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

[giddyup]

30 minutes ago, BangkokReady said:

Quid pro quo?

No such thing as a free lunch.

[blackcab]

Section 1686 of the Civil and Commercial Code means that trusts cannot be effected in Thailand. Any trust created in Thailand would be worthless.

 

Section 1686 states: A trust created whether directly or indirectly by will or by any juristic act producing an effect during lifetime or after death shall have no effect whatever.

[scorecard]

5 hours 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.

-

Edited July 3, 2022 by scorecard

[bkk6060]

So many people I know have made not arrangements whatsoever.  Condo, 800 k in the bank, car, motorbike and:  ¨I will worry about it later¨.

How irresponsible if a person in fact has a family in another country.  I guess they think they will live forever.  Just dumb selfish lack of preparation and a bunch of garbage their family will have to deal with sometime down the line.

[giddyup]

No, like I said in the title, no dependants and no family.

Edited July 3, 2022 by giddyup

[giddyup]

2 minutes ago, bkk6060 said:

So many people I know have made not arrangements whatsoever.  Condo, 800 k in the bank, car, motorbike and:  ¨I will worry about it later¨.

How irresponsible if a person in fact has a family in another country.  I guess they think they will live forever.  Just dumb selfish lack of preparation and a bunch of garbage their family will have to deal with sometime down the line.

Are you quoting generally? I already have two wills, one for Thailand and one for Australia.

[bkk6060]

36 minutes ago, giddyup said:

Are you quoting generally? I already have two wills, one for Thailand and one for Australia.

Yes.  Good for you for being responsible and doing the right thing.

[scorecard]

3 hours ago, bkk6060 said:

So many people I know have made not arrangements whatsoever.  Condo, 800 k in the bank, car, motorbike and:  ¨I will worry about it later¨.

How irresponsible if a person in fact has a family in another country.  I guess they think they will live forever.  Just dumb selfish lack of preparation and a bunch of garbage their family will have to deal with sometime down the line.

And there's a perfect example of this in Pattaya, owns substantial expensive property and expensive cars, and big bank deposits in 3 countries. Late 70s, has lived on numerous strong medications, mainly for heart, every day for a couple of decades.

 

Frequently friends ask 'Have you done anything yet about your will?'

 

Response 'Dont' worry it's a work in progress and it doesn't really matter anyway because everybody knows who I like and should get something (which is of course a stupid thing to say, the court processes involved in all countries don't operate like that).

 

The foreigner involved is well educated and well experienced in legal matters etc. He knows that dying with no will in 3 countries is going to cause chaos and pain for his family, he prefers to be totally lazy. 

 

Parents, now very elderly and several siblings all out of Thailand have no idea what the plans are and they all live in properties owned by the man who won't make his will. 

Edited July 3, 2022 by scorecard

[scorecard]

2 hours ago, bkk6060 said:

Yes.  Good for you for being responsible and doing the right thing.

Same, wrote simple clear will years ago here in Thailand. Thai son, one close friend (in Thailand) and family lawyer have originals. 

 

Property, vehicles all now in name of my one Thai son. Plus all funds now consolidated into one joint savings account in Thailand me and Thai son, anybody can sign.  

 

In birth country no other surviving members of family, no assets/property/investments whatever, therefore no will. 

 

Every couple of years I sit my Thai son down with his Thai wife and we go through the details of what I want to happen when I die; cheapest possible Thai cremation, no party.

[Mike Teavee]

9 hours ago, giddyup said:

Before you  ask, no one here is eligible.

But Dad!!!

 

Joking aside, will she be able to support herself if you're not there? The reason I ask is that it might be an idea to set her up with an income stream, one that's doesn't require much effort on her side to manage but is not so easy to turn into cash 

 

Thinking maybe a fund portfolio that pays regular income as I'm sure most of her family (& possibly her) won't understand that the fund can be cashed. 

 

 

You might want to consider what happens to the funds after your partner goes if that's important to you. 

 

 

 

[Adumbration]

9 hours 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.

 

 

 

What country are you from?  Australia?  Just have a solicitor in your home country draw up a will that includes a testamentary trust provision with an annual payment to your wife for a set period (to match her life expectancy).  Include a clause the if she dies any residual left in your estate can be paid to (person x or charity x).

[Adumbration]

36 minutes ago, scorecard said:

Same, wrote simple clear will years ago here in Thailand. Thai son, one close friend (in Thailand) and family lawyer have originals. 

 

Property, vehicles all now in name of my one Thai son. Plus all funds now consolidated into one joint savings account in Thailand me and Thai son, anybody can sign.  

 

In birth country no other surviving members of family, no assets/property/investments whatever, therefore no will. 

 

Every couple of years I sit my Thai son down with his Thai wife and we go through the details of what I want to happen when I die; cheapest possible Thai cremation, no party.

I will throw you on the neighbors garden trash pile for for free if you find cremation expenses are getting out of your reach.

[JimTripper]

Consider why you don't wish to leave it to them.

 

It's common for people to bring up money problems as they get older as a way of staying important as they age. Esp when family begins to pull away which they tend do when you get much older.

Edited July 3, 2022 by JimTripper

[Lacessit]

58 minutes ago, JimTripper said:

Consider why you don't wish to leave it to them.

 

It's common for people to bring up money problems as they get older as a way of staying important as they age. Esp when family begins to pull away which they tend do when you get much older.

That's true in Western society. Not here, where the elderly are respected.

[scorecard]

2 hours ago, Adumbration said:

I will throw you on the neighbors garden trash pile for for free if you find cremation expenses are getting out of your reach.

Did you consider there might be a reason for this?

 

There is, my sons in-laws all believe (like many others) that every farang is very rich with no limit, so for a while they raised this item and told my son they expected he spend big on my creamtion and  a big Chinese style banquet to make the whole family look important (also becaue I have a Doctoral degree) so play that up, all to make the whole family look wealthy & important. Plus big handouts of money, all seen and recorded on video. 

 

My son ignored them for quite a while, then said 'dad isn't rich and he wants as much money as possible saved for the education of his grandchildren (son's kids)'. This statement got their attention and they went quiet on this subject.

 

Ultimately how my son handles this is up to him, I know he won't go for a cheap charlie plan but he's (and his wife) arenot interested in displays of wealth, importance, status etc., and he won't go for ceremonies/dinners to make the family look important. Good.  

Edited July 3, 2022 by scorecard

[sanuk711]

7 hours ago, giddyup said:

Are you quoting generally? I already have two wills, one for Thailand and one for Australia.

Do you not have any children Giddyup......

[Thujone]

20 hours ago, giddyup said:

Like you, my health is pretty good, why would I decide to end it all just because I'm 80? Those kind if comments come from someone who thinks they are never going to get old, not realising that one day you wake up and there you are.

One of the benefits of living in Pattaya is seeing the shambling old wrecks staggering around, probably 80 or thereabouts, and thinking Why?

Why bother?

There's no point in getting that old, as far as i can see.

Or leaving any money behind.

Spend it on a last whoopee.

[giddyup]

7 hours ago, sanuk711 said:

Do you not have any children Giddyup......

What does the title of my post say?

[giddyup]

1 minute ago, Thujone said:

One of the benefits of living in Pattaya is seeing the shambling old wrecks staggering around, probably 80 or thereabouts, and thinking Why?

Why bother?

There's no point in getting that old, as far as i can see.

Or leaving any money behind.

Spend it on a last whoopee.

At what age are you suggesting we all kill ourselves? And how is it a benefit to you seeing "shambling old wrecks staggering around"? Your comments are idiotic and make absolutely no sense.

[sanuk711]

7 minutes ago, giddyup said:

What does the title of my post say?

It says nothing about children --but you posted it 21 hours ago so maybe you have forgotten.............

[Thujone]

8 minutes ago, giddyup said:

At what age are you suggesting we all kill ourselves? And how is it a benefit to you seeing "shambling old wrecks staggering around"? Your comments are idiotic and make absolutely no sense.

The benefit is to see there's no point to getting to that stage.

Without them as examples, I might think very old age will be OK, as you obviously do.

[giddyup]

13 minutes ago, sanuk711 said:

It says nothing about children --but you posted it 21 hours ago so maybe you have forgotten.............

I said no dependants and no family. What does that mean? It might mean you're a little slow.

Edited July 4, 2022 by giddyup

[giddyup]

11 minutes ago, Thujone said:

The benefit is to see there's no point to getting to that stage.

Without them as examples, I might think very old age will be OK, as you obviously do.

At what age do you intend to kill yourself so you avoid old age? Do you see how stupid your comments are?

Edited July 4, 2022 by giddyup

[LaosLover]

In the states, after about 7 years, it's the state you live in who gets what's left in the banking account. So if you don't designate a charity or benificiary, your money goes to the general fund for the state to do with as they see fit.

 

Me and my wife face this very problem. The only bio-heir left will be her daughter, currently in prison. We do not see enough (or any) improvement in her life happening to where she would not just blow it all on drugs. 

 

An irrevocable trust is the answer to leave her some money, a small lump sum and the rest in the form of a pension.

 

We'll give our wild land to the local land trust. Preserving the Appalachian Mountains is something we'd want to donate to. 

 

The way to set up a trust fund is with a large bank that has a trust custody department. Custody means taking care of the trust, filing taxes, sending out the checks.

 

They will charge you about 1-2% of the total trust fund amount every year for the service. You need a min $1M to have such an account. For smaller amounts and less service, try Charles Schwab.

Edited July 4, 2022 by LaosLover

[GinBoy2]

Little bit of a theoretical exercise, since I am married and three kids.

 

But assuming they didn't exist, upon my departure from this mortal coil, everything would go to a cat charity.

 

Yes I know human charities benefit future generations etc etc.

 

But my love of cats and their love for me has been one of the joys of my life

[giddyup]

1 hour ago, GinBoy2 said:

Little bit of a theoretical exercise, since I am married and three kids.

 

But assuming they didn't exist, upon my departure from this mortal coil, everything would go to a cat charity.

 

Yes I know human charities benefit future generations etc etc.

 

But my love of cats and their love for me has been one of the joys of my life

You wouldn't be the first to leave all worldly possessions to their pet dog or cat.

[jayceenik]

As long as my mother was alive I had no Will.

After she died I made a Holographic Will to the benefit of my stepsister's children.

In 2014 I made three Wills benefiting universally the Thai girl I was living with in Pattaya and cancelling my previous Will.

I have only a motorcycle and money in three banks

Money in the bank in Thailand : Thai lawyer in Pattaya wrote the Will

Money in the bank in Singapore : Singapore lawyer in Singapore wrote the Will

Thai girl is Executor and Beneficiary for both Wills.

Money in the bank in Belgium : I wrote a Holographic Testament naming her.

What is interesting is that both lawyers (TH and SIN) insisted in my naming a Plan B beneficiary in case the original beneficiary was no longer available at the time of disposing of the Wills. I named Green Peace. 

That Thai girl and I got married a couple years ago so this should simplify even more the Wills' executions.

Edited July 5, 2022 by jayceenik

[peterfranks]

22 minutes ago, jayceenik said:

Thai girl is Executor and Beneficiary for both Wills.

I thought executor can not be a beneficiary

[Sparktrader]

Im poor. Give me half if you want.

[giddyup]

4 hours ago, Sparktrader said:

Im poor. Give me half if you want.

See the last sentence of my header post

.