So how does my Thai wife get access to money in my UK HSBC account when i die ?

[Pumpuynarak]

My Thai wife and i live in Thailand and i have a UK HSBC account where my pensions are deposited every month. The account is solely in my name and i transfer moneys to Thailand via Wise every month, now when i die how does my wife get access to any monies in the account ?

 

TIA for any help.  

[Rmac442]

In simple terms ..

It's an asset and any assets would need to be referred to in a will and [the will] actioned by an executor. When you die ...

 

[theoldgit]

You could consider trying to make your HSBC account a joint account then the account would revert to her name in the event of your demise, or the other way round.

 

Not sure if you could do that from Thailand though, especially if the account is registered to a UK address.

 

As the previously poster has rightly advised a UK based Will would allow her to access her inheritance following probate, and that can take some time.

 

My pensions are paid into a joint account with Santander International, in the event of my demise the account would revert to her on production of a certified death certificate, whilst this process is carried out she can access the account legally online or via her debit card.  

[lopburi3]

The UK does not have a 'pay on death' option?  For US banks you just fill out a form for payment upon death (with proof of your death being required to obtain).  But as this is a pension account it may have extra rules to prevent obtaining funds paid after death (have no knowledge of UK rules).  

Edited July 20, 2022 by lopburi3

[Pumpuynarak]

1 hour ago, Rmac442 said:

In simple terms ..

It's an asset and any assets would need to be referred to in a will and [the will] actioned by an executor. When you die ...

 

Yes that would do the job but wifey and i live in Thailand and i would imagine doing a will in the UK would involve us going to the UK to set up not to mention wifey having to deal with the UK solicitors from Thailand when i pop me clogs. I suppose i could make my son the executor and he could sort out for wifey.

Another issue is the time it would take my son to sort out as i would like wifey to have immediate access to the monies.

[Pumpuynarak]

24 minutes ago, theoldgit said:

You could consider trying to make your HSBC account a joint account then the account would revert to her name in the event of your demise, or the other way round.

 

Not sure if you could do that from Thailand though, especially if the account is registered to a UK address.

 

As the previously poster has rightly advised a UK based Will would allow her to access her inheritance following probate, and that can take some time.

 

My pensions are paid into a joint account with Santander International, in the event of my demise the account would revert to her on production of a certified death certificate, whilst this process is carried out she can access the account legally online or via her debit card.  

The problem i have is my account with HSBC is registered with my son's UK address as i live in fear of HSBC closing my account if they become aware of my Thailand residency.

 

You are correct in saying if i can make the account a joint account then that would overcome the problem but we would both no doubt have to visit the UK to action and as i previously said "i fear HSBC would close the account as i'm no longer resident in the UK"

[Liverpool Lou]

 

30 minutes ago, Pumpuynarak said:

i live in Thailand and i would imagine doing a will in the UK would involve us going to the UK to set up

A will for your UK bank assets can be self-written, properly witnessed and sent to someone, (eg., bank, solicitor, executor, family) for safekeeping.  You do not have to in the UK to do that.

 

Will templates are available for download online or the will can be written on plain paper. 

[Sparktrader]

6 hours ago, Pumpuynarak said:

The problem i have is my account with HSBC is registered with my son's UK address as i live in fear of HSBC closing my account if they become aware of my Thailand residency.

 

You are correct in saying if i can make the account a joint account then that would overcome the problem but we would both no doubt have to visit the UK to action and as i previously said "i fear HSBC would close the account as i'm no longer resident in the UK"

Simple solution - give her your online banking details. She can then transfer any money.

 

Unless you dont trust her.

 

 

[Pumpuynarak]

15 hours ago, Sparktrader said:

Simple solution - give her your online banking details. She can then transfer any money.

 

Unless you dont trust her.

 

 

Trust is not an issue but i fear she would not be ok doing the transfer, perhaps i should just get my son to do it but then i fear he would be made responsible for an illegal act.

[Mutt Daeng]

22 hours ago, theoldgit said:

You could consider trying to make your HSBC account a joint account then the account would revert to her name in the event of your demise, or the other way round.

 

Not sure if you could do that from Thailand though, especially if the account is registered to a UK address.

 

As the previously poster has rightly advised a UK based Will would allow her to access her inheritance following probate, and that can take some time.

 

My pensions are paid into a joint account with Santander International, in the event of my demise the account would revert to her on production of a certified death certificate, whilst this process is carried out she can access the account legally online or via her debit card.  

I tried to make my UK HSBC account a joint account for the same reason 6-7 years ago and HSBC said I and my wife had to attend in person to do that. I'll never be going back to the UK again, so I'm still in a similar predicament as the OP.

[Mutt Daeng]

21 hours ago, Pumpuynarak said:

The problem i have is my account with HSBC is registered with my son's UK address as i live in fear of HSBC closing my account if they become aware of my Thailand residency.

 

You are correct in saying if i can make the account a joint account then that would overcome the problem but we would both no doubt have to visit the UK to action and as i previously said "i fear HSBC would close the account as i'm no longer resident in the UK"

AFAIK there are currently no plans for HSBC to close non-UK residents accounts. I registered my Thai address with HSBC over 10 years ago and have been using the account as normal since then. New debit/credit cards are sent to my Thai address (I don't have a UK address).

[Pumpuynarak]

2 hours ago, Mutt Daeng said:

AFAIK there are currently no plans for HSBC to close non-UK residents accounts. I registered my Thai address with HSBC over 10 years ago and have been using the account as normal since then. New debit/credit cards are sent to my Thai address (I don't have a UK address).

Thanks for your post, very pleasing to hear. Really surprised they allow you to continue with a credit card here in Thailand.

[Chivas]

20 hours ago, Sparktrader said:

Simple solution - give her your online banking details. She can then transfer any money.

 

Unless you dont trust her.

 

 

At which point the entire estate will be frozen in the UK under probate the minute the timed transfers exceed time of death

The wife and executors will be tied up for years and at £250 an hour for solicitors the money burns quickly here in UK

 

If shes not bothered and the OP isnt I agree you could certainly do it

[scubascuba3]

Due to the headache trying to organise the account after death maybe easier to send your pensions directly to your thai account.

 

What happens to your pensions after death? that's probably more tricky

[Sparktrader]

20 minutes ago, Chivas said:

At which point the entire estate will be frozen in the UK under probate the minute the timed transfers exceed time of death

The wife and executors will be tied up for years and at £250 an hour for solicitors the money burns quickly here in UK

 

If shes not bothered and the OP isnt I agree you could certainly do it

Not if she us executor of will.

[Chivas]

7 hours ago, Sparktrader said:

Not if she us executor of will.

Dear oh dear. Dont give up the day job

Clearly you have no idea of the process and again Thaivisa/Asean actually put themselves on the line with this type of financial "advice"

[lungbing]

Who is going to tell your UK bank that you are dead?  And I'm sure probate applies only if your estate is over a certain value.  After the final pension payment has gone in the new widow transfers the money from the UK bank to the  Thai bank, perhaps leaving a fiver in, and then never uses that account again.

[Lacessit]

On 7/20/2022 at 9:53 AM, Pumpuynarak said:

Yes that would do the job but wifey and i live in Thailand and i would imagine doing a will in the UK would involve us going to the UK to set up not to mention wifey having to deal with the UK solicitors from Thailand when i pop me clogs. I suppose i could make my son the executor and he could sort out for wifey.

Another issue is the time it would take my son to sort out as i would like wifey to have immediate access to the monies.

I revised my Australian will in Thailand by contacting a solicitor in Australia via email, then setting up a ZOOM video meeting with her. Most solicitors now have ZOOM meeting software, it's easy to download from the internet. How else would lawyers have survived during the pandemic?

The will was sent to me by post for signing in front of two Thai witnesses, and I returned it to the solicitor for safe-keeping after making a copy.

[Mac Mickmanus]

On 7/20/2022 at 2:30 AM, Pumpuynarak said:

now when i die how does my wife get access to any monies in the account ?

Why not ask her..................shes probably already worked out how to do it ?

????

[Sparktrader]

15 hours ago, Chivas said:

Dear oh dear. Dont give up the day job

Clearly you have no idea of the process and again Thaivisa/Asean actually put themselves on the line with this type of financial "advice"

For starters executors can access funds for hospital and funeral bills. Secondly banks dont know who is dead unless told.

 

Clearly you have never been one.

 

Make her sole executor and beneficiary. Give her passwords and details. 

 

Also probate applies in the area of death and funds in that country.

 

 

[Sparktrader]

14 hours ago, lungbing said:

Who is going to tell your UK bank that you are dead?  And I'm sure probate applies only if your estate is over a certain value.  After the final pension payment has gone in the new widow transfers the money from the UK bank to the  Thai bank, perhaps leaving a fiver in, and then never uses that account again.

Yes normally limits on probate. Was 50k in my case.

 

Can google it. Wills are easy too. 

[lungbing]

If you make your wife the sole beneficiary and sole executor to your will make sure she is not a witness to your signature as that would invalidate the will.

[Delight]

On 7/21/2022 at 10:09 PM, lungbing said:

Who is going to tell your UK bank that you are dead?  And I'm sure probate applies only if your estate is over a certain value.  After the final pension payment has gone in the new widow transfers the money from the UK bank to the  Thai bank, perhaps leaving a fiver in, and then never uses that account again.

 I suspect that withdrawing   income post his demise could be illegal.

Not making the account 'joint' will inhibit that process.

The incomes  are  for him -not the widow.--unless special provisions have been made.

That said she will never be prosecuted from the UK end. 

Convincing his  UK income providers that he has passed-could prove difficult.

I have the same issue.

The easy one is the UK state pension. The British Embassy based in Bangkok will sort out his UK pension. As for the rest-maybe that could follow through and his bank will freeze any withdrawals which his bank can clearly define as income.

 

Suggest that any other monies which are not regular income relate -are transferred to Thailand.

When you die -so do your pensions!

Edited July 24, 2022 by Delight
added detail

[Sparktrader]

On 7/22/2022 at 10:41 PM, lungbing said:

If you make your wife the sole beneficiary and sole executor to your will make sure she is not a witness to your signature as that would invalidate the will.

Witness needs to be jp or lawyer.

[MrMuddle]

1 hour ago, Delight said:

 I suspect that withdrawing   income post his demise could be illegal.

Not making the account 'joint' will inhibit that process.

The incomes  are  for him -not the widow.--unless special provisions have been made.

That said she will never be prosecuted from the UK end. 

Convincing his  UK income providers that he has passed-could prove difficult.

I have the same issue.

The easy one is the UK state pension. The British Embassy based in Bangkok will sort out his UK pension. As for the rest-maybe that could follow through and his bank will freeze any withdrawals which his bank can clearly define as income.

 

Suggest that any other monies which are not regular income relate -are transferred to Thailand.

When you die -so do your pensions!

Not always, my company pension pays 50% to my wife, after my death.

[hotandsticky]

On 7/20/2022 at 10:01 AM, Pumpuynarak said:

The problem i have is my account with HSBC is registered with my son's UK address as i live in fear of HSBC closing my account if they become aware of my Thailand residency.

 

You are correct in saying if i can make the account a joint account then that would overcome the problem but we would both no doubt have to visit the UK to action and as i previously said "i fear HSBC would close the account as i'm no longer resident in the UK"

You will not be able to make the account a joint account........period.

[hotandsticky]

On 7/22/2022 at 12:30 PM, Sparktrader said:

For starters executors can access funds for hospital and funeral bills. Secondly banks dont know who is dead unless told.

 

Clearly you have never been one.

 

Make her sole executor and beneficiary. Give her passwords and details. 

 

Also probate applies in the area of death and funds in that country.

 

 

 

 

Illegal.

 

 

 

But practical.

[hotandsticky]

On 7/21/2022 at 12:57 PM, scubascuba3 said:

Due to the headache trying to organise the account after death maybe easier to send your pensions directly to your thai account.

 

 

Good answer

 

What happens to your pensions after death? that's probably more tricky

 

Not if you have communicated with the pension trustees and completed a beneficiary nomination form.

 

Tricky is getting someone to help after death as the process will be beyond 99% of Thai wives.

[hotandsticky]

On 7/20/2022 at 10:24 AM, Liverpool Lou said:

 

A will for your UK bank assets can be self-written, properly witnessed and sent to someone, (eg., bank, solicitor, executor, family) for safekeeping.  You do not have to in the UK to do that.

 

Will templates are available for download online or the will can be written on plain paper. 

That will work with a UK (family) executor.

[hotandsticky]

2 hours ago, Delight said:

  

The easy one is the UK state pension. The British Embassy based in Bangkok will sort out his UK pension. As for the rest-maybe that could follow through and his bank will freeze any withdrawals which his bank can clearly define as income.

 

 

No need to contact the embassy, just advise DWP. It stops, end of story.