800k in bank - what happens if I pass away?

[khunbillmex]

I'm on a Non-O Retirement extension. What happens to the 800k I have in the bank if I pass away? The Account is in my name only -has no debit card so bank teller withdrawals only

– but- my wife has been able to transfer in/out of my account from her account in the same bank. (I’m not worried that she will be doing this as that is the intention.)

 

Also does Immigration need to be informed when a farang has passed away?  Or does one go onto an Eternal Overstay?

[DrJack54]

It will eventually pass to your wife.

A Will is recommended. 

Upon your death your embassy is notified.

Also bank at some point. 

This thread covered in other forums. 

 

Edited July 17, 2022 by DrJack54

[Soda Soda]

For a fee of 6,000 baht you can make a will using a lawyer.

[khunbillmex]

DrJack Thanks for your reply - can you refer me to the other forum this has been covered in?

[khunbillmex]

a will - that's a good idea. This 800k is my only asset.

[hotandsticky]

19 minutes ago, Soda Soda said:

For a fee of 6,000 baht you can make a will using a lawyer.

 

It is likely that Probate will be required. That is likely to cost at least 30k in lawyers fees.

 

To the OP  -  how does your wife currently have access to your account ?

[hotandsticky]

18 minutes ago, khunbillmex said:

a will - that's a good idea. This 800k is my only asset.

 

Without a Will the rules of intestacy will apply. In Thailand that is more complicated than home countries and there are several classes of statutory heir (Six I believe).

 

A spouse will only automatically receive 50%.

[Lacessit]

It is essential to make a will, otherwise some money will go elsewhere, and be diminished with legal fees.

[dick turpin]

6 hours ago, khunbillmex said:

a will - that's a good idea. This 800k is my only asset.

Basically you can kiss your asset goodbye

[DrJack54]

1 minute ago, dick turpin said:

Basically you can kiss your asset goodbye

What is you basis of such a strange post.

I use money in bank method and have a Will to pass that to Thai partner.

Don't post such throw away lines without basic facts. 

[transam]

Folk I know that past away, their wife took the paperwork/death cert to the bank to get their husband's cash...

[hotandsticky]

4 minutes ago, problemfarang said:

thats a good point. then maybe he can go to the bank and chose a joint account option?

but i think he has only 800K so if he dies wife need only 1 time use.. ATM card i mean. and most of them are like what.. 10 years?

He can't use a joint account for Immigration purposes.

[DrJack54]

4 minutes ago, problemfarang said:

thats a good point. then maybe he can go to the bank and chose a joint account option?

If used for extension purposes the joint account would not be an option

[DrJack54]

1 minute ago, hotandsticky said:

At the moment the OP does not have any cards - and I am interested to know how his wife accesses his account,

Could be as simple as online banking and wife has those details. 

 

[problemfarang]

Best option is download mobile app as suggested above

Edited July 17, 2022 by problemfarang

[problemfarang]

2 minutes ago, DrJack54 said:

If used for extension purposes the joint account would not be an option

i see... so can he talk to the bank and appoint someone for his account after dead? i remember one of my friends did soemthing like that

Edited July 17, 2022 by problemfarang

[problemfarang]

1 minute ago, DrJack54 said:

Could be as simple as online banking and wife has those details. 

 

good one. just download mobile app

[DrJack54]

48 minutes ago, khunbillmex said:

DrJack Thanks for your reply - can you refer me to the other forum this has been covered in?

OP...if you Google ..."exactly your title heading" and tack on the end AseanNow....

Your AseanNow now threads will be displayed.

Work your way through those threads and you can make your call. 

[flexomike]

15 minutes ago, hotandsticky said:

He can't use a joint account for Immigration purposes.

I believe you can have a joint account but then you would have to have 1,600,000 baht in the account

Edited July 17, 2022 by flexomike

[ikke1959]

Just go to a lawyer and fix it... It is no point and easy to do with all other things you want to arrange we did it too and she was very friendly, helpful and added tips... The other way can be too.. That your wife pass away..... 

[DrJack54]

17 minutes ago, Andrew Dwyer said:

I was going to mention this also.

 

I wonder if this applies to long term partners also or do you have to be married ?

No such thing as defacto in Thailand re legal entitlement.

Personally I have same Thai partner for 10 years and she would not have any right to the funds I keep in bank for extensions.

Just another PITA associated with living in this wonderful country. 

Another option not mentioned so far is to use agent to avoid funds in bank.

 

Edit: sorry Andrew missed point of your post. 

I have approached my banks about my partner (not wife) being silent on my account.

I got the "you need marry" 

 

 

Edited July 17, 2022 by DrJack54

[roo860]

1 hour ago, Soda Soda said:

For a fee of 6,000 baht you can make a will using a lawyer.

My daughter's business partner's father is a lawyer, he says you can register a will at local Amphur, need a witness to counter sign, and it's free to do.

Anyone else used this method?

[dick turpin]

6 hours ago, DrJack54 said:

No such thing as defacto in Thailand re legal entitlement.

Personally I have same Thai partner for 10 years and she would not have any right to the funds I keep in bank for extensions.

Just another PITA associated with living in this wonderful country. 

Another option not mentioned so far is to use agent to avoid funds in bank.

 

Edit: sorry Andrew missed point of your post. 

I have approached my banks about my partner (not wife) being silent on my account.

I got the "you need marry" 

 

 

Not so smart after all........

[BangkokAlan]

Probably best to ask the bank to get a legitimate answer on what will be requited to release the funds to your wife should you pass away. 

[hotandsticky]

1 hour ago, flexomike said:

I believe you can have a joint account but then you would have to have 1,600,000 baht in the account

I don't think many Immigration offices accept joint accounts - but the £1.6m figure is correct.

 

The OP could, of course, release £400k by switching to a marriage based extension.

[hotandsticky]

38 minutes ago, roo860 said:

My daughter's business partner's father is a lawyer, he says you can register a will at local Amphur, need a witness to counter sign, and it's free to do.

Anyone else used this method?

It will still +most likely) require Probate - depends on the bank.

 

Also, (not an issue in this case) the Will is written in Thai and many expats will not know the content.

[hotandsticky]

1 hour ago, DrJack54 said:

No such thing as defacto in Thailand re legal entitlement.

Personally I have same Thai partner for 10 years and she would not have any right to the funds I keep in bank for extensions.

Just another PITA associated with living in this wonderful country. 

Another option not mentioned so far is to use agent to avoid funds in bank.

 

Edit: sorry Andrew missed point of your post. 

I have approached my banks about my partner (not wife) being silent on my account.

I got the "you need marry" 

 

 

 

She would have rights if you bequeathed that asset to her.

 

I have a similar situation and I have a Thai Will leaving all my Thai assets to my partner .

[sanuk711]

2 hours ago, khunbillmex said:

The Account is in my name only -has no debit card

Khunbilmex...get a card--get a 100,000 baht card, I have although my wife signature is in the book , she can empty the account in just a week. She has a letter from me requesting that she does this to pay off certain debts and expense's --our BKK lawyer tells me is fine.

 

 

 

Edited July 17, 2022 by sanuk711

[sanuk711]

1 minute ago, khunbillmex said:

she tells me I have another acct in same bank - that one is also only in my name.

It can be i only one name--as the IO request--that doesn't mean her signature is not recorded in the book and her ability to withdraw--- doesn't mean her name has to be on the book.

[PETERTHEEATER]

2 hours ago, Soda Soda said:

For a fee of 6,000 baht you can make a will using a lawyer.

Go to the Legal Department of your Tessabahn and you can make a will there for a small fee.