficiary (usually a wife husband or partner) can be named on a savings account, so that upon death the money automatically transfers to the beneficiary. Have recently been advised that someone has this from Kasikorn, but my earlier enquiries suggested it was not possible.  Then only way to avoid Thai probate after death would  appear to be a joint account.   It does however seem to be common practice in the US.

[worgeordie]

At some banks ,mine Bangkok Bank , you can add another

person , they sign on the bank book, where you have to have

UV light to check the signatures , they are not named on the 

main page, they can pay in and withdraw money ,but cannot

close the account.

I am not sure if they can clear out the whole account on your

death , maybe the authorities would look into the matter,

regards worgeordie

[jphasia]

For me, i did a will through a lawyer few years ago. I am not death yet...so not sure how effective it is.

I asked my lawyer few years and explained him that in case of something would happen to me, I was concerned about the money that is sleeping in my bank accounts will be lost (not to everyone of course...) but I would prefer my son to get it. 

As my son has 2 nationalities (French /Thai), houses are already under his name. But what would happen to the bank accounts?

I have been dealing with reputated law firm in Bangkok for many years who help me on some legal aspects (such as transferring the ownerships of my properties from limited company to my son name).

They asked me to list with details (bank, branch, account numbers...) all the bank accounts I have in Thailand. I provided the details of the beneficiary (my son) with necessary documentations (copy ID cards, ta bien baan...). Once done (3 originals), they give 1 to my son, 1 to me and they kept one for them with a process to follow in case of something happen to me.

What they made clear to me is that in case i died, it is not easy and straight like my son will show up to the banks with the will. He will need to contact the law firm who will start a legal procedure to the court which will take time.

It cost me of course few tousand bahts and of course i am not sure how effective it is.

If there are other and better ways, i am very interested to hear.

[jerrymahoney]

There are Thai life insurance policies that function almost as a bank savings account with beneficiary(ies) named that will receive funds upon death of the plan owner without probate.

[cusanus]

Didn't think a will was necessary for me. As I understood it, half of my two Bangkok bank accounts would go to my (Thai) wife and half to the children. Having just suffered a heart attack, I'm now wondering what qualifies as "children." My kids are in their forties. I don't know where two of them are myself and don't want them to get anything or for my wife to have to wait for that to get ironed out.  Do I have to draw up a Thai will to make sure Meaw has quick access to the money when I'm dead? Having a will, I could also add her as a cosigner on the accounts in case I'm languishing in a hospital. If nobody has an answer here, guess I should bring this up at the branch office. 

[Kwarium]

I recently opened a joint savings account with my wife as Krungsri Bank said that is the only way for her to easily gain access if I was out of the picture. Unfortunately the account cannot be accessed by phone app. They seemed concerned that one of us could use the money digitally. But either of us can empty the account at any branch. No logic? TIT

[jumbo]

I understood that initially the embassy of your home country will be notified and the next of kin. We can register that.

Then they will contact the kids in the home country and they will be inheriting you possessions unless they refuse and in that case the wife, if no further family in your home country will be the beneficiary

 

All of that, including IF the kids will refuse, can be prevented with a will/testament. It will take some time but the money will come directly to the right place

 

I choose to put every possession in Thailand, including savings, in our Thai daughter her name, only the visa cash is in my name...... the remainder is in the home country for the kids there (well kids...)

[gomangosteen]

On 4/1/2022 at 4:16 PM, prakhonchai nick said:

Does anyone know whether a beneficiary (usually a wife husband or partner) can be named on a savings account, so that upon death the money automatically transfers to the beneficiary. Have recently been advised that someone has this from Kasikorn, but my earlier enquiries suggested it was not possible.  Then only way to avoid Thai probate after death would  appear to be a joint account.   It does however seem to be common practice in the US.

I opened an account with Kasikorn on Monday this week.

 

I was asked who would be beneficiary in the event of my death, copied wife's ID card and tabien baan and entered in their system with my account details.

 

Also have accident insurance through them, same applies re beneficiary.

 

As I've experienced before - often depends on the knowledge of the bank staff.

 

[Andrew Dwyer]

On 4/1/2022 at 4:28 PM, worgeordie said:

At some banks ,mine Bangkok Bank , you can add another

person , they sign on the bank book, where you have to have

UV light to check the signatures , they are not named on the 

main page, they can pay in and withdraw money ,but cannot

close the account.

I am not sure if they can clear out the whole account on your

death , maybe the authorities would look into the matter,

regards worgeordie

This seems the simplest solution to make sure your partner/wife etc has access to some funds if we, god forbid, dropped down dead.

As many will have at least 400k in their bank account , some much more, would adding another signatory to the account be enough to ensure the funds are accessible by our partner on our passing ??

I understand that clearing the bank account by a gf ( for example using the deceased ATM card ) on the passing of the foreigner is not strictly legal and could suffer the consequences, but would just the UV signature be enough ?

[freeworld]

18 minutes ago, Andrew Dwyer said:

This seems the simplest solution to make sure your partner/wife etc has access to some funds if we, god forbid, dropped down dead.

As many will have at least 400k in their bank account , some much more, would adding another signatory to the account be enough to ensure the funds are accessible by our partner on our passing ??

I understand that clearing the bank account by a gf ( for example using the deceased ATM card ) on the passing of the foreigner is not strictly legal and could suffer the consequences, but would just the UV signature be enough ?

Yes it is not legal. The estate should go through probate first.

 

Whilst both people are alive, the other person can withdraw money on the account showing the bank book with the other authorised signature in the back of the bank book and has to show an ID card at withdrawal.

 

The second signatory on the account is not authorised to close the account.

 

[Kwarium]

SCB (along with Krungsri) have no beneficiary options available for savings accounts. They (call center) advised for my wife to use my atm card upon my passing. But if she notifies the bank of my passing, then documents from the Thai courts will be required. TIT

 

In the case of a joint account, as either owner can make withdrawals, this type of account would not be a problem if one owner dies. It would still require court docments to close the account though. Of course the account would automatically be closed after a few months of no balance.

[prakhonchai nick]

4 hours ago, jumbo said:

I understood that initially the embassy of your home country will be notified and the next of kin. We can register that.

Then they will contact the kids in the home country and they will be inheriting you possessions unless they refuse and in that case the wife, if no further family in your home country will be the beneficiary

 

All of that, including IF the kids will refuse, can be prevented with a will/testament. It will take some time but the money will come directly to the right place

 

I choose to put every possession in Thailand, including savings, in our Thai daughter her name, only the visa cash is in my name...... the remainder is in the home country for the kids there (well kids...)

 

4 hours ago, jumbo said:

I understood that initially the embassy of your home country will be notified and the next of kin. We can register that.

Then they will contact the kids in the home country and they will be inheriting you possessions unless they refuse and in that case the wife, if no further family in your home country will be the beneficiary

 

All of that, including IF the kids will refuse, can be prevented with a will/testament. It will take some time but the money will come directly to the right place

 

I choose to put every possession in Thailand, including savings, in our Thai daughter her name, only the visa cash is in my name...... the remainder is in the home country for the kids there (well kids...)

Without a Will in Thailand, half of Thai assets go to family in home country and half to wife in Thailand

With regard to assets in the home country, different countries have different rules re intestacy. In the UK a wife automatically inherits all assets up to a very high amount. Many other countries include provision for "children" - age immaterial.

A simple Will ensures ones money and other assets goes where one wants

[Kwarium]

On 4/1/2022 at 4:16 PM, prakhonchai nick said:

Does anyone know whether a beneficiary (usually a wife husband or partner) can be named on a savings account, so that upon death the money automatically transfers to the beneficiary. Have recently been advised that someone has this from Kasikorn, but my earlier enquiries suggested it was not possible.  Then only way to avoid Thai probate after death would  appear to be a joint account.   It does however seem to be common practice in the US.

After contacting Kasikorn and SCB helplines today (and Krungsri branch staff previously) the concensus is that Thailand has no TOD (transfer on death) or beneficiary assignments to bank accounts. Interesting to hear of other experiences such as @gomangosteen who says he set a beneficiary with Kasikorn. It seems @freeworld has it right, as I was told by the two helplines that even joint account owners do not become owners in the case of the other owner passing. 
 

It seems the last will is indeed the best way to go, even for ‘simple’ bank accounts! Live long and prosper, but be prepared… right?

 

Edit: Kasikorn says that both joint account owners must be present to make passbook counter withdrawals. Krungsri says either owner may do so. TIT!