Survivor Benefits

[ernieK24]

I am 85 yrs old, from California, U.S.A. I am married to a Thai wife, who I adore. To satisfy Immigration and qualify me for my NI-O Visa, I have a million baht in Bangkok Bank, in my name only, because Thai Immigration insists on it.

I don't have many years left to enjoy my life in Thailand.. When I die, which I surely will, I assume the police will be notified, who, in turn, I assume will notify the American Embassy. Does the Embassy have any interest in my account. I want my wife to have access to that account after I'm gone. I have three heirs, two sons and one daughter. They are all seniors, and they are either addicted to gambling or are alcoholics, or both. I want them to have no part of my small estate. Instead I want the one person that loves me and has taken excellent care of me all these years to have what's left.

She also has her own account in her own name. We have ATM cards for both accounts and I have instructed her, on my demise to just use the ATM card from my account and withdraw the limit each day, or as often as she can, and deposit it into HER account. Does this sound plausible ? I would sure appreciate some opinions on this. Will the Embassy lock up my account

upon notice of my death, and make it inaccessable ?

What it boils down to, I want to make sure my wife gets what's left, without a lot of hassle, and not my worthless kids. I already have a will in the U.S. leaving the house to the kids, and what's left in the bank, which isn't much. They can fight over the house, it's not worth much now anyway. Thanks for any advice and help you can give me. ErnieK

[flying]

I think I already mentioned this in another thread of yours? If not then ............When I opened a Bangkok Bank account a month ago they asked for a beneficiary account. It did not make my account a joint with my wife's but it did mean if I expired she would get the account & not the govt. At least that is how I understood it.

When I log into my account online I see her acct mentioned as 3rd party. I cannot see into it but I can transfer funds to it.

Interesting & nice to have. We have no secrets or problems but like you I have a non joint acct in this case for immigration in the future. So I can use for a retirement visa although I would probably use the marriage version anyway.

[ballbreaker]

Many good responses in a thread you previously posted but at your age perhaps you have forgotten.

Just to repeat I think it best you make out a will that covers only your Thailand assets if you want to best protect her interest and your wishes.

I have a friend that recently had a lawyer make up his will. It cost him 2000 baht and only covers his Thailand bank assets which is what you need. He was told that the accounts would be frozen upon his death and would take 1-3 months to process release of accounts based on the will.

As previous poster mentioned a beneficiary can be named for your account and this is done at the bank.

Your idea of wife using ATM card to withdraw funds from your account is not a good one for a couple reasons. What happens if ATM card stops working or the account is frozen? Your kids could also request funds if you have no legal document in form of beneficiary named on the account or a will for

Thailand assets.

Stop asking questions and take action on Monday.

[aurelius]

I think I already mentioned this in another thread of yours? If not then ............When I opened a Bangkok Bank account a month ago they asked for a beneficiary account. It did not make my account a joint with my wife's but it did mean if I expired she would get the account & not the govt. At least that is how I understood it.

When I log into my account online I see her acct mentioned as 3rd party. I cannot see into it but I can transfer funds to it.

Interesting & nice to have. We have no secrets or problems but like you I have a non joint acct in this case for immigration in the future. So I can use for a retirement visa although I would probably use the marriage version anyway.

I suggest you go back to the bank and double check your understanding on the "beneficiary". What I understand on this is that you have signed up for internet banking. Within internet banking you can trandfer to various parties (3rd parties otherwise known as "beneficiaries"). This would mean that you initiate a transfer and the beneficiary is the person or account that receives the funds. This implies that you make the transfer yourself (i.e. still alive:). You will not be able to see their a/c details because that would breach their privacy, their account is just listed as a destination for your funds.

[aurelius]

I want my wife to have access to that account after I'm gone.

Instead I want the one person that loves me and has taken excellent care of me all these years to have what's left.

She also has her own account in her own name. We have ATM cards for both accounts and I have instructed her, on my demise to just use the ATM card from my account and withdraw the limit each day, or as often as she can, and deposit it into HER account. Does this sound plausible ? I would sure appreciate some opinions on this. Will the Embassy lock up my account

upon notice of my death, and make it inaccessable ?

Most of the banks in Thailand have a convenient system of allowing someone that they call a PROXY to withdraw funds from your account. On the back of the withdrawal slip (seen at BBL), is a place for you to sign your name with ID details and to assign someone else (your wife) with her ID details, to withdraw funds from your account. One way around the bureacracy is sign this form, leaving the date and the amount blank; those details can be entered at a later time. You would need one of these forms for each account that you have, including any fixed deposits which can be withdrawn early as needed.

This method ensures that the person who has the form can get the money, I've seen it used to provide access to funds needed for hospital payments and funeral arrangements etc. which cannot wait until legal proceedings are complete. It has risks if it falls into the wrong hands because its the same as a blank cheque. And it doesn't provide any legal protection with regard to whether or not the person who gets the money is "entitled" to it - there could still be family lawsuits.

The US Embassy is mainly concerned about any account that you have receiving a US pension or other government allowance. In the case that this money continues to be paid after someone has died, the paying out bank is required to return the money to the US government.