Anyone use a POD (pay on death) form with their Thai bank?

[giddyup]

3 minutes ago, jacko45k said:

The police would know and I suspect they would act to have accounts locked. 

How would the police know, by checking every bank in Thailand? I very much doubt if police check every deceased persons account to see whether it's a joint account and freeze it if it is. Makes no sense.

[jacko45k]

8 minutes ago, giddyup said:

How would the police know, by checking every bank in Thailand? I very much doubt if police check every deceased persons account to see whether it's a joint account and freeze it if it is. Makes no sense.

Well immigration ( a division of the police) can supply that information for those on say retirement extensions. They can also go through the belongings. I had a  pal die in hospital and the police were round 'securing his belongings' in short order.  

[Sheryl]

12 hours ago, crazykopite said:

I can confirm trying to get money from a deceased bank account in Thailand is an absolute nightmare even if like me you are named in the Thai will as the executer of the deceased estate lawyers have to be used along with the court’s approval which becomes expensive 

Can you give an idea of exactly how expensive?

[hotandsticky]

32 minutes ago, jacko45k said:

The police would know and I suspect they would act to have accounts locked. 

 

 

That is incorrect.

[thailand49]

4 hours ago, giddyup said:

Thanks, that would solve the problem of my partner not being to access the 800K I use for Immigration. Just transfer that money into our joint account which has much more than the 1.6 mill needed. Question is, when would be the right time to do it without causing Immigration problems?

Not every office immigration from what I understand will allow you to use a joint account you need to personally check.

 

To be safe if your location allows if it was me I most likely do this. Your 800,000 is now in your name let say you renew on 20/1 let 3 month past 20/4 now go to your bank add your wife to that account topping off 1.6

 

Or, if Im correct you mentioned already have a joint confirm your immigration location a joint book can be used if so when time update book and obtain a letter for that joint as a backup also update your book and letter for 800,000 account submit Joint book with application.

 

If successful now transfer your 800,000 close account into your joint. 

Does that help.

[giddyup]

46 minutes ago, thailand49 said:

Not every office immigration from what I understand will allow you to use a joint account you need to personally check.

 

To be safe if your location allows if it was me I most likely do this. Your 800,000 is now in your name let say you renew on 20/1 let 3 month past 20/4 now go to your bank add your wife to that account topping off 1.6

 

Or, if Im correct you mentioned already have a joint confirm your immigration location a joint book can be used if so when time update book and obtain a letter for that joint as a backup also update your book and letter for 800,000 account submit Joint book with application.

 

If successful now transfer your 800,000 close account into your joint. 

Does that help.

Yes, thanks. Sounds like a good solution if Immigration happy to accept joint account.

[sometime]

On 12/12/2024 at 9:23 AM, chiang mai said:

Instead of a joint account, consider opening an "either/or" account which can be transacted upon independently and should give survivor benefits to the other person. There's probably not much you can do about the 800k account because most banks these days do require probate.

Thats what our bank book say for the joint account at SCB "either/or"

[digger70]

23 hours ago, Sheryl said:

Do you have a (non AI) link for this? As these banks have told me differently i.r. no POD provision for Thai Bank accounts.

 

I have a Thai will specifically for this reason. 

Sorry  I don't , this is the only thing that I could find . 

I will see my bank early next year and try to find out for sure.

[Sheryl]

16 minutes ago, digger70 said:

Sorry  I don't , this is the only thing that I could find . 

I will see my bank early next year and try to find out for sure.

Answer will be no. I have explored this many times.

 

That AI "answer" just combined a listing of  Thai banks with generic explanation of what POD designation is.

 

 

 

[RocketDog]

On 12/12/2024 at 3:21 PM, prakhonchai nick said:

Why close it? Just leave 20bt in and it will lapse in time

Exactly my point.

[redwood1]

On 12/12/2024 at 9:17 AM, Denim said:

 

You had better check on that with your bank, My bank told me that after death any joint account is locked until completion of probate.

 

They also said that if my wife had my ATM card she could use that to withdraw the money providing they had not been notified of my death. I pointed out the illegality of this and they all just laughed. So, my solution is to keep a large part of the available money in a safe at home.

 

 

 

So, my solution is to keep a large part of the available money in a safe at home.

 

 

So whats your address again?

[Denim]

2 hours ago, redwood1 said:

 

So, my solution is to keep a large part of the available money in a safe at home.

 

 

So whats your address again?

 

I gave it already on the previous page

[john donson]

On 12/12/2024 at 8:55 AM, giddyup said:

Looking online I believe there is a POD form available, at least with SCB. I have two bank accounts with SCB, a joint account with my partner and a fixed deposit for the 800K for immigration purposes. The joint account is no problem because the surviving partner automatically gets the balance of that account, but if the fixed deposit account could be automatically transferred to the remaining account holder, in this case my partner, it would solve the problem of having to go through probate or whatever is necessary for her to get the 800K.

 

get married and only need 400k and she will get the remaining on your death after the paper work

[chiang mai]

Some members may not have understood the terms and conditions, within which there are two sets of circumstances:

 

 if any of the co-Depositors dies, the other surviving co-Depositor(s) shall have the right to withdraw the money from the joint account, either in full or in part.

 

But then:

 

If the Bank has been informed of the death of any coDepositor, the Bank may not pay the other surviving co-Depositor(s). The other surviving co-Depositor(s), together with the administrator of the estate or the deceased’s heirs (as the case may be), shall withdraw the money or close the account, unless the Bank deems otherwise.

[mudcat]

Since I received my LTR-WP visa my solution is to leave almost nothing in my single Thai bank account and rely on my direct deposit of Social Security benefit for living expenses.  I do make sure that I maintain my  balance a bit over my ordinary benefit amount so Social Security can claw back their ounce of flesh (see https://www.usa.gov/social-security-report-a-death). 

 

Real assets stay in the U.S. where they are in our joint checking account and my TOD brokerage account with my wife as named as beneficiary (inheritances pass tax free to my dual U.S. Thai national wife  - see below).

My Roth IRA (or any IRA) requires a spouse to sign paperwork designating how she wishes to inherit - in our case it will be lump sum distribution.  Note that a non-U.S. national beneficiary will have a more difficult process including 30% U.S. tax withholding.   

 

I direct my pension income into my U.S. checking account where it gets used to pay Visa bills and regular monthly contributions to my brokerage account of which I am sole owner so it can pass to her without taxes.

 

Any inheritance is documented by the brokerage account's beneficiary statement (controlling) and U.S. will (supporting).

 

Transfers to my wife after my death to my wire go by wire and include a 'succinct' memo such as ours

Inheritance from Spouse, ***. Tax Exempt under Inheritance Tax Act Section 3.2 and Thai Revenue Code Section 42.10.

 

 

Inheritances from a spouse are exempt from taxes under the INHERITANCE TAX ACT, B.E. 2558 (2015):

Section 3: This Act shall not apply to:

(2) an inheritance received from a deceased person by the spouse of the deceased person.

 

Transfer of your inheritances to a Thai bank account. The Roth IRA and Brokerage account you inherit from me and transfer to either of your Bangkok Bank account(s) is also exempt from income tax:

Thai Revenue Code Chapter 3, Section 42: 

The assessable income of the following categories shall be exempt for the purpose of income tax calculation:

(10) Income derived from an inheritance

[Liverpool Lou]

On 12/12/2024 at 9:36 AM, KannikaP said:

I think this thread can be closed now.

You're in charge now?

[KannikaP]

5 minutes ago, Liverpool Lou said:

You're in charge now?

No. But the OP s question has been answered early on, saying there is no POD available in Thai banks. Followed by many off topic answers.

I said that 'I think it CAN be' not 'I am going to close the thread.' 

[Liverpool Lou]

On 12/12/2024 at 12:50 PM, ericbj said:

What exactly is an "either/or account"?

He was referring to a sole account with an additional signatory.  

[chiang mai]

5 minutes ago, Liverpool Lou said:

He was referring to a sole account with an additional signatory.  

No I was not!

 

As explained previously, an "either/or" account is effectively two separate accounts, both bearing the same account number and book. The account must be applied for by each party completing an application form in full. Both parties have ownership of the account but responsibility for tax is assigned to just one party at the outset. Bothe parties may operate the account independently of the other, except if the account is closed when both parties must sign.

 

What you described is a third party having withdrawal privileges on an account but they have no ownership rights to the account.

[Liverpool Lou]

On 12/13/2024 at 7:32 AM, giddyup said:

On 12/13/2024 at 7:25 AM, jacko45k said:

The police would know and I suspect they would act to have accounts locked. 

How would the police know, by checking every bank in Thailand?

Very easy, documents of the deceased, perhaps, ATM cards in the possession of the deceased, bank passbook?   Police have to be informed of the death of a foreigner in Thailand and do not think that they would not visit the persons home/address.

[Liverpool Lou]

17 minutes ago, KannikaP said:

21 minutes ago, Liverpool Lou said:

You're in charge now?

No. But the OP s question has been answered early on,

Yet you continued to post on the thread after you announced that you thought it should be closed!

[KannikaP]

1 minute ago, Liverpool Lou said:

Yet you continued to post on the thread after you announced that you thought it should be closed!

OK, sorry. I will not do it again. Good morning.

[Liverpool Lou]

5 minutes ago, chiang mai said:

14 minutes ago, Liverpool Lou said:

He was referring to a sole account with an additional signatory.  

No I was not!

 

As explained previously, an "either/or" account is effectively two separate accounts,

Apologies if I misinterpreted your post.  A sole account can be either/or signatories, also.

[Liverpool Lou]

7 minutes ago, chiang mai said:

What you described is a third party having withdrawal privileges on an account but they have no ownership rights to the account.

I know.

[Liverpool Lou]

1 minute ago, KannikaP said:

3 minutes ago, Liverpool Lou said:

Yet you continued to post on the thread after you announced that you thought it should be closed!

OK, sorry. I will not do it again. Good morning.

That's more like it!  Good morning to you too.

[chiang mai]

1 minute ago, Liverpool Lou said:

Apologies if I misinterpreted your post.  A sole account can be either/or signatories, also.

A sole account, by definition, is only ever a single signature. The fact the account holder adds a second signer doesn't change that. A sole account that required two signatures would not be permitted since it would no longer be a sole account. 

[giddyup]

13 minutes ago, Liverpool Lou said:

Very easy, documents of the deceased, perhaps, ATM cards in the possession of the deceased, bank passbook?   Police have to be informed of the death of a foreigner in Thailand and do not think that they would not visit the persons home/address.

Simple enough to make sure things like bankbooks aren't left lying around for police to find.  I doubt very much if it's in the police's role to be confiscating bankbooks and advising banks to freeze accounts.

[couchpotato]

36 minutes ago, chiang mai said:

No I was not!

 

As explained previously, an "either/or" account is effectively two separate accounts, both bearing the same account number and book. The account must be applied for by each party completing an application form in full. Both parties have ownership of the account but responsibility for tax is assigned to just one party at the outset. Bothe parties may operate the account independently of the other, except if the account is closed when both parties must sign.

 

What you described is a third party having withdrawal privileges on an account but they have no ownership rights to the account.

A man who understands..excellent post, and hope others understand now.