Assuming you have no dependants, or family, who gets your money when you die?

[giddyup]

At present I am leaving the bulk of my savings to my Thai partner of 13 years, but am now wondering if this is a wise decision. The savings will probably total around 7 million baht, and considering she already has a nice house and car, paid for by me, I'm thinking that her inheriting that kind of money might cause her family problems (greed) she never had before.

That leaves me with the problem of who else, or what charity I could leave the money to instead. Before you  ask, no one here is eligible.

Edited July 3, 2022 by giddyup

[lopburi3]

Have no knowledge but would look into providing a retirement type trust fund or whatever it may be called to provide a moderate annual income.  That way relatives would not see a pot of baht to target and she would have security.

[giddyup]

Just now, lopburi3 said:

Have no knowledge but would look into providing a retirement type trust fund or whatever it may be called to provide a moderate annual income.  That way relatives would not see a pot of baht to target and she would have security.

Sounds like a good idea, but not sure how easy that would be to set up in Thailand, and how trustworthy lawyers, or whoever administers the fund would be.

[bolt]

my feelings are, once we're gone the money will be divided up, and then spent and then they'll sit back and say" I wish we had a little bit more"

[hotandsticky]

Are the funds in Thailand - and do you have an executor you can trust?

 

 

Note - you cannot set up a trust in Thailand.

Edited July 3, 2022 by hotandsticky

[lopburi3]

1 minute ago, giddyup said:

Sounds like a good idea, but not sure how easy that would be to set up in Thailand, and how trustworthy lawyers, or whoever administers the fund would be.

Suspect not that hard and may be able to do at a bank for added security (or not - depending on bank employee).  But do believe banks have such as accounts and they would be secure.

[Henryford]

How old is your thai partner, does she work? I will be leaving a similar sum to my thai partner. Assuming she outlives me by 30 years she will need that just to live on. But maybe she will blow it in the first year.

Edited July 3, 2022 by Henryford

[NanLaew]

3 minutes ago, giddyup said:

6 minutes ago, lopburi3 said:

Have no knowledge but would look into providing a retirement type trust fund or whatever it may be called to provide a moderate annual income.  That way relatives would not see a pot of baht to target and she would have security.

Sounds like a good idea, but not sure how easy that would be to set up in Thailand, and how trustworthy lawyers, or whoever administers the fund would be.

You'll be dead so whether she squanders it, has to beat off clingy family and friends or is cheated out of it by a shonky lawyer, it won't really matter.

 

However, I am sure there are reputable English-speaking law companies of proven integrity that can easily set this up with all the legal checks and balances to preserve your original good and honest intent.

[VocalNeal]

Just now, Henryford said:

But maybe she will blow it the first year.

Maybe not but her family will. I don't know how to do it but better to set up a trust fund where she gets a monthly stipend. Then family can't get hold of it.

[giddyup]

2 minutes ago, bolt said:

my feelings are, once we're gone the money will be divided up, and then spent and then they'll sit back and say" I wish we had a little bit more"

I guess I really have no control over what she does with the money, all I know is that it can cause all kinds of conflict and jealousy within families.

 

 

 

[giddyup]

5 minutes ago, hotandsticky said:

Are the funds in Thailand - and do you have an executor you can trust?

 

 

Note - you cannot set up a trust in Thailand.

At present most of the funds are still in Australia, and as I have no intention of ever returning it might be difficult to set up a trust from there.

Edited July 3, 2022 by giddyup

[bolt]

Just now, giddyup said:

I guess I really have no control over what she does with the money, all I know is that it can cause all kinds of conflict and jealousy within families.

 

 

 

I fully agree, she will be pressured 'its not her money now" but that type of thing happens in most countries not only LOS.

 

talk it over with her now make a plan of what to do, leave some to charity that will help.

[bolt]

2 minutes ago, giddyup said:

I guess I really have no control over what she does with the money, all I know is that it can cause all kinds of conflict and jealousy within families.

 

 

 

don't leave expensive things that cost money too maintain, BIG house or BIG car etc

[giddyup]

5 minutes ago, Henryford said:

How old is your thai partner, does she work? I will be leaving a similar sum to my thai partner. Assuming she outlives my by 30 years she will need that just to live on. But maybe she will blow it the first year.

She's 57, so she could live another 30 years. She's a pretty frugal kind of person, so blowing it is unlikely.

[giddyup]

3 minutes ago, bolt said:

I fully agree, she will be pressured 'its not her money now" but that type of thing happens in most countries not only LOS.

 

talk it over with her now make a plan of what to do, leave some to charity that will help.

Even charities are suspect nowadays, most of the money disappears in "administration" costs.

[hotandsticky]

3 minutes ago, giddyup said:

At present most of the funds are still in Australia, and as I have no intention of ever returning it might be difficult to set up a trust from there.

Well, you certainly won't achieve in Thailand.

 

If you have a trustworthy relative/close friend you could drip feed the money in.

 

 

A friend in the UK tried that by arranging to have 50k Baht sent every month for 3 years. He figured the family vultures would have got bored by then, and after 3 years she could have the residual capital in a lump sum.

[Fat is a type of crazy]

The issue seems to be

1 who do you want to get the funds; and

2 if you want your wife to get it, is it reasonable to consider that at 57 she is not able to manage funds, or control her family. 

If deep down you want it to go to a charity then there are many and up to you to decide what cause. Often the big administration costs come with those street spruikers that sign you up and the charity can get as little as 5 per cent. There are lots of legitimate charities of course that can be paid direct. Your wife would be understandably upset that you did this. 

 

If your wife, then couldn't you just trust her and  just have it in a bank account and tell her not to tell the family. Now you can get the message to her about how to best handle the funds. 

If you are concerned about her managing the funds then give her say 20 per cent a year or similar but it will probably not make her happy, given she's 57, that you did it this way. 

[hotandsticky]

1 minute ago, Fat is a type of crazy said:

The issue seems to be

1 who do you want to get the funds; and

2 if you want your wife to get it, is it reasonable to consider that at 57 she is not able to manage funds, or control her family. 

If deep down you want it to go to a charity then there are many and up to you to decide what cause. Often the big administration costs come with those street spruikers that sign you up and the charity can get as little as 5 per cent. There are lots of legitimate charities of course that can be paid direct. Your wife would be understandably upset that you did this. 

 

If your wife, then couldn't you just trust her and  just have it in a bank account and tell her not to tell the family. Now you can get the message to her about how to best handle the funds. 

If you are concerned about her managing the funds then give her say 20 per cent a year or similar but it will probably not make her happy, given she's 57, that you did it this way. 

 

 

I am afraid that you have little knowledge of Thai families - and particularly the pressure they can put on when money is involved.

 

 

It is not rocket-science that the OP's question was framed in the way it was.

[Thujone]

Whoever wants to arm-wrestle for the 100 baht I'm likely to leave is welcome to it.

Unless something unexpected and sudden happens, I intend to spend all I've got.

Edited July 3, 2022 by Thujone

[Fat is a type of crazy]

Just now, hotandsticky said:

 

 

I am afraid that you have little knowledge of Thai families - and particularly the pressure they can put on when money is involved.

 

 

It is not rocket-science that the OP's question was framed in the way it was.

I married a Thai lady who had a big family. I have a girlfriend of 10 years who has a family. I get it but if she's 57 and frugal might be worth giving her the benefit of the doubt. Both of my partners were aware enough not to fall for family pressure but only he knows the situation in detail. 

[giddyup]

2 minutes ago, Fat is a type of crazy said:

The issue seems to be

1 who do you want to get the funds; and

2 if you want your wife to get it, is it reasonable to consider that at 57 she is not able to manage funds, or control her family. 

If deep down you want it to go to a charity then there are many and up to you to decide what cause. Often the big administration costs come with those street spruikers that sign you up and the charity can get as little as 5 per cent. There are lots of legitimate charities of course that can be paid direct. Your wife would be understandably upset that you did this. 

 

If your wife, then couldn't you just trust her and  just have it in a bank account and tell her not to tell the family. Now you can get the message to her about how to best handle the funds. 

If you are concerned about her managing the funds then give her say 20 per cent a year or similar but it will probably not make her happy, given she's 57, that you did it this way. 

She's not a greedy person or in the least bit materialistic, and really has no idea, or at all curious as to how much I might leave her, but I just hope that money would not cause any falling out between her and her family. I just want to leave her enough so she has enough to live comfortably, and that's it.

 

 

 

[MJCM]

I made a will here and in my home country.

 

Everything I have (Bank accounts) in Thailand will be for my wife.

My will in my Home Country states 40% of the total will be divided under 2 of my best friends over there and the rest (60%) to my Thai Wife.

 

One of my best friends will be executor of my will there and he will get paid to do that.

[ezzra]

It will be a toss up between my favourite bar girl at the time or a charity...

[BritManToo]

Why would I care what happens to anyone else after I'm dead?

[simon43]

I have no money to leave anyone.  No, seriously, what's the point of amassing a load of cash to leave to others to fritter away, when you have no close family.  I have first class medical insurance and a small amount of money in the bank to cover emergencies.  I believe in living for today, because tomorrow might never come.  Money does not guarantee you a happy life.  I'm very happy without money, thanks very much ????

[giddyup]

5 minutes ago, Thujone said:

Whoever wants to arm-wrestle for the 100 baht I'm likely to leave is welcome to it.

Unless something unexpected and sudden happens, I intend to spend the lot.

That's easy to say, but not so easy to do. For one thing, I have to have money in reserve for medical emergencies, plus, at 80, you find your tastes aren't that expensive.

[giddyup]

4 minutes ago, MJCM said:

I made a will here and in my home country.

 

Everything I have (Bank accounts) in Thailand will be for my wife.

My will in my Home Country states 40% of the total will be divided under 2 of my best friends over there and the rest (60%) to my Thai Wife.

 

One of my best friends will be executor of my will there and he will get paid to do that.

I have wills in both countries as well, but that wasn't my question.

[MJCM]

Just now, giddyup said:

I have wills in both countries as well, but that wasn't my question.

Oke, but I have no family other then my wife, so in case my Wife dies before me (god forbid) my Friends in Europe get the lot! That is also stated in the will.

 

How that practically works out with the Will here in Thailand they have to sort that out themselves!

[giddyup]

2 minutes ago, simon43 said:

I have no money to leave anyone.  No, seriously, what's the point of amassing a load of cash to leave to others to fritter away, when you have no close family.  I have first class medical insurance and a small amount of money in the bank to cover emergencies.  I believe in living for today, because tomorrow might never come.  Money does not guarantee you a happy life.  I'm very happy without money, thanks very much ????

I only have my savings to cover medical expenses, at 80 I'm not likely to get insurance, so my situation is totally different.

[BangkokReady]

55 minutes ago, giddyup said:

At present I am leaving the bulk of my savings to my Thai partner of 13 years, but am now wondering if this is a wise decision.

Do you have a choice?  Isn't that part of the "arrangement"?