Buying a house - the best way to do it regarding inheritance

[FarangFB]

Farang here on a marriage extension. One kid from the wife previous relationship (almost 18 yo) and another one of my own (5 yo). Both kids Thai nationals.

 

I'd like to buy a house and I wish it to eventually be passed on to the kids after me and my wife are dead. Obviously I can't have the house in my own name and I think my youngest kid is too young to have his name on anything, right?

 

Few questions:
 

1- Is buying the house on my wife's name the easiest way to make it be passed on to the kids in the future?

2- If she dies and I'm still alive, what happens?

 

3- If I die while the house is still not fully paid, and she can't afford the rest of the installments, what happens?

 

4- Can two people be "owners" at the same time?

Edited July 11, 2022 by FarangFB

[ubonjoe]

Not visa or extension related. Moved to real estate and housing forum.

[DrJack54]

Better off in real estate forum

[FarangFB]

Also one important question I forgot:

 

5- In case of a divorce, and wife gets a new guy with potentially more kids involved, would that affect my kids getting the house in the future?

[Delight]

 The only method that suits most of your requirements is to set up a Thai company the joint directors with 50% ownership will be your wife and 18 year old.

The ownership will pass to the serviving  party.

 

Also you may be able to include the 5year old -at the start.

That is the justification for using a company

That is my initial thoughts.

That said -the only true solution is for you to seek professional advice.

I would approach an accountant -not a lawyer.

Accountants are experts in company law.

 Lawyers-as I would see it-are expert in laws associated with land ownership.

Maybe speak to both.

Possibly you could purchase life insurance to cover the event of your early death

[FarangFB]

6 hours ago, Delight said:

 The only method that suits most of your requirements is to set up a Thai company the joint directors with 50% ownership will be your wife and 18 year old.

The ownership will pass to the serviving  party.

 

Also you may be able to include the 5year old -at the start.

That is the justification for using a company

That is my initial thoughts.

That said -the only true solution is for you to seek professional advice.

I would approach an accountant -not a lawyer.

Accountants are experts in company law.

 Lawyers-as I would see it-are expert in laws associated with land ownership.

Maybe speak to both.

Possibly you could purchase life insurance to cover the event of your early death

Thank you, good one about the accountant, I didn't think about that.

[peterfranks]

On 7/11/2022 at 5:08 PM, FarangFB said:

1- Is buying the house on my wife's name the easiest way to make it be passed on to the kids in the future?

 

Buy it in your kids name. Your wife will have control over the property until your kids are 18 years old, but she can't make any decisions that are against the kids interests.

 

She can never sell or impound the property without a court agreement.

[peterfranks]

On 7/11/2022 at 5:08 PM, FarangFB said:

I think my youngest kid is too young to have his name on anything, right?

I don't think there is any law for that, as long as you can prove you gifted the money to your kid.

[FarangFB]

9 hours ago, peterfranks said:

Buy it in your kids name. Your wife will have control over the property until your kids are 18 years old, but she can't make any decisions that are against the kids interests.

 

She can never sell or impound the property without a court agreement.

Seems to be the way to go then, thanks!

 

[AndyAndyAndy]

I think you can put it in you kids name no matter the age. ????

 

Only problem is if you want to sell property or re-mortgage the house this would have to be approved by a court. As the kid is too young to make a decisions and parents can't make decisions for the kid in this matter. Which is actually good, because it protects against your wife selling the house or taking a loan against it.

[FarangFB]

28 minutes ago, AndyAndyAndy said:

I think you can put it in you kids name no matter the age. ????

 

Only problem is if you want to sell property or re-mortgage the house this would have to be approved by a court. As the kid is too young to make a decisions and parents can't make decisions for the kid in this matter. Which is actually good, because it protects against your wife selling the house or taking a loan against it.

Cool, thanks. Do you know if the house can be in the name of the 2 kids at the same time?

[AndyAndyAndy]

Just now, FarangFB said:

Cool, thanks. Do you know if the house can be in the name of the 2 kids at the same time?

I assume yes, but better involve some lawyer or something.