How to safeguard your loved ones if you have an unexpected health issue

[Startmeup]

Whats steps have people put in place to make sure loved ones are taken care of if something unfortunate was to happen where you become debilitated? 

This is outside my circle of competence but expect its something the folks on here would have ideas on.

Im thinking - 

 

Having a will, across jurisdictions perhaps, is a will the first action to take? 
Possibly death/disabilty insurance

Leaving "break glass if emergency" paperwork/access to accounts for significant other 

 

 

[Srikcir]

13 hours ago, Startmeup said:

Having a will, across jurisdictions perhaps, is a will the first action to take? 

Often overlooked is a Power of Attorney that can take effect while still "alive," especially if there's no other legal representative such as a spouse or guardian. A will takes effect after death.

[GreasyFingers]

Most of my money is going into my wife's account to take care of the problems. I have a will leaving everything (in Thailand) to her but she might need to pay my medical expenses if I am incapacitated, or if I die she will need money to live on until probate is granted on the will.

[Chris Daley]

I have no loved ones.  Girlfriend will use my phone and use the bank app to transfer my savings to her account.  They will rake my ashes looking for gold teeth.  Then its done.

 

 

[msbkk]

6 minutes ago, Chris Daley said:

I have no loved ones.  Girlfriend will use my phone and use the bank app to transfer my savings to her account.  They will rake my ashes looking for gold teeth.  Then its done.

 

 

Your girlfriend will be in trouble for that. If a person dies nobody can legally transfer and use money of a deceased person. A will is required and correct procedures must be followed.

[Startmeup]

On 6/18/2024 at 7:22 AM, Srikcir said:

Often overlooked is a Power of Attorney that can take effect while still "alive," especially if there's no other legal representative such as a spouse or guardian. A will takes effect after death.

You can nominate a power of attorney for a time you are incapacitated with the purpose of directing money to people you have pre-arranged to make decisions in your best interest? 

 

 

On 6/18/2024 at 9:03 AM, GreasyFingers said:

Most of my money is going into my wife's account to take care of the problems. I have a will leaving everything (in Thailand) to her but she might need to pay my medical expenses if I am incapacitated, or if I die she will need money to live on until probate is granted on the will.

Do you have a will in another jurisdiction for assets abroad?
How do you intend to give her access to money if you become incapacitated?

 

 

On 6/18/2024 at 10:36 PM, Chris Daley said:

I have no loved ones.

Any regrets? 



 

[GreasyFingers]

1 hour ago, Startmeup said:

Do you have a will in another jurisdiction for assets abroad?
How do you intend to give her access to money if you become incapacitated?

Yes, covered by a separate will that she is a beneficiary.

The money is in her account that she can access when she needs. My money for immigration purposes is coved by my Thai will that she is the administrator and will be available after probate.

[Gottfrid]

On 6/18/2024 at 9:43 PM, msbkk said:

Your girlfriend will be in trouble for that. If a person dies nobody can legally transfer and use money of a deceased person. A will is required and correct procedures must be followed.

Yes, that is if someone makes a complaint. He just said he do not have any loved ones, so nobody more than GF knows about the account. In Thailand they never investigate something without a complain, and hardly then.

[TimBKK]

On 6/17/2024 at 4:55 PM, Startmeup said:

Whats steps have people put in place to make sure loved ones are taken care of if something unfortunate was to happen where you become debilitated? 

This is outside my circle of competence but expect its something the folks on here would have ideas on.

Im thinking - 

 

Having a will, across jurisdictions perhaps, is a will the first action to take? 
Possibly death/disabilty insurance

Leaving "break glass if emergency" paperwork/access to accounts for significant other 

 

 

First thing that came to mind, for whatever reason, is having beneficiaries established for bank/brokerage/retirement accounts.

[Srikcir]

3 hours ago, Startmeup said:

You can nominate a power of attorney for a time you are incapacitated with the purpose of directing money to people you have pre-arranged to make decisions in your best interest? 

In general (I am not an attorney nor familiar with Thai law) what you need is a "durable POA" vs, a "General POA." A durable POA doesn’t become null and void if you become incapacitated. The document you signed is still valid, and the court cannot appoint a legal guardian to override the POA.

• Must be in writing
• Must be signed and notarized
• Must name a specific person to act on your behalf
• Must state how you want matters handled. For example, you should include language for what happens with the POA if you become incapacitated