Saving Money For Children In Thai Bank Accounts

[Thunderbird4ever]

If saving money in a thai bank account for a child, will the parents have access to these money or are they blocked from that?

If any restrictions, what are they?

In a case where the father died, will it be possible for the thai mother to gain access to these money in some way?

If restrictions I am thinking about access through a court order.

[Benjie]

We have money saved in our childrens account for their future but have taken it out to switch to better banks/accounts etc... a few times, that was just my wife without me being there.

[Mario2008]

There are always ways, like setting up a fund that won't release the money till the children become of age. A lawyer could tell you more about that.

Money for children in a bank account can be accessed by parents, for the maintenance of the children. Think for instance the cost of education, but also food and clothing. Under Thai law children must maintain their parents and parents must maintain their children.

There are provisions against abuse in the law and for certain action parents must get prior court approval.

http://www.thailawonline.com/images/thaici...l%20code%20.pdf page 18 and following

[Thunderbird4ever]

One thing is what the law says, another is what`s possible do. I mean its not worth much if one parent can access a childs money by only going to the bank and withdraw. That sounds too easy and doesnt make much sense.

Where I am from the government through the Court of Protection will block the access to a childs money when the amount reach aprox. 9000 EUR. What happens is if the money is in a bank account the bank will require a consent from the Court of Protection in every withdrawel.

Ie. In a situation where the child has a lot of money but the mother does not and the mother also has a very low income,

an appartment could be bought in the childs name to better the situation for the child after an approval in The Court of protection. The mother would also have access to maximum 3000 EUR per year to care for the child with things like equipment etc. But every thing is a case by case and she has to apply for everything she wants for the child.

I was told by them today that if Thailand does not have a Court of Protection and I died and the mother and the child choose to move back to thailand,

the money will be transferred from my countrys Justice Department and into the mothers bank account in Thailand. This will also be the case if you are divorced or separated as she is the mother to the child. As long as there is no will drawn up by you thats what will happen.

Something to definately think about...........................

They said I could draw up a will about whats left after me to my child should remain in my home country. I could in my will forexample say that my childs money only should be used for tuition fees in international schools. They will then handle this on request by the mother at every term.

So does Thailand have a court of protection like that??