Wife Automatically Inherirts Bank Acct. ?

[ernieK24]

For immigration purposes only, I have a one million baht bank acct., in my name only. I have also deposited 350,000 bt. in my wife's name only, all at Bangkok Bank, Carrefour branch.

I was a widow, I'm 85 years old, so my future is limited. I have been married to a lovely Thai woman, 53 yrs old, not a

stunner", but close, for three years now.

I don't have anyone back in the U.S. that I want to leave it to, and since she has shown such devotion and cared for me so good I want to make sure she gets the bank account when I die. A gentleman acquaintence who works at Immigration advised me that if I had no problems qualifying, financially, for the retirement visa, (NI-I), not to bother changing to a marriage visa, because it was a pain in the ass for both me, and immigration.

Can anyone help me. what are my options to make sure she can access my account after my death ? In California, where I lived, it's community property, so it AUTOMATICALLY goes to the wife, if there is one........ Thank you, ErnieK

[sbk]

Since this doesn't seem to be a visa question but rather a banking question I am moving this to the banking forum, perhaps someone there more well versed in the laws if inheritance and banking regulations will be able to answer this question

[Smokin Joe]

I'm pretty sure she would get it here in Thailand also if you have an official registered marriage but why not spend the money to get a Thai will made to simplify it.

[joskydive]

Why don't you just make a 'Last Will and Testament' stating she has all including your Bank Account and give a copy to your Embassy so if something happens to you she has confirmation that this is your wish on your demise.

[jamesjdaly]

Or open a joint account in both your names. And if anything happens to you, she is sole beneficiary. With an ATM card, there is no need even to go to the bank in case questiona are asked.

85?? You've still miles left in ya!!

Edited March 17, 2009 by jamesjdaly

[ernieK24]

Thank you for your confidence.....!

That's exactly what I had in mind, but Thai Immigration won't go along wih it. It has to be 800,000 in my name only or if in a joint account, double the amount........or so I've read on this forum.

Everything was fine till a couple years ago, when they moved the goalposts, AGAIN. I have enough monthly income to qualify, with my SS check and pensions from previous employment, and all that was needed was a letter from the American Embassy to verify it, and you could use the same letter each year, giving them a signed copy and they would compare the original to the copy, give you the original back and you could use the same process next year.

Too simple.....not good enough for them. Now, instead of just having to report any CHANGES in your monthly income, you have to go to BKK, go the American Embassy, and pay for, and get a new letter, exactly like the OLD letter, certifying your monthly income, which is the same THIS year as it was LAST year, and the year before, etc.....

HAVE YOU EVER BEEN TO THE AMERICAN EMBASSY ?..........'nuff said.

If you live in Bangkok.....no problem, you can take the train, or a bus, or even a taxi.....if you know your way around. If you live in Pattaya, and have only been to Bangkok once or twice in your life.....and you're 85 years old and can hardly walk.....

Believe me, it's a problem. Therefore I keep the amount in the bank and makes it no problem, for me.

I'm not complaining, nor do I have a problem with the visa system, nor Thai Immigration, nor the American Embassy. All I want to be sure of is that my wife can access my "visa" account after I kick the bucket. For personal, family reasons I do not want to make out another will.....Thank you, ALL of you, ErnieK

[fiddlehead]

This is a problem that i've given a lot of thought to also.

I have a will. In America. It says my wife pretty much gets everything.

But, how will she get that money?

I asked at my Kasikorn bank one time about this.

They told me that if i die, my wife or someone who can, get a death certificate and take it to the US embassy.

They will then go about getting the money transferred to America where my executor can work on getting it to my wife.

Not simple at all and so, i have looked at the options:

I could put the money in an account (in my name) that would have an ATM card and give instructions upon my death for the pin number to be given to my wife. But the problem here is that these crooks who put the attachments on the ATM machines can find out your info and make a new card and steal all your money. So, i generally only keep less than 100k in my ATM account.

I don't know an answer for you but will watch this thread in case someone does.

I don't agree with the mods that it's strictly a banking question. It can be a huge problem that could take a lot of red tape, time and money to get what's rightfully your wife's money, into her hands.

Does anybody know anything about a Thai will? Would that make it easier? (or harder?)

[chiang mai]

Thank you for your confidence.....!

That's exactly what I had in mind, but Thai Immigration won't go along wih it. It has to be 800,000 in my name only or if in a joint account, double the amount........or so I've read on this forum.

Everything was fine till a couple years ago, when they moved the goalposts, AGAIN. I have enough monthly income to qualify, with my SS check and pensions from previous employment, and all that was needed was a letter from the American Embassy to verify it, and you could use the same letter each year, giving them a signed copy and they would compare the original to the copy, give you the original back and you could use the same process next year.

Too simple.....not good enough for them. Now, instead of just having to report any CHANGES in your monthly income, you have to go to BKK, go the American Embassy, and pay for, and get a new letter, exactly like the OLD letter, certifying your monthly income, which is the same THIS year as it was LAST year, and the year before, etc.....

HAVE YOU EVER BEEN TO THE AMERICAN EMBASSY ?..........'nuff said.

If you live in Bangkok.....no problem, you can take the train, or a bus, or even a taxi.....if you know your way around. If you live in Pattaya, and have only been to Bangkok once or twice in your life.....and you're 85 years old and can hardly walk.....

Believe me, it's a problem. Therefore I keep the amount in the bank and makes it no problem, for me.

I'm not complaining, nor do I have a problem with the visa system, nor Thai Immigration, nor the American Embassy. All I want to be sure of is that my wife can access my "visa" account after I kick the bucket. For personal, family reasons I do not want to make out another will.....Thank you, ALL of you, ErnieK

Go to your bank and execute a Power of Attorney on your bank account, in your wife's name. That will leave the account in your name only but will give her access to the account should the need or circumstances arise. I have done this with HSBC in Bangkok in favor of my better half, cost is about 500 Baht.

[CWMcMurray]

I know a US Citizen who passedaway and only had a hand written Will (one of the do it your self forms). Signed and notarized that made his friend in Thailand, UK citizen, the exectutor of his will.

When he died, the US embassy was satisfied that his wishes were to have this person take care of his affairs and issued a letter (in Thai) stating as much.

The executor of the will was able to Sell his car, close bank accounts, get a copy of the death certificate, and claim his Death Benefit from the Thai Government (he worked in thailand for many years).

[timi2546]

'Last Will and Testament' ....

agree.

get lawyer from your

country and do the way u like it.

welldone 80+ great, here almost 40 ....

[opalhort]

Go to your bank and execute a Power of Attorney on your bank account, in your wife's name. That will leave the account in your name only but will give her access to the account should the need or circumstances arise. I have done this with HSBC in Bangkok in favor of my better half, cost is about 500 Baht.

I am also interested in this subject since I just had to close our combined account and open a new one in my name only to satisfy IMM. My wife does have a couple of accounts in her name but what if additional funds are needed?

Though I'm still far away from 80 (will never make it that far ) I am concerned about 'what if'. My wife must have access to all our funds at any time in case of emergency.

Does the TFB (K-Bank) offer the option 'Power of Attorney' as mentioned in the quote?

opalhort

Edited March 17, 2009 by opalhort

[thailandlover]

I thought Thai inheritance laws stated that without a will the spouse gets half, children get half? Also, if there are no children and the parents of the deceased are alive (unlikely in this case, but you never know ) then they would get the other half?

[opalhort]

I thought Thai inheritance laws stated that without a will the spouse gets half, children get half? Also, if there are no children and the parents of the deceased are alive (unlikely in this case, but you never know ) then they would get the other half?

Correct, but only if the deceased is a Thai national. If he/she is a foreigner the respective embassy has to be notified and get involved.

opalhort

[thailandlover]

Thanks, good to know. So, if there were no will, would it then depend on the laws of the country of the person's nationality? Or is there some other criteria?

[opalhort]

I have no idea, but it would make sense that the embassy will check if there any dependents (children) or siblings in the home country which may be entitled to part of the estate.

opalhort

[hansnl]

For immigration purposes only, I have a one million baht bank acct., in my name only. I have also deposited 350,000 bt. in my wife's name only, all at Bangkok Bank, Carrefour branch.

I was a widow, I'm 85 years old, so my future is limited. I have been married to a lovely Thai woman, 53 yrs old, not a

stunner", but close, for three years now.

I don't have anyone back in the U.S. that I want to leave it to, and since she has shown such devotion and cared for me so good I want to make sure she gets the bank account when I die. A gentleman acquaintence who works at Immigration advised me that if I had no problems qualifying, financially, for the retirement visa, (NI-I), not to bother changing to a marriage visa, because it was a pain in the ass for both me, and immigration.

Can anyone help me. what are my options to make sure she can access my account after my death ? In California, where I lived, it's community property, so it AUTOMATICALLY goes to the wife, if there is one........ Thank you, ErnieK

Hello there.

This might become a case for two national laws.

I had a Dutch testament which described that all my possessions OUTSIDE The Netherlands were for my wife.

Everything inside The Netherlands was for my children from my first marriage.

Had this Dutch will translated into Thai.

Together with the wife off we went to the Amphur, made out a concept will for me and one for my wife.

Had the Thai concepts translated into Dutch.

Back to the Amphur where both Thai wills were deposited, including the Dutch will & translation.

The Dutch translation of the Thai will & translation I deposited with a notary office as part of my original Dutch testament.

I presume something like that can also be done under US/law,

Take care

[ballbreaker]

I seem to recall that I named a beneficiary when I opened my account some years ago. Can anyone that's opened one recently verify if that is the case.

If you really care about your wife's well being and you where in the military during a war time period ( WW1, WW2, Korea, Vietnam) then she will most likely be eligible for death pension benefit. You can check for details on Veterans Administration web site (www.va.gov). You can also check with the Pattaya chapter of VFW.

I know you have a reluctance to make out a new will but it is the best way to protect your wishes.

[ernieK24]

I seem to recall that I named a beneficiary when I opened my account some years ago. Can anyone that's opened one recently verify if that is the case.

If you really care about your wife's well being and you where in the military during a war time period ( WW1, WW2, Korea, Vietnam) then she will most likely be eligible for death pension benefit. You can check for details on Veterans Administration web site (www.va.gov). You can also check with the Pattaya chapter of VFW.

I know you have a reluctance to make out a new will but it is the best way to protect your wishes.

Thank you all for your kind assistance. I guess I will make out a new will leaving everything in Thailand to my Thai wife, and let my alcoholic children figure it out for themselves. I don't intend to go back home again, ever, so they can be angry with me "long distance". If Thai Immigration would just accept a joint account between man and wife there would be no problem.....but they have their reasons I suppose. ErnieK

[flying]

I seem to recall that I named a beneficiary when I opened my account some years ago. Can anyone that's opened one recently verify if that is the case.

If you really care about your wife's well being and you where in the military during a war time period ( WW1, WW2, Korea, Vietnam) then she will most likely be eligible for death pension benefit. You can check for details on Veterans Administration web site (www.va.gov). You can also check with the Pattaya chapter of VFW.

I know you have a reluctance to make out a new will but it is the best way to protect your wishes.

I can verify that less than a month ago that was true at Bangkok Bank.

Meaning if you open a new account ( non-joint ) then they ask a name/beneficiary in case you expire

[thailandlover]

Is that only for accounts for the one person or a joint account as well? We opened our joint account so long ago I really can't recall if we needed to name beneficiaries or not.

[ernieK24]

I seem to recall that I named a beneficiary when I opened my account some years ago. Can anyone that's opened one recently verify if that is the case.

If you really care about your wife's well being and you where in the military during a war time period ( WW1, WW2, Korea, Vietnam) then she will most likely be eligible for death pension benefit. You can check for details on Veterans Administration web site (www.va.gov). You can also check with the Pattaya chapter of VFW.

I know you have a reluctance to make out a new will but it is the best way to protect your wishes.

I can verify that less than a month ago that was true at Bangkok Bank.

Meaning if you open a new account ( non-joint ) then they ask a name/beneficiary in case you expire

Thanks, that sounds. My account has been in BKK bank for 2 1/2 yrs, I'll go in tomorrow and ask the Mgr.....thanks

[opalhort]

What is the difference between "Power of Attorney" and "Beneficiary"?

It is my understanding that "Power of Attorney" would give my wife access to the account at any time whereas "Beneficiary" would lock the account until the embassy has resolved inheritance issues.

For example what happens if I end up in hospital unable to function and my wife needs access to the funds?

Does "Power of Attorney" actually give my wife the same rights as she would have on a combined account?

opalhort

[keestha]

Go to your bank and execute a Power of Attorney on your bank account, in your wife's name.

Interesting, but most bank employees, even branch directors, wouldn't know what a Power of Attorney is. Does anybody know the Thai expression for this?

"Bai mop am naat" is the general expression for a document empowering somebody to do something on your behalf, but in this case ,authorizing somebody to get to your bank account, I could imagine you need something different, for which a different standard form is used than for the normal "bai mop am naat".

Can you just arrange this at the bank, or does a lawyer need to get involved?

Edited March 18, 2009 by keestha

[ernieK24]

I seem to recall that I named a beneficiary when I opened my account some years ago. Can anyone that's opened one recently verify if that is the case.

If you really care about your wife's well being and you where in the military during a war time period ( WW1, WW2, Korea, Vietnam) then she will most likely be eligible for death pension benefit. You can check for details on Veterans Administration web site (www.va.gov). You can also check with the Pattaya chapter of VFW.

I know you have a reluctance to make out a new will but it is the best way to protect your wishes.

I can verify that less than a month ago that was true at Bangkok Bank.

Meaning if you open a new account ( non-joint ) then they ask a name/beneficiary in case you expire

Thank you. That sounds good. I'll check at Bangkok bank tommorow and talk to the mgr, ErnieK

[lioness]

It may well be that your American will is invalid in Thailand anyhow.

Make out a Thai will pertaining to anything you have in this country. Mine cost 10,000 Baht through a lawyer, maybe I could have had it done cheaper but I didn't have the time to shop around.

[chiang mai]

I don't see any clear cut answer from what I have read in this thread so far and this is a massively important issue. Accepting the advice of Bank Clerks and lawyers who operate alone and who have no international standing sounds like a huge mistake.

Everyone needs to be very very cautious on this point.

[ernieK24]

I don't see any clear cut answer from what I have read in this thread so far and this is a massively important issue. Accepting the advice of Bank Clerks and lawyers who operate alone and who have no international standing sounds like a huge mistake.

Everyone needs to be very very cautious on this point.

You know.....now you've got me thinking, (which could be dangerous.....for me). I'm thinking you're right, and I'm going to give this a little more time and see what others have to say. Turns out it IS a very serious subject, more serious than I first considered, and I thank you for bringing this up. It could affect a lot of us.

I also agree with you, so far I haven't seen a clear cut answer, just a lot of "maybes", "probably" and "I think so".....

If I make her the beneficiary of the account and I kick the bucket, (or maybe just turn a little pail), why would the American Embassy be concerned. I don't quite understand that. But then there's a lot of things I don't understand.

[opalhort]

If I make her the beneficiary of the account and I kick the bucket, (or maybe just turn a little pail), why would the American Embassy be concerned. I don't quite understand that. But then there's a lot of things I don't understand.

You are right, there are a lot of things which are not clear. But I am sure a lawyer is not needed.

The point is that if a foreigner dies abroad the emabassy has to be notified and his/her estate will be frozen until the emabassy posts no objection to distribution of the estate. This can take a lot of time.

It is my understanding that this would apply to people listed as "beneficiary".

Whereas, if a wife has "Power of attorney" she has access to the funds at any time even if the account is in the foreigner's name only.

Am I correct in this understanding?

opalhort

[ernieK24]

If I make her the beneficiary of the account and I kick the bucket, (or maybe just turn a little pail), why would the American Embassy be concerned. I don't quite understand that. But then there's a lot of things I don't understand.

You are right, there are a lot of things which are not clear. But I am sure a lawyer is not needed.

The point is that if a foreigner dies abroad the emabassy has to be notified and his/her estate will be frozen until the emabassy posts no objection to distribution of the estate. This can take a lot of time.

It is my understanding that this would apply to people listed as "beneficiary".

Whereas, if a wife has "Power of attorney" she has access to the funds at any time even if the account is in the foreigner's name only.

Am I correct in this understanding?

opalhort

You are probably right, at least until we hear otherwise. On the other hand, it would simplify things if Thai Immigration would just allow man and wife to share an account jointly as long as it is large enough to qualify, in my case, a million baht. It DOES prove that you are able to support yourself, as well as your wife, and it was my impression that was the intent in the first place. I doesn't make sense.....with a marriage visa only four hundred thousand baht is required for a man and wife to support themselves. Plus the forty thousand a month from either party.

Before it's pointed out to me, 40,000 X 12 = 480,000 plus the 400,000 in the bank equals 840,000. That being the case, with Immigration's permission, I more than qualify.......go figure.

[yabaaaa]

Thank you for your confidence.....!

That's exactly what I had in mind, but Thai Immigration won't go along wih it. It has to be 800,000 in my name only or if in a joint account, double the amount........or so I've read on this forum.

Everything was fine till a couple years ago, when they moved the goalposts, AGAIN. I have enough monthly income to qualify, with my SS check and pensions from previous employment, and all that was needed was a letter from the American Embassy to verify it, and you could use the same letter each year, giving them a signed copy and they would compare the original to the copy, give you the original back and you could use the same process next year.

Too simple.....not good enough for them. Now, instead of just having to report any CHANGES in your monthly income, you have to go to BKK, go the American Embassy, and pay for, and get a new letter, exactly like the OLD letter, certifying your monthly income, which is the same THIS year as it was LAST year, and the year before, etc.....

HAVE YOU EVER BEEN TO THE AMERICAN EMBASSY ?..........'nuff said.

If you live in Bangkok.....no problem, you can take the train, or a bus, or even a taxi.....if you know your way around. If you live in Pattaya, and have only been to Bangkok once or twice in your life.....and you're 85 years old and can hardly walk.....

Believe me, it's a problem. Therefore I keep the amount in the bank and makes it no problem, for me.

I'm not complaining, nor do I have a problem with the visa system, nor Thai Immigration, nor the American Embassy. All I want to be sure of is that my wife can access my "visa" account after I kick the bucket. For personal, family reasons I do not want to make out another will.....Thank you, ALL of you, ErnieK

Go to your bank and execute a Power of Attorney on your bank account, in your wife's name. That will leave the account in your name only but will give her access to the account should the need or circumstances arise. I have done this with HSBC in Bangkok in favor of my better half, cost is about 500 Baht.

I once did a power of attorney for my bank acc when sending money over so the wife could withdraw it.................. on the day guess what.......... cannot!! Bangkok Bank so be careful!