Idea To Help Pattaya Children's Orphanage

[philliphn]

I have been interested upon my retirment in buying a place to live in Pattaya.

I have read alot about what is legal and the possible pitfalls.

I have heard that if you make a Thai person, trusted friend, or wife, a beneficiary, in a Usufruct arrangement, that if things go wrong, you may be worth more dead to that person than alive. In fact I have heard of several trajadies recently where this has in fact happened. The Farang then some how ends up deceased.

I have just thought of a way out of that predicament.

What you do is that you buy the property in the name of the Pattaya Children's Orphanage. They then sign a Usufruct agreement. A Usufruct give you the use of the property for your life time. When you die the Orphanage gets the property.

What do you think about this idea?

[Irene]

Nice thought! But you need the consent of the Orphanage to go along with your route and also the integrity of the administrators of that Orphanage. The usufruct agreement has to be registered with the Land Department just like a long-term lease agreement.

Personally, I would prefer a 30-year lease agreement with a renewal option of another 30 years with a corporation as a lessor.

[philliphn]

Nice thought! But you need the consent of the Orphanage to go along with your route and also the integrity of the administrators of that Orphanage. The usufruct agreement has to be registered with the Land Department just like a long-term lease agreement.

Personally, I would prefer a 30-year lease agreement with a renewal option of another 30 years with a corporation as a lessor.

I have been given to understand that the corporate route is now fraught with danger.

Also, that You can only lease for 30 years. The renewal of such a lease would be contingent on the original person or heirs of that person who leased it to you. I think you would be standing on the precipe with a blind fold to think that the person would renew your 30 year lease. As of this point in time no one knows of any one who has been able to renew a 30 year lease.

It goes with out saying that you would need the orphanages consent for such an arrangement.

[funfun]

I have been interested upon my retirment in buying a place to live in Pattaya.

I have read alot about what is legal and the possible pitfalls.

I have heard that if you make a Thai person, trusted friend, or wife, a beneficiary, in a Usufruct arrangement, that if things go wrong, you may be worth more dead to that person than alive. In fact I have heard of several trajadies recently where this has in fact happened. The Farang then some how ends up deceased.

I have just thought of a way out of that predicament.

What you do is that you buy the property in the name of the Pattaya Children's Orphanage. They then sign a Usufruct agreement. A Usufruct give you the use of the property for your life time. When you die the Orphanage gets the property.

What do you think about this idea?

Right now i see where ya comming from, you dont want to leave your estate to your wife/girl friend in case she burys the hatchet (in you) or maybe her thai lover does!!

ok so got that bit,

so your gonna leave it to 400 skint people and a cartaker instead!!!!

They way to go fella!

[philliphn]

I have been interested upon my retirment in buying a place to live in Pattaya.

I have read alot about what is legal and the possible pitfalls.

I have heard that if you make a Thai person, trusted friend, or wife, a beneficiary, in a Usufruct arrangement, that if things go wrong, you may be worth more dead to that person than alive. In fact I have heard of several trajadies recently where this has in fact happened. The Farang then some how ends up deceased.

I have just thought of a way out of that predicament.

What you do is that you buy the property in the name of the Pattaya Children's Orphanage. They then sign a Usufruct agreement. A Usufruct give you the use of the property for your life time. When you die the Orphanage gets the property.

What do you think about this idea?

Right now i see where ya comming from, you dont want to leave your estate to your wife/girl friend in case she burys the hatchet (in you) or maybe her thai lover does!!

ok so got that bit,

so your gonna leave it to 400 skint people and a cartaker instead!!!!

They way to go fella!

I myself have no Thai wife or steady girlfriend.

Obviously the Pattaya Children's orphanage would sell the property upon my death.

Some of us want to help the orphans!

[Irene]

Nice thought! But you need the consent of the Orphanage to go along with your route and also the integrity of the administrators of that Orphanage. The usufruct agreement has to be registered with the Land Department just like a long-term lease agreement.

Personally, I would prefer a 30-year lease agreement with a renewal option of another 30 years with a corporation as a lessor.

I have been given to understand that the corporate route is now fraught with danger.

Also, that You can only lease for 30 years. The renewal of such a lease would be contingent on the original person or heirs of that person who leased it to you. I think you would be standing on the precipe with a blind fold to think that the person would renew your 30 year lease. As of this point in time no one knows of any one who has been able to renew a 30 year lease.

It goes with out saying that you would need the orphanages consent for such an arrangement.

philliphn,

Yes, you are right on the certainty of 30 year absolute right and the renewal right is not cast-iron. The renewal right is a promise given by a lessor to a lessee. Hence, an individual lessor is most vulnerable to break of promise and/or due to death of the lessor.

In having a corporation as a lessor, there is no death in the corporation especially if you are also a less than 50% shareholders of this corporation. Liquidation of a corporation requires 75% votes of the shareholders. If there is a breach of the lease agreement on this renewal clause (which should be less likely if you are also a substantial shareholder), you can take the corporation to court for the court's order to the corporation to comply with the promise.

[Tammi]

I have been interested upon my retirment in buying a place to live in Pattaya.

I have read alot about what is legal and the possible pitfalls.

I have heard that if you make a Thai person, trusted friend, or wife, a beneficiary, in a Usufruct arrangement, that if things go wrong, you may be worth more dead to that person than alive. In fact I have heard of several trajadies recently where this has in fact happened. The Farang then some how ends up deceased.

I have just thought of a way out of that predicament.

What you do is that you buy the property in the name of the Pattaya Children's Orphanage. They then sign a Usufruct agreement. A Usufruct give you the use of the property for your life time. When you die the Orphanage gets the property.

What do you think about this idea?

I know of cases where farangs have willed their Thai estates to Thai companions and the farangs all died of natural causes or are in the process of doing so while being very well looked after.

I know of a case where farang has willed his Thai estate to the Orphanage.

So it seems you have heard of the bad news and I the good news.

[Chang_paarp]

I have been interested upon my retirment in buying a place to live in Pattaya.

I have read alot about what is legal and the possible pitfalls.

I have heard that if you make a Thai person, trusted friend, or wife, a beneficiary, in a Usufruct arrangement, that if things go wrong, you may be worth more dead to that person than alive. In fact I have heard of several trajadies recently where this has in fact happened. The Farang then some how ends up deceased.

I have just thought of a way out of that predicament.

What you do is that you buy the property in the name of the Pattaya Children's Orphanage. They then sign a Usufruct agreement. A Usufruct give you the use of the property for your life time. When you die the Orphanage gets the property.

What do you think about this idea?

I understand the concept, it is a long term donation to the orphanage. (or Mercy Mission) It has merit as you do not get the property in the long run any way. Not sure how the organisation would deal with the concept, most of them are looking for cash today to survive.

To get a better idea as to it's practicality you may want to ask this tread be transferred to real-estate / property sub forum. There you will get some informed opinion along with the editorial comments.