How to register a heir/next of kin with bank

[billd766]

  On 7/16/2024 at 7:11 AM, Liverpool Lou said:

What you have to bear in mind is that the bank manager is not the horses mouth (even though he may act as if he is), administration/probate is...even in Thailand.  

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Thank you for your unwanted advice.

 

However I prefer to do things my way. If it doesn't work. it will be of no consequence to me as I will be dead anyway.

[Mike Lister]

  On 7/16/2024 at 7:03 AM, digbeth said:

 

or at least give them a list of accounts under the deceased name, which branch informally of course, normally they don't give out information like that, 

it's required in the letter presented to the judge to start to proceed the probate/ estate manage hearing that it's written that the widow try to withdrew funds etc from the accounts and was denied.... 

 

If you're both known to the bank manager a pre-signed withdrawal slip and copy of your ID might be accepted with signed power of attorney (usually on the back of withdrawal slip) 

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Power of attorney expires on death hence is not valid.

 

In days not that long ago, Mrs Somachai in Nakon Nowhere wouldn't have the 20k baht needed to process Mr Somchai's will through probate court and bank staff knew this because they were part of the community. It was sufficient for Mrs Somchai to take a copy of Mr Somchai's Amphur will to the branch and the manager would make it all happen. I don't doubt that still happens in many places nationwide, despite the process not being up to legal process par. But in a country where illegal short cuts are SOP, this one is no biggee, unless head office as something to say.....if they ever find out that is.

[digbeth]

  On 7/16/2024 at 7:23 AM, Mike Lister said:

Power of attorney expires on death hence is not valid.

 

In days not that long ago, Mrs Somachai in Nakon Nowhere wouldn't have the 20k baht needed to process Mr Somchai's will through probate court and bank staff knew this because they were part of the community. It was sufficient for Mrs Somchai to take a copy of Mr Somchai's Amphur will to the branch and the manager would make it all happen. I don't doubt that still happens in many places nationwide, despite the process not being up to legal process par. But in a country where illegal short cuts are SOP, this one is no biggee, unless head office as something to say.....if they ever find out that is.

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A 'friendly' branch manager would of course advise Mrs Somchai that she didn't tell them Mr has died and to make the withdrawal using the POA, or not look too closely at the signature on the slip

 

By the Way, being appointed estate executioner (probate) is free at the prosecutor's office, but there's a lengthy queue and it helps that the widow /son is somewhat literate and able to sort through the relevant documents themselves 

[jerrymahoney]

The only thing in Thailand that equates what is called a "Payable upon death" account in the USofA is a Thai life insurance policy.

[Purdey]

  On 7/16/2024 at 7:11 AM, Liverpool Lou said:

What you have to bear in mind is that the bank manager is not the horses mouth (even though he may act as if he is), administration/probate is...even in Thailand.  

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I agree, but if officially stamped government documents are not accepted, what is?

[BKKKevin]

Not to hijack the thread but can one list  their Thai spouse as a Payable On Death  beneficiary on a US bank account?... It always seems to require a social security number of the beneficiary...

[In Full Agreement]

  On 7/15/2024 at 2:37 PM, Mike Lister said:

  On 7/15/2024 at 2:35 PM, nicelee808 said:

 

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You need to write a Thai will and give a copy to your bank, there is no next of kin option here without one.

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100% correct, Mike.      When I inquired about this I pointed out to the bank people it represented a disservice to the bank's customers to require a will and probate just to pass on one's money in Thailand.

 

Generally, I'd say Thailand's banking system isn't really customer friendly.

 

 

[jerrymahoney]

  On 7/16/2024 at 7:58 AM, BKKKevin said:

Not to hijack the thread but can one list  their Thai spouse as a Payable On Death  beneficiary on a US bank account?... It always seems to require a social security number of the beneficiary...

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The only US account I have where that is doable is an IRA account.

 

I have a modest Thai life insurance account to get cash into my wife's hands as easily and quickly as possible. No probate required.

[Liverpool Lou]

  On 7/16/2024 at 7:50 AM, Purdey said:

  On 7/16/2024 at 7:11 AM, Liverpool Lou said:

What you have to bear in mind is that the bank manager is not the horses mouth (even though he may act as if he is), administration/probate is...even in Thailand.  

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I agree, but if officially stamped government documents are not accepted, what is?

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Administration/probate, from the court, that's what.    What is it about a will that you seem to be suggesting is an "officially stamped government document"?

[Liverpool Lou]

  On 7/16/2024 at 7:20 AM, billd766 said:

  On 7/16/2024 at 7:11 AM, Liverpool Lou said:

What you have to bear in mind is that the bank manager is not the horses mouth (even though he may act as if he is), administration/probate is...even in Thailand.  

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Thank you for your unwanted advice.

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You asked for advice on a public forum, so, if you specifically wanted no advice from me, or advice that only fitted your way of thinking, perhaps you should have made that clear.   Here's some more advice that you clearly need but don't want, all the information that I have posted here is accurate but if you prefer to rely on incorrect information, fill yer boots. 

[Liverpool Lou]

  On 7/16/2024 at 8:00 AM, In Full Agreement said:

When I inquired about this I pointed out to the bank people it represented a disservice to the bank's customers to require a will and probate just to pass on one's money in Thailand.

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It would be an even bigger disservice to pass on a deceased's money to the wrong person.  

[couchpotato]

  On 7/15/2024 at 2:37 PM, Mike Lister said:

You need to write a Thai will and give a copy to your bank, there is no next of kin option here without one.

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No use giving it to the Bank. They cannot act on it directly. Must go thru the Court first for probate on the Will.

[couchpotato]

  On 7/15/2024 at 9:10 PM, Mike Lister said:

Yes sure, you don't have to, but it helps because it lets the manager see intent.

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Managers change frequently, branches close frequently, plus Banks do not have the capacity to hold a Will for somebody. 

[couchpotato]

  On 7/16/2024 at 5:38 AM, billd766 said:

But that will take time. My wife will probably need money quickly for my cremation etc.

 

Doing it the way that Mike lister suggests will cut that time down, especially as all the household bills are done through the joint account. They will take time to transfer.

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Only way she will get money quickly is if you have a "either/or" Joint account, which she can legally use upon your demise.

[couchpotato]

  On 7/16/2024 at 6:14 AM, Purdey said:

Banks will do whatever is written in a legal Thai will. Best to leave it with the local District office. They will confirm it is your legal will later.

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That is a very confusing statement...

[couchpotato]

  On 7/16/2024 at 8:00 AM, In Full Agreement said:

 

 

 

100% correct, Mike.      When I inquired about this I pointed out to the bank people it represented a disservice to the bank's customers to require a will and probate just to pass on one's money in Thailand.

 

Generally, I'd say Thailand's banking system isn't really customer friendly.

 

 

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And I'm sure they listened to you, and now things will change in the future.😏

[digbeth]

  On 7/16/2024 at 8:00 AM, In Full Agreement said:

100% correct, Mike.      When I inquired about this I pointed out to the bank people it represented a disservice to the bank's customers to require a will and probate just to pass on one's money in Thailand.

 

Generally, I'd say Thailand's banking system isn't really customer friendly.

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If the bank just pays out to whomever turns up with a will, how could the bank verify that the will is the most up to date and hasn't been invalidated by newer will? or should there be a next of kin option, how would the bank ensures that the deceased hasn't been taken advantaged of and a relative/mistress took them to change the benefiting next of kin on file to circumvent probate

 

yes it from the perspective of a loner with just a thai wife it's overcomplicated, but for thais with substantial assets to require probate, most of the time it'll get ugly, and it's better sorted in the court

[Mike Lister]

  On 7/17/2024 at 12:23 AM, digbeth said:

 

If the bank just pays out to whomever turns up with a will, how could the bank verify that the will is the most up to date and hasn't been invalidated by newer will? or should there be a next of kin option, how would the bank ensures that the deceased hasn't been taken advantaged of and a relative/mistress took them to change the benefiting next of kin on file to circumvent probate

 

yes it from the perspective of a loner with just a thai wife it's overcomplicated, but for thais with substantial assets to require probate, most of the time it'll get ugly, and it's better sorted in the court

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I agree that it is. The big problem is that poor rural families may have problems waiting for probate and the cost of it also. This problem starts to subside as more people begin to do what many foreigner's do as they age, transfer assets into the beneficiary's name, in advance. I don't know what others do or have done in this respect but I've been reducing my own assets every year in favor of my wife's account, typically via an either/or account but sometimes as cash gifts. 

[Purdey]

  On 7/16/2024 at 3:30 PM, Liverpool Lou said:

Administration/probate, from the court, that's what.    What is it about a will that you seem to be suggesting is an "officially stamped government document"?

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Of course, you're right. Another document required in every country is the probate. Sorry, slipped my mind.

[Raindancer]

  On 7/15/2024 at 2:35 PM, nicelee808 said:

Does anyone know what I can do to ensure any money in any bank accounts is given to the right person if something happened to me?

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PM sent.

[hotandsticky]

  On 7/15/2024 at 9:09 PM, Mike Lister said:

The will is superfluous with an "either or" account, since despite being joined, the account is actually two separate ones any way. But participants in a joint account will find the lodgement of a will helpful when one of them passes. This is because technically, a joint account should be closed at that point, despite one of the parties still  being alive, the existence of the will shows intent and may be sufficient to allow continued access to the account. But the law, technically speaking, says that such accounts should go through probate, regardless hence this is in one of those areas where local tradition and custom comes into play.

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A Will does not become effective until Probate has been obtained.

[Mike Lister]

  On 7/17/2024 at 1:10 AM, hotandsticky said:

 

 

A Will does not become effective until Probate has been obtained.

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I think what you mean to write is that the Will does not become legally binding until after probate, to which I agree.

[KannikaP]

  On 7/15/2024 at 3:39 PM, nicelee808 said:

How do I do a will here

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There are templates available online for both Thai and English wills.

[hotandsticky]

  On 7/17/2024 at 1:14 AM, Mike Lister said:

I think what you mean to write is that the Will does not become legally binding until after probate, to which I agree.

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Same same.

 

My point is that I see no point in giving a bank your Will (I doubt that they would want it) - it cannot act on it until a court has granted Probate.

[In Full Agreement]

  On 7/16/2024 at 5:15 PM, couchpotato said:

And I'm sure they listened to you, and now things will change in the future.😏

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Now you're just being silly, couch.  Are you afraid to politely express your opinion to a bank or some  other such organization?

 

[Liverpool Lou]

  On 7/17/2024 at 1:10 AM, hotandsticky said:

 

 

A Will does not become effective until Probate has been obtained.

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Well said.  

[Liverpool Lou]

  On 7/17/2024 at 2:55 AM, hotandsticky said:

Same same.

 

My point is that I see no point in giving a bank your Will (I doubt that they would want it) - it cannot act on it until a court has granted Probate.

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"Same same."

Yes, that is what you were saying, just the same, different words.

 

"...no point in giving a bank your Will (I doubt that they would want it) - it cannot act on it until a court has granted Probate".

Absolutely, even though some posters claim that some bank staff will act illegally and take it upon themselves to distribute deceased customers' funds so "it must be ok" and they prefer to rely on that 100% incorrect information.

[Liverpool Lou]

  On 7/17/2024 at 12:34 AM, Mike Lister said:

The big problem is that poor rural families may have problems waiting for probate and the cost of it also.

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Poor rural families will rarely be faced with the issue of substantial willed inheritances from a similarly poor family member but those who are do not have to pay the probate costs up front, the executor settles that expense from the deceased estate prior to distribution of the remaining assets.

[jwest10]

  On 7/15/2024 at 9:04 PM, SAFETY FIRST said:

No need to give to your bank, just write your will. 

 

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Yes, like properties and split say between  2 linked families with differing surnames or nicknames and was told by a lawyer that NY wishes are too complicated and yes our families agreed but in regards to the bank the ex-pat has 800K in the bank account and yes think distant cousins and thieves can make a claim and has to go to Probate.
Yes can write wishes and have done before but even if there is a will and that is not just in Thailand people can query a will through the courts.
Write one out expressing your wishes but in any case, one would not know whether your wishes would be carried out or not and yes true to life everyone fighting for what they can get.

In any case, a will made my Late Mum via a solicitor in the UK left one of her children out of the will but some people do the right thing and transfered from me to her.

 

 

[Hugh Jarse]

  On 7/16/2024 at 5:38 AM, billd766 said:

But that will take time. My wife will probably need money quickly for my cremation etc.

 

Doing it the way that Mike lister suggests will cut that time down, especially as all the household bills are done through the joint account. They will take time to transfer.

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  On 7/16/2024 at 7:11 AM, Liverpool Lou said:

What you have to bear in mind is that the bank manager is not the horses mouth (even though he may act as if he is), administration/probate is...even in Thailand.  

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Why not OpenAI joint bank account with the beneficiary named?