Wills

[Lost in LOS]

Hi, I am not sure which section to put this in, I looked but not sure

 

Hi. I have a Thai Will that stipulates that when I die, my money will go to my sisters in the US. Talking with people and knowing how hard it is to get money to the States, I'd like to find anyone here who knows someone who died and whose money was sent to his heirs in a Western country. If so, how did they do it, or who did they use to do it? I don't want to leave that money here when I die. I have researched it to death but got different answers even from lawyers. thanks

[chiang mai]

Your Thai Will must go through Probate Court, the lawyer or Executor that is used for that purpose will be able to make the disbursements.

[KannikaP]

13 minutes ago, chiang mai said:

Your Thai Will must go through Probate Court, the lawyer or Executor that is used for that purpose will be able to make the disbursements.

And that, same as in UK, can take a long time and cost money. Why not start giving your benefactors some of it now so that when the time comes there will be little left. 

I am in the process of making my Thai bank account into a joint one so she can get the money legally as soon as I kick it,and am giving my sons in UK most of my UK savings and investments, with the stipulation that if I need some back, they will give it. 

I want to put my Immigration Deposit into an account with a 'hidden' name (my Mrs), so Mr IO cannot see that, but she can get it on my demise. Has anyone done that please?

I have made very simple wills, both Thai and UK, which indicate my wishes as and when the time comes, but if they already have access to the funds, no worries.

[Lost in LOS]

7 minutes ago, KannikaP said:

And that, like in UK, can take a long time and cost money. Why not start giving your benefactors some of it now so that when the time comes there will be little left. 

I am in the process of making my Thai bank account into a joint one so she can get the money legally as soon as I kick it,and am giving my sons in UK most of my UK savings and investments, with the stipulation that if I need some back, they will give it. 

I want to put my Immigration Deposit into an account with a 'hidden' name (my Mrs), so Mr IO cannot see that, but she can get it on my demise. Has anyone done that please?

I have made very simple wills, both Thai and UK, which indicate my wishes as and when the time comes, but if they already have access to the funds, no worries.

my sisters are old and putting them on my BB account will not work.  The money is in my house, and when I die, it will be sold, I am looking to get it sent then.  Looking for a company or lawyer that can do it that I can trust.  I trust my executor but he has no idea how to get it back.  Thanks for your answer

[Lost in LOS]

24 minutes ago, chiang mai said:

Your Thai Will must go through Probate Court, the lawyer or Executor that is used for that purpose will be able to make the disbursements. 

Yes, but i know how hard it is to send money from Thailand to the West.  I once did all the paperwork required, and they would not send it.  I just want it to go smoothly since I will be dead and cannot help.  I am hoping to find somone who knows someone who did it or a lawyer that actually did it.  thanks for your reply.  My current lawyer will do as you say but i am worried a thai bank will not honor it.

[KannikaP]

6 minutes ago, Lost in LOS said:

Yes, but i know how hard it is to send money from Thailand to the West.  I once did all the paperwork required, and they would not send it.  I just want it to go smoothly since I will be dead and cannot help.  I am hoping to find somone who knows someone who did it or a lawyer that actually did it.  thanks for your reply.  My current lawyer will do as you say but i am worried a thai bank will not honor it.

The money I have here will go to my Mrs, that in UK to my sons, so no cross border transfers will be needed.

I do stress to both parties that whatever they spend now will simply come off what they will have at my ending.

[chiang mai]

59 minutes ago, Lost in LOS said:

Yes, but i know how hard it is to send money from Thailand to the West.  I once did all the paperwork required, and they would not send it.  I just want it to go smoothly since I will be dead and cannot help.  I am hoping to find somone who knows someone who did it or a lawyer that actually did it.  thanks for your reply.  My current lawyer will do as you say but i am worried a thai bank will not honor it.

Why would they not honor it?

 

You say you did this before but they wouldn't send it, have you died previously? 🙂

[JBChiangRai]

The same limitations apply after probate as they do if you wanted to send the money now whilst you’re alive.

 

You need to assemble all the incoming foreign transfers, you can normally get details from your bank and they charge maybe 500 baht for each one maybe more.

 

And whoever does probate will need those to be able to send the money out of the country.  
 

They will not be able to send more than you can prove was brought into the country originally. Or that if you’re working here, you earned here and paid tax on it.

[chiang mai]

1 minute ago, JBChiangRai said:

The same limitations apply after probate as they do if you wanted to send the money now whilst you’re alive.

 

You need to assemble all the incoming foreign transfers, you can normally get details from your bank and they charge maybe 500 baht for each one maybe more.

 

And whoever does probate will need those to be able to send the money out of the country.  
 

They will not be able to send more than you can prove was brought into the country originally. Or that if you’re working here, you earned here and paid tax on it.

Are you 100% certain about this because it doesn't seem right?

[yang123]

1 hour ago, KannikaP said:

I want to put my Immigration Deposit into an account with a 'hidden' name (my Mrs), so Mr IO cannot see that, but she can get it on my demise. Has anyone done that please?

 

Good question - I'm planning on doing the same.  Replies to KannikaP will be most helpful.  (My immigration money is in a Krungsri Bank account)

[KannikaP]

25 minutes ago, chiang mai said:

Are you 100% certain about this because it doesn't seem right?

Seems right to me. You can only send OUT what you have either brought IN, or earned and paid tax on here.

[chiang mai]

15 minutes ago, KannikaP said:

Seems right to me. You can only send OUT what you have either brought IN, or earned and paid tax on here.

Hmmm! Inheritance is free of tax on the heirs. What if the deceased persons estate comprises income from inheritance or from a Gift, that income is not taxable and after time is difficult to prove. All my instinct tells me the Executor can remit the proceeds of the will without hinderance.

[KannikaP]

4 minutes ago, chiang mai said:

Hmmm! Inheritance is free of tax on the heirs. What if the deceased persons estate comprises income from inheritance or from a Gift, that income is not taxable and after time is difficult to prove. All my instinct tells me the Executor can remit the proceeds of the will without hinderance.

That raises a question, to which I have no idea of the answer.

Say I am left in UK an appreciable amount of money by the last surviving of my parents, who would have had to pay Inheritance tax by their Executors,

When I then die and leave it to my children, would my Executors have to pay I Tax on it AGAIN?

[chiang mai]

9 minutes ago, KannikaP said:

That raises a question, to which I have no idea of the answer.

Say I am left in UK an appreciable amount of money by the last surviving of my parents, who would have had to pay Inheritance tax by their Executors,

When I then die and leave it to my children, would my Executors have to pay I Tax on it AGAIN?

No, because inheritance is free of Thai tax, for descendents and ascendants of the deceased..

[KannikaP]

4 minutes ago, chiang mai said:

No, because inheritance is free of Thai tax, for descendents and ascendants of the deceased..

Please note that I referred to money in UK.

I know that ,thankfully, there is no stupid Inheritance Tax in Thailand.

 

[chiang mai]

14 minutes ago, KannikaP said:

Please note that I referred to money in UK.

I know that ,thankfully, there is no stupid Inheritance Tax in Thailand.

 

Whatever you inherit, becomes part of your estate and is subject to IHT when you pass on.

[KannikaP]

2 minutes ago, chiang mai said:

Whatever you inherit, becomes part of your estate and is subject to IHT when you pass on.

And then of course, when my lads leave it to THEIR kids, more tax is payable. A disgrace.

[JBChiangRai]

1 hour ago, chiang mai said:

Are you 100% certain about this because it doesn't seem right?

Yes I am certain that any money taken out of the country by your heirs has to have been brought in properly or tax paid here.

 

Dying doesn’t change the rules.

 

There are ways to do it, you can “buy” a TorTor 3, I understand it used to be 1% of face value or banks will go back decades and document incoming transfers for a fee, but it’s probably worth getting the papers together whilst you are alive.

 

I have heard of condos being left to foreign relatives and they had to bring in the money to have the ownership changed, but I can’t attest to that.

[Trentham]

A point to think about - Thailand does not recognise a foreign will for a Thai asset.

[chiang mai]

14 hours ago, JBChiangRai said:

Yes I am certain that any money taken out of the country by your heirs has to have been brought in properly or tax paid here.

 

Dying doesn’t change the rules.

 

There are ways to do it, you can “buy” a TorTor 3, I understand it used to be 1% of face value or banks will go back decades and document incoming transfers for a fee, but it’s probably worth getting the papers together whilst you are alive.

 

I have heard of condos being left to foreign relatives and they had to bring in the money to have the ownership changed, but I can’t attest to that.

I have a folder that contains paper copies of every foreign transfer I've made to Thailand, over 20 years worth of them.....according to UOB, they are still valid to prove the source of funds and can still be used to repatriate funds. 

[jcmj]

Like said above. You must have a Thai will and a Will from your country of Residence. You will have to pay Thai tax on the profits from the sale of your home here in Thailand from what I’ve heard. Best to go speak with a lawyer to do your Thai Will so it is officially legal and is in Thai and English, but probate will take time. I had been put down as an executor for a friend who passed and he had a will and owned several condos. It was a long almost 2 year process to get everything resolved. The will was old and he didn’t complete his new one so they only honored the signed Will and a couple ex’s got a condo even though on his last draft of the will removed them. So please make sure that it’s up to date because you never know when you’re going to kick the bucket. Also it’s good that you kept receipts of all incoming transactions. That helps, but it’s still a lengthy process. Make sure you have your home Will also up do date. It has nothing to do with your Thai assets, but just make sure. Good luck 

[alanrchase]

55 minutes ago, Trentham said:

A point to think about - Thailand does not recognise a foreign will for a Thai asset.

Yes it does as long as it complies with Thai laws.

[chingching]

Sell your house now and buy bitcoin.  

[mushroomdave]

Easy for me.  Will back home with assets (bank account mostly) ready for the nieces/nephews to divvy up. And a will here for what I want my "significant other" here to get all on my passing.  Nothing too hard about that.  

 

(And I increase the one here annually just enough to make sure I am taken care of so there is motivation to keep me "in good health"....🤣🤣🤣)

[chiang mai]

48 minutes ago, alanrchase said:

Yes it does as long as it complies with Thai laws.

Agreed

[sometime]

17 hours ago, KannikaP said:

That raises a question, to which I have no idea of the answer.

Say I am left in UK an appreciable amount of money by the last surviving of my parents, who would have had to pay Inheritance tax by their Executors,

When I then die and leave it to my children, would my Executors have to pay I Tax on it AGAIN?

https://www.gov.uk/inheritance-tax

[JBChiangRai]

3 hours ago, chiang mai said:

I have a folder that contains paper copies of every foreign transfer I've made to Thailand, over 20 years worth of them.....according to UOB, they are still valid to prove the source of funds and can still be used to repatriate funds. 

 

Yes, that is perfect, it will save your executor(s) a lot of running around.

 

My friend sold his house here and moved to France, fortunately his bank (Kasikorn) went back over 10 years and for 500 baht per item, gave him copies of his incoming transfers.

 

The other issue is if you own anything in a company, leave the shares not the item in a company.  Remember the company owns it, you don't and tell your executor not to contact the other shareholders or they may make a claim and prevent the share transfer and force sale of the house and distribution of funds so they get their (say) 51%.  There are significant tax issues in taking a house out of a company.

[kingstonkid]

21 hours ago, Lost in LOS said:

my sisters are old and putting them on my BB account will not work.  The money is in my house, and when I die, it will be sold, I am looking to get it sent then.  Looking for a company or lawyer that can do it that I can trust.  I trust my executor but he has no idea how to get it back.  Thanks for your answer

Where do you live. There are many good lawyers in Bangkok.

[sikishrory]

Good question. You can't send any money out while you're alive without a work permit or the correct documents. 

I am interested to know how this works when dead too.

I hate the thought of my family having to take weeks of work to deal with bureaucracy in Thailand.

The mention of providing documents such as FET seems to be a good idea and something I had not considered preparing for my family.

 

[JBChiangRai]

22 hours ago, Lost in LOS said:

my sisters are old and putting them on my BB account will not work.  The money is in my house, and when I die, it will be sold, I am looking to get it sent then.  Looking for a company or lawyer that can do it that I can trust.  I trust my executor but he has no idea how to get it back.  Thanks for your answer

 

Will your sister(s) come to Thailand?

 

They have a nightmare if your house is in a company.

 

First they need to be here, have the shares transferred to them, then open a bank account, sell the house and then find a way to get the money out the country, this last step is not going to be easy (buying a TT3 or USDT Crypto are 2 solutions).

 

There will be a huge liability for tax in the company, so they will leave and not come back and the TRD will lose out.

 

Whatever you do DO NOT will them your house (you don't own it). leave your company shares to them.