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

[EVENKEEL]

6 hours ago, Joebuzzz said:

Not sure what you meant by money problems.  I am not in Thailand right now.  I was there, am working on coming back.  Left in 2017.  I had an O-A I extended on to a retirement.  However, it seems that some of Thailand's issues are that they want to make it difficult to come back due to changing rules all the time.  I don't have money problems, I have more than enough monthly and cash.  It's now the thought that my son in the USA could have issues getting $20K plus back from the Thai government if I were to drop dead there.  I have no intention of buying property, no intention of getting married.  For the government to freeze my account and deny my son the right to take my money without a hassle is making me reconsider even going back.  Other places have their disadvantages also but for Thailand I see the major disadvantage is a military government.  40 years ago the the president changed in Mexico.  He robbed all foreigners bank accounts of all dollars.  Nothing you could do.  Soldiers picked up the cash in trucks.  It took 20 years to straighten it out diplomatically between the US and Mexico.  There has always been soldiers on the streets of Mexico.  I lived there 10 years, owned a company.  Won't go back ever.  I enjoyed my time in Thailand and would like to go back but it seems to me that if the government wanted to show some type of acceptance of foreigners retiring in Thailand, they'd create something consistent, easy to comply with, show consistency throughout the various immigration offices, and show some type of consideration for the thousands of retirees that spend thousands of dollars a month to be there.  For insurance, one month it's 400K baht,  the next it's 1,000,000, the next it's A million dollars,  next year a billion, with only a Thai insurance company.  LOL......  What if the USA did that to everyone?  I guess we wouldn't need a wall.

If you want to spend time in Thailand an agent can help guide you to a Non O without any money in Thailand bank.

[sanuk711]

9 hours ago, Liverpool Lou said:

Unfortunately, your wishes do not overrule the probate laws. 

I dont think you have had much to do with the legal system in Thailand L.Lou ........ Probate law's ...tracking down where his bank account was.........yer..... OK

 

I dont know if you reside in Thailand--but if your quoting things like that, then your head is still in the west.

The Advice when I went over many different scenarios of my own situation, (which is ,for different reasons not all my assets can be listed in a will)   is that no one is about to prosecute  a widow who is following what her late husband told to do (& wrote it down) before he died.

 

We are not talking hugh amounts here. Its not Red Bull.

 

Probate law's--Big Jokes BMW pulling up outside----yer OK  .........................

 

 

 

 

 

 

 

[JustinCredible]

14 hours ago, khunbillmex said:

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

https://magnacarta.co.th/home/last-will-and-testament-myths-and-misconceptions/?fbclid=IwAR2-jWx4ebW4pX8ELjKLqF3HphR2jPipl4VRZrGbRexp0FJnQWeBOEMVGQo

 

Magna Carta are based in Pattaya, but if you use Facebook you can do a search for "English Speaking Lawyer in Khon Kaen".  Very nice lady. Wills start from 5,000 TB.

[JohnOFphon]

How can this be illegal? My daughter has access to my Bangkok Bank account.

Online.   She has log-in and password. 

Has on many occasions deposited and or transferred money into and out of the account.

Always to or from her bank account. 

If I am not here (passed). I told her to transfer all of the money out, into her account.

She also has access to my bank accounts in my home country and knows how to transfer that money to her account too.

Again. My money. no ones business but mine as to where, or when, it goes out.

[Pumpuynarak]

So how would your bank know of your death ?

[Madgee]

I really can't see what the problem is concerning writing a will to protect your assets for whoever.  
Either you use a lawyer who knows about this and pay the fees or;

Write the will yourself (plenty of basic templates for terminology available on the web)
Get it translated into Thai and certified.
Register the will at the local amphur. 

To me, this is the most easiest and secure way in Thailand.  

Don't forget to name the executor.

 

Writing a will is a necessary evil if you want your assets to go to the person/s you deem deserve them.

If you don't then watch the vultures from above descend in their various forms to have a pick at the cherry.  

AFAIK, In Thailand a court order has to be obtained to withdraw money from an account of a deceased foreigner, even if a nominee has been given the right to do it. 

 

J.M.O.

Edited July 18, 2022 by Madgee

[PeachCH]

Withdraw the 800,000 and open instead a joint account. Or if trust is not an issue, in name of your wife. 

Make the visa with an agent, which will provide the financial requirements. 

 

 

 

[JimmyJ]

15 hours ago, khunbillmex said:

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

https://forum.thaivisa.com/topic/1098436-what-happens-to-a-foreigners-assets-in-thailand-apon-death/#comments

 

https://aseannow.com/topic/1236355-advise-wanted-on-making-will-in-thailand-wanted/

 

https://www.thaiembassy.com/property/foreigner-making-a-will-in-thailand

NOTE- This is a private business, not an actual Thai Embassy.

Edited July 18, 2022 by JimmyJ

[Surasak]

14 hours ago, DrJack54 said:

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. 

Not hard to find, but I suggest you have a quiet word with an honest bank manage.

The police have to informed of a foreigners death, and we all trust the Thai police, don't we!

I don't keep more than one months living expenses in a Thai bank for this very reason.

[DUNROAMIN]

14 hours 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?

I believe joint accounts are not acceptable with immigration for visa extensions.

[DrJack54]

9 minutes ago, Surasak said:

I don't keep more than one months living expenses in a Thai bank for this very reason

The OP is using money in bank method for retirement purposes.

Hence the reference to 800k.

It is not possible to do as you suggest. 

[EVENKEEL]

24 minutes ago, PeachCH said:

Withdraw the 800,000 and open instead a joint account. Or if trust is not an issue, in name of your wife. 

Make the visa with an agent, which will provide the financial requirements. 

 

 

 

This the easiest worry free method for sure.

[TaoNow]

Just a word on Thai probate based on my experience in 2011.  I am not a Thai citizen.

 

My Thai wife died suddenly and had no will.   

 

I went to the local court (Taling Chan branch in Bangkok) to see what the procedure would be to become the "administrator of my wife's estate".

 

The staff were very helpful and professional.  I just needed to obtain the signed release from our two adult children (who would be the first in line for the 'administrator' role).

 

I just provided the death certificate, copies of some of my wife's major assets (e.g., land deed, car, bank account), marriage certificate, and my passport info.

 

Then, several weeks later I appeared in court.  The judges asked me a few questions, and that was that. It took 5 minutes.

 

I did not use the services of a lawyer.  I don't think there was any cost, other than photocopying.

 

I used the court order to have my name added to the land deed (which, in theory, allows me to sell the land -- but not the house which sits on it.  But that is another story.) 

 

The transfer of ownership of my wife's car and bank accounts to me was straightforward and quick.

 

Have some faith in Thai institutions for a change.

[nickmondo]

15 hours ago, Soda Soda said:

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

you can also make one for 2,000 baht with a lawyer!

jeez.........did yours include the taxi, dinner for 2 and an overnight hotel stay?

[chang50]

1 hour ago, Madgee said:

I really can't see what the problem is concerning writing a will to protect your assets for whoever.  
Either you use a lawyer who knows about this and pay the fees or;

Write the will yourself (plenty of basic templates for terminology available on the web)
Get it translated into Thai and certified.
Register the will at the local amphur. 

To me, this is the most easiest and secure way in Thailand.  

Don't forget to name the executor.

 

Writing a will is a necessary evil if you want your assets to go to the person/s you deem deserve them.

If you don't then watch the vultures from above descend in their various forms to have a pick at the cherry.  

AFAIK, In Thailand a court order has to be obtained to withdraw money from an account of a deceased foreigner, even if a nominee has been given the right to do it. 

 

J.M.O.

I wrote my Thai will back in 2014 making my Thai wife the sole beneficiary and executor of my estate using an online will template.I then had a copy translated into Thai and had both witnessed by 2 close friends and keep this along with the English original together.The English original takes precedence if there are interpretation problems.At the local Banglamung Amphur we were informed we didn't need to register these as my Thai wife would automatically be my beneficiary and I didn't even need to make a will. 

[Excel]

3 minutes ago, actonion said:

before the bank get notified  of the death  by authorities usually  6 weeks i was told

Not true

[crazykopite]

Make a Thai will or give tge love of your life your card details and get them to go to the cash point and drip feed it out 

[swm59nj]

I would talk to an attorney to get the right option in your situation. 
 But you say your wife has access to your account but the account is only in your name?  Then if it’s not a joint account,  you must have given her the login information. 
So since she has access to your life savings.  You need to decide do you  want her to get the money. Because you don’t seem to mention even your wife getting it if she is still with you. 
And when you pass someone should contact your embassy. 

[renaissanc]

My Thai wife says that she just needs to get the Death Certificate and Marriage Certificate and to take them to the bank. It's the same for land as well.

[LivingNThailand]

Open a joint account at the same bank your 800,000 is and add on line banking.  In the event something happens to you...your wife can transfer the money to your joint account.  As others have said, maybe not 100% legal, but the bank manager hinted to me that this is the way to do it.  Just don't tell the bank.  And your wife should do it right away, don't wait for a few months.  That's our plan for what it is worth.

Edit:  Forgot to mention my wife isn't Thai.  She's same nationality as me.  So maybe a problem for a Thai to do this???  Not sure.

Edited July 18, 2022 by LivingNThailand
update

[Liverpool Lou]

1 hour ago, Excel said:

12 hours ago, Liverpool Lou said:

Yes, illegal.  Assets of the deceased are frozen until probate is completed.  To take funds from a third party account after his death before advising authorities is theft and fraud.  

That maybe so but on a practical level how would that ever be known if the death of the foreign bank account holder was never reported to the bank ? 

His death would be reported and it would be obvious that he must have had a bank account, normal enquiries would be made and the bank informed so that his assets could be frozen pending probate.  That's how.  If it was discovered that transactions had occurred after his death, theft and fraud charges could be made.

[Excel]

4 minutes ago, Liverpool Lou said:

His death would be reported and it would be obvious that he must have had a bank account, normal enquiries would be made and the bank informed so that his assets could be frozen pending probate.  That's how.  If it was discovered that transactions had occurred after his death, theft and fraud charges could be made.

Clearly you know nothing about how authorities work here in Thailand and totally ignorant of what routinely  happens  as illustrated by your misleading and inaccurate diatribe. Keep to what you know whatever that is as it is certainly not about anything about this subject matter.

Edited July 18, 2022 by Excel

[Liverpool Lou]

3 hours ago, sanuk711 said:

I dont think you have had much to do with the legal system in Thailand L.Lou ........ Probate law's ...tracking down where his bank account was.........yer..... OK

 

I dont know if you reside in Thailand--but if your quoting things like that, then your head is still in the west.

The Advice when I went over many different scenarios of my own situation, (which is ,for different reasons not all my assets can be listed in a will)   is that no one is about to prosecute  a widow who is following what her late husband told to do (& wrote it down) before he died.

 

We are not talking hugh amounts here. Its not Red Bull.

 

Probate law's--Big Jokes BMW pulling up outside----yer OK  .........................

 

I'm pointing out what the law is here regarding the procedures following the death of a foreigner, nothing that I posted was inaccurate.  If someone takes funds from the account of a deceased person after his death without informing the bank of the death, it is theft/fraud, it does not matter what the account holder "wanted".  Even if those wishes were in a will, probate is supposed to be granted before any assets are distributed.

 

If you disagree with the legitimacy of what I have said, you're welcome to state, specifically, where I am wrong.   I'm not talking about the way some people may want to do things, I'm referring to the way they should be done to stay within the law.

 

I'm not even sure if the direction this thread has gone, i.e. how to illegally access the assets of deceased people is allowed on this forum. 

 

 

 

 

[Liverpool Lou]

11 hours ago, Joebuzzz said:

I'm trying to figure out the "illegal" part.  If I give someone access to my account, to log in and to do transfers, why would that be illegal?  I'm the one giving permission. 

 

The "permission" ceases on your death.   If the funds are accessed after your death from a sole account without informing the bank of your death, that is the illegal part.  It is called theft.

[brianthainess]

18 hours ago, hotandsticky said:

 

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 ?

You do not need a lawyer. According to the "yellow bank " your wife on receiving the death certificate as next of kin, goes to your provincial 'Family' court, where it WILL go to probate, (I have been told it takes around 3 months) they will issue a letter/document of probate, your wife then goes to the Bank with Death Cert. and that Document also your bank book. I'm not sure where your PP ends up, so a copy at least, Most Falang that die here are sent for Autopsy that could also delay probate. Maybe if you E-mail your bank they can tell you that is how I know. Tell us your bank and someone here can do it for you.

Edited July 18, 2022 by brianthainess

[EVENKEEL]

1 hour ago, Liverpool Lou said:

His death would be reported and it would be obvious that he must have had a bank account, normal enquiries would be made and the bank informed so that his assets could be frozen pending probate.  That's how.  If it was discovered that transactions had occurred after his death, theft and fraud charges could be made.

Explain why it must be obvious about the bank account. Explain the normal inquiries part. Unless you have proof from this happening to a friend who passed you're just fear mongering.

[Gottfrid]

19 hours ago, khunbillmex said:

Or does one go onto an Eternal Overstay?

????????????

[Pumpuynarak]

4 hours ago, Madgee said:

I really can't see what the problem is concerning writing a will to protect your assets for whoever.  
Either you use a lawyer who knows about this and pay the fees or;

Write the will yourself (plenty of basic templates for terminology available on the web)
Get it translated into Thai and certified.
Register the will at the local amphur. 

To me, this is the most easiest and secure way in Thailand.  

Don't forget to name the executor.

 

Writing a will is a necessary evil if you want your assets to go to the person/s you deem deserve them.

If you don't then watch the vultures from above descend in their various forms to have a pick at the cherry.  

AFAIK, In Thailand a court order has to be obtained to withdraw money from an account of a deceased foreigner, even if a nominee has been given the right to do it. 

 

J.M.O.

The only assets i have in Thailand is two bank accounts so to go to the trouble of writing a will and either paying a lawyer or having your local Amphur register a translated copy is just looking for work and expense which i don't need or want.

I only ever have enough money in these two accounts for day to day living expenses and my wifey has the ATM cards and pin numbers as she always withdraws any cash we need.

I reiterate a previous post "How does my bank(s) know i have died ?

[Excel]

6 minutes ago, Pumpuynarak said:

The only assets i have in Thailand is two bank accounts so to go to the trouble of writing a will and either paying a lawyer or having your local Amphur register a translated copy is just looking for work and expense which i don't need or want.

I only ever have enough money in these two accounts for day to day living expenses and my wifey has the ATM cards and pin numbers as she always withdraws any cash we need.

I reiterate a previous post "How does my bank(s) know i have died ?

You are absolutely correct.

[Pumpuynarak]

12 minutes ago, Pumpuynarak said:

The only assets i have in Thailand is two bank accounts so to go to the trouble of writing a will and either paying a lawyer or having your local Amphur register a translated copy is just looking for work and expense which i don't need or want.

I only ever have enough money in these two accounts for day to day living expenses and my wifey has the ATM cards and pin numbers as she always withdraws any cash we need.

I reiterate a previous post "How does my bank(s) know i have died ?

 

5 minutes ago, Excel said:

You are absolutely correct.

BINGO, and by the way guys how do the authorities/bank(s) know WHO actually withdrew the moneys in my accounts after my death as if they would care TIT.