Creating a Savings Portfolio for Thai Wife

[gejohesch]

I have been living for nearly 20 years with a charming Thai woman. As I'm getting older (we all do!), I'm gradually getting concerned about the possibility that one day I will be gone, leaving her alone. She is 20 years younger than me, so that is quite a likely situation to happen some time in the future. I would like to find a way to put money away for her to secure her standards of living from that point in time onwards. Something like an in an investment or savings portfolio, say sthg in the order of 1-2 million THB, that she would know of but could only touch once I have disappeared.

 

Why am I asking? Because, as sweet and lovely she is, I still cannot trust her entirely. I would not want to give her the opportunity to cash out while I'm still alive, me not knowing, and who knows what she would do with the money, what sort of silly "project" she would use the money for, "project" that would miserably fail? Most people on this forum know the Thais sufficiently to understand what I'm talking about.

 

I'm aware that I could shop around the banks in Thailand and ask. However, if anyone in this forum could give me some appropriate advise, that would save me time and I would much appreciate it.

 

By "appropriate advise", I mean that please, abstain from unnecessary comments on my personal relationship with my wife. That's not what I need!

[scubascuba3]

Isn't that what a Will is for? keep things in your name, better to prepare a doc detailing accounts, investments, contacts etc, i know someone who prepared a folder for the wife for his death

[GypsyT]

I was going to recommend POD account but Thailand doesn't seem to have them? Maybe you check at your bank?

I have all US accounts like that.

"Thai Bank Accounts - P.O.D.?

While at the bank this morning, I asked the manager about changing the payable on death name on my account. He said they don’t have P.O.D. in Thailand. Admittedly, it has been many years since I opened those accounts so I may not be remembering correctly. The bank manager says it all has to go through the court system in Thailand for someone to collect the funds when someone passes away. Egads."

 

[G_Money]

16 minutes ago, GypsyT said:

I was going to recommend POD account but Thailand doesn't seem to have them? Maybe you check at your bank?

I have all US accounts like that.

"Thai Bank Accounts - P.O.D.?

While at the bank this morning, I asked the manager about changing the payable on death name on my account. He said they don’t have P.O.D. in Thailand. Admittedly, it has been many years since I opened those accounts so I may not be remembering correctly. The bank manager says it all has to go through the court system in Thailand for someone to collect the funds when someone passes away. Egads."

 

Correct . Thailand doesn’t have them.  A will or joint account is needed.

[G_Money]

OP,

 

I would recommend a Thai will.

 

Or a joint savings account but you maintain access until your demise.

 

Another consideration is the money in your account being available for the withdrawal as a lump sum.  Not a good idea IMO.

 
I would consult with a lawyer or the bank to consider the options of withdrawing a certain amount every month after you have passed.

 

Not to be condescending but realistic.

 

Chances are high that family and friends will be in contact with her for a loan or gift once the word is out she has a chunk of money available.  It could be depleted within a short amount of time due to Thai culture of helping everyone.

 

Limited monthly withdrawals would be a better option IMO.

 

 

[GypsyT]

41 minutes ago, G_Money said:

Or a joint savings account but you maintain access until your demise.

She can swipe funds out...

 

[Lacessit]

4 minutes ago, GypsyT said:

She can swipe funds out...

 

Only if she has possession of the bank book, if there is no debit card with it.

[Lacessit]

First step for the OP should be making a will.

 

Then a joint savings account, no cards, he retains possession of the bank book.

 

Alternatively, buy Thai gold bullion. Store in a Thai bank, access his signature only. Probate of his will about 6 months, then she can claim the gold.

 

I actually like the second option better, gold always appreciates in the long term.

[BigStar]

Seems to me that what the OP really wants is a trust she can't cash out soon as he's gone.

 

But no such thing in Thailand, evidently. And his proposed amount is too small for a foreign trust to be worthwhile.

 

In theory a lawyer or some other reliable person could serve as a kind of trustee in a joint account arrangement. But I've never heard of this being done. Obviously a risk.