Inheritance

[lovelomsak]

This one has been troubling me for some time. I am a single man in Thailand.My heiress lives in Canada. I have accumulated a few things well here(truck,motorcycle etc) plus keep the 800,000 in my account. I know it isnot a lot but at the new exchage rates it will be a smal sum worth coming here for if accessable.

My question is does anyone know how difficult or easy it will be for my heiress to come to Thailand and liquidate my belongings and get the money from the bank? I think she would be willing to give up belongings because she has no interest in travel if she could simply clear my bank account from abroad and save the trip is that possible too?

The reason I ask this has to do with personal planning. If it appears diffiult I will simply spend the money in the bank. And use embnassy letters for extension of stay.

[capKnuckle]

why dont you get a canadian bank account and will it to her when you die

what happens if you spend all your thai money and still live.........you got some balancing act to perform. you better start reading some literature on personal finance.

[lovelomsak]

why dont you get a canadian bank account and will it to her when you die

what happens if you spend all your thai money and still live.........you got some balancing act to perform. you better start reading some literature on personal finance.

I can see where the knuckle comes in on your name. I was talking about my thai account. Tell me how can I have a canadian account in thailand please and your answer will make sense. I am very good at finance thank you maybe you should think before you talk. and read the whole post

Edited October 12, 2010 by lovelomsak

[beano2274]

Reading your posts, you seem certain about dying soon, as you are making a lot of plans. Why not, if you know of your impending death, return to your home country for your last month or week or whatever. Send the money from your bank electronically to a bank in your homeland.

Sell the things you have here, and enjoy your last few days with people who seriously care about you.

[beano2274]

If you wanna stay, get a lawyer to draft your will.

[capKnuckle]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

[capKnuckle]

If you wanna stay, get a lawyer to draft your will.

the problem is is anyone gonna execute his wishes after he dies when he cant complain about nothing being done.

[lovelomsak]

If you wanna stay, get a lawyer to draft your will.

Thank you for your input. I already have the will in place in Canada. What i am trying to find out is whether or not it is easy for the heiress to get the inheritance, that is here. It is a small part of the inheritance but still it is well worth a persons time to receive it. I am afraid if I donot create the plan she willnot be able to do the leg work to receive it. She is very protected all her life and wouldnot be able to deal with Thailands way of doing things and would probably have a breakdown of some form trying to get it done. I am attempting to easy her problems in receiving her inheritance portion in Thailand.

As far as deing the way I drive could be any day

[lovelomsak]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

I am beginning to think you have a reading problem . You donot read the post anywhere near as I have written it. Where do you assume I only have 800,000 baht. That is what is required here for leave of stay exptension you really dont comprehend the written word very well. You assume way to much and comprehend very little.

[beano2274]

Is the money for your Visa?

If not, why not transfer it to a Canadian Bank, open the account via the Internet, or even an offshore Bank, then it is easier for your heiress to get to the money, without the Thai way of doing things being involved, just use the credit card for your daily use whilst in Thailand.

Edited - just read the post above, why not transfer the money to Thailand before your visa is required, the 2 months or 3 months before, then after gaining your Visa send it back home, keep a minimum here for your spending money, then if the visa is up for renewal, send the money here again. I know it sounds like a lot of work, but if the money is not in Thailand it would be easier for your heiress. Why not start selling the things you do not need and use that money for your spending whilst here, then she will not have to worry too much about your belongings.

Edited October 12, 2010 by beano2274

[capKnuckle]

what else besides a truck and a motosi do you have here? a house:lol: :lol: .

you sound like you worry too much. i doubt not getting a used truck and motosi would push your sis over the edge! have faith in her!

[capKnuckle]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

I am beginning to think you have a reading problem . You donot read the post anywhere near as I have written it. Where do you assume I only have 800,000 baht. That is what is required here for leave of stay exptension you really dont comprehend the written word very well. You assume way to much and comprehend very little.

in my defense you not giving a whole lot of info:lol:

if the bulk of your money is not in thailand ....whats the bigg deal. your sis wont be dealing w thai people.

Edited October 12, 2010 by capKnuckle

[lovelomsak]

Is the money for your Visa?

If not, why not transfer it to a Canadian Bank, open the account via the Internet, or even an offshore Bank, then it is easier for your heiress to get to the money, without the Thai way of doing things being involved, just use the credit card for your daily use whilst in Thailand.

I think I will just spend the 800,000. Use Embassy letter for extension of stay and when I die the Thais can fight over what possessions I have here. Thank you for your assistance. I feel this thread got me no where. But thank You for attempting. Oh I never use a credit card here closed them all when I left my home country. Will keep getting money the same way I always have from my homeland, it is safer and cheaper. Thank you again.

[capKnuckle]

god bless you sir.

how you can expect help when you dont give enuff info is beyond belief. truck motosi and 800.000 is all you willing to divulge. give more details someone may be able to help. :angry:

are you married to issan girl? title in both your names?

[lovelomsak]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

I am beginning to think you have a reading problem . You donot read the post anywhere near as I have written it. Where do you assume I only have 800,000 baht. That is what is required here for leave of stay exptension you really dont comprehend the written word very well. You assume way to much and comprehend very little.

in my defense you not giving a whole lot of info:lol:

if the bulk of your money is not in thailand ....whats the bigg deal. your sis wont be dealing w thai people.

You are closer to reality now its a start. I donot give a lot of info because what I wish to deal with it is irrelevant to what is the procedure. I wish simply to deal with collecting of inheritance by a person who lives outside Thailand. My personal of net worth or what I have elsewhere isnot relevant.

You are right on one thing. The bulk of my money isnot in Thailand,but the amount I do have here could buy my sister quite a nice imported convertible to drive around in and she is intitled to it. That is why I started the thread. She is intitled to it how can I see she gets it.

By the way when you go will you be willing to let banks or complete strangers take part of your inheritance?

I also think you ask way more than is needed about personal finance.

Edited October 12, 2010 by lovelomsak

[lovelomsak]

god bless you sir.

how you can expect help when you dont give enuff info is beyond belief. truck motosi and 800.000 is all you willing to divulge. give more details someone may be able to help. :angry:

are you married to issan girl? title in both your names?

Here we go again read the post,

[JohnC]

Simple really, draw up a Thai will, appoint a executor here who can deal with your affairs after you pass on (hopefully not too soon!) A simple will can be notorized for as little as 1000 baht, the lawyer keeps a copy, you get a copy and your executor gets a copy (stamped and sealed) .

[longstebe]

What about speaking with the bank manager. Maybe they can transfer your funds once you pass away (sounds horrible, sorry). Something that doesn't invole your sis travelling.

A scanned doc or something.

[jfchandler]

Perhaps that's the kind of point the OP was legitimately trying to raise....

As a single man living in Thailand, just who or what kind of person would you want to select as your executor.... someone who would be trustworthy and reliable to handle things after your passing....

I've pondered the same question, and don't have a good suggestion... That, I think, is the problem.

[flying]

I think I read in your other post that the heiress is your sister yes?

If so & your bank is Bangkok Bank for instance. You can set up web banking & also give her the password so she also has access.

You could then also send her a ATM card for that account.

Once she gets it call her with the PIN#

Later if something happens to you she can drain the account via the ATM card without coming to Thailand.

Also she will have the web interface to monitor the balance etc.

I have not ever tried an external bank transfer from Thailand to another country via online banking so do not know if it is possible. I do the opposite of course from USA to Thailand via Bangkok Bank New York & all done via the web.

So this may be another avenue to look into for your sister to gain access.

Good Luck

Edited October 12, 2010 by flying

[jfchandler]

Re Flying's comments...

--The approach you suggest about providing the outside Thailand relative or other key person with the Thai bank card and PIN would work in principle, so long as it's a VISA or MC logo debit card that can be used internationally...

However, there's a question about that approach: I believe I've heard here on TV that as soon as a Thai bank is notified of the death of someone, they supposedly freeze the account. Now, who would inform the bank or how soon that would happen I can't say, as I've yet to die in Thailand. But it's an issue to be aware of.

One good thing about Thai bank accounts is usually they can have a much higher daily ATM withdrawal limit than U.S. bank accounts, by comparison. Bangkok Bank, for example, will allow up to 500,000 baht per day (almost $17,000) in ATM card withdrawals.

--It is possible to electronically send funds from Thailand back to one's home country, using electronic banking. However, there are Thai banking regulations that restrict the ability to do that, limit the purposes for which the funds may be sent such as supporting parents or paying education expenses, and require such arrangements to be set up in advance (via a bunch of bank paperwork).

I think I read in your other post that the heiress is your sister yes?

If so & your bank is Bangkok Bank for instance. You can set up web banking & also give her the password so she also has access.

You could then also send her a ATM card for that account.

Once she gets it call her with the PIN#

Later if something happens to you she can drain the account via the ATM card without coming to Thailand.

Also she will have the web interface to monitor the balance etc.

I have not ever tried an external bank transfer from Thailand to another country via online banking so do not know if it is possible. I do the opposite of course from USA to Thailand via Bangkok Bank New York & all done via the web.

So this may be another avenue to look into for your sister to gain access.

Good Luck

[capKnuckle]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

I am beginning to think you have a reading problem . You donot read the post anywhere near as I have written it. Where do you assume I only have 800,000 baht. That is what is required here for leave of stay exptension you really dont comprehend the written word very well. You assume way to much and comprehend very little.

in my defense you not giving a whole lot of info:lol:

if the bulk of your money is not in thailand ....whats the bigg deal. your sis wont be dealing w thai people.

You are closer to reality now its a start. I donot give a lot of info because what I wish to deal with it is irrelevant to what is the procedure. I wish simply to deal with collecting of inheritance by a person who lives outside Thailand. My personal of net worth or what I have elsewhere isnot relevant.

You are right on one thing. The bulk of my money isnot in Thailand,but the amount I do have here could buy my sister quite a nice imported convertible to drive around in and she is intitled to it. That is why I started the thread. She is intitled to it how can I see she gets it.

By the way when you go will you be willing to let banks or complete strangers take part of your inheritance?

I also think you ask way more than is needed about personal finance.

actually id like to knoe more about your sister. is she insttutionalized? maybe its time she got out in the real world and do things.

[MrBrad]

As mentioned, I think this is or should be a concern for many here who are unmarried, and have not made prior arrangements. 800,000 even at today's unfavorable exchange rate is still over US$26,600. Who among us wouldn't care where that money goes upon our death? Though not a fortune, it certainly would brighten somebody's day to have access to that kind of money. As for myself, I'd rather leave it to family members or to a friend than to the Thai government or a bank or who-knows-where.

As for cleaning out a dead man's bank account as quickly as possible, something about that sounds like there could be trouble with banking officials--locally or internationally--somewhere down the road. Maybe that's not the route to take.

[denboy]

Is the money for your Visa?

If not, why not transfer it to a Canadian Bank, open the account via the Internet, or even an offshore Bank, then it is easier for your heiress to get to the money, without the Thai way of doing things being involved, just use the credit card for your daily use whilst in Thailand.

I think I will just spend the 800,000. Use Embassy letter for extension of stay and when I die the Thais can fight over what possessions I have here. Thank you for your assistance. I feel this thread got me no where. But thank You for attempting. Oh I never use a credit card here closed them all when I left my home country. Will keep getting money the same way I always have from my homeland, it is safer and cheaper. Thank you again.

If as you quote ( have a safe and cheap method to recieve money from your homeland), After recieving your extension, transfer the bulk of it back to your homeland. The qualifying period for the 800.000 in the bank is 3 months before renewal. Just keep enough to see you through the other 9 months.

be careful with Thai lawyers on the same subject. I also keep the 800 grand in the bank for visa extensions, mine will be going to my long time Thai lady so not such a big problem. However when I had a legal will drawn up by a Thai lawyer they had an insertion claiming a 40% handling fee, of course I made sure that was removed but you got to watch them all the time TIT.

Hope you find a satisfactory conclusion.

[sirineou]

not rocket science.:lol:keep the majority of your funds in canada bank account, transfer money to los when needed. since most money will be in canada account your sis will have ez time getting money, just show your death certificate i presume.

ps. how can you be good w money if you only have 800,000baht.

I am beginning to think you have a reading problem . You donot read the post anywhere near as I have written it. Where do you assume I only have 800,000 baht. That is what is required here for leave of stay exptension you really dont comprehend the written word very well. You assume way to much and comprehend very little.

555555555 perhaps if you drew little pictures...........

you ask an important and interesting question, I would also like to know the answer, but after reading several responses I am beginning to loose interest.

I think I will go back to picking my nose, maybe I will find something more interesting there.

[JurgenG]

I was asked a while ago to help a rich Thai family to get back some money from abroad. No foreigner involved, just a rich guy who decided to invest abroad. The family has all the official papers to prove that they are the official and legal heirs of this person but it's still a headache. One of them is just to communicate in various European languages, and that's just the beginning ... Despite the offer to get a commission on the money I could help to get back, I declined and advised them to hire a lawyer. As the lawyer fees are prohibitive (the reason they asked for my help), they will probably forget most of the inheritance and focus only on a couple of accounts in the US.

IMO, do your relatives a favor and take abroad only what you really need.

P.S. : Regarding these US accounts, they were first told that, as the deceased has not contacted the bank for long time (more than 5 years I believe), the government (???) took the money away. Their lawyer is now looking into this matter, but I find this very strange. Does anybody has any experience in this matter ? It seems it' not only in Thailand that foreigners are taken for a ride ....

[jfchandler]

There are bank policies in the U.S. that relate to what's called "dormant accounts" where there has been no activity in the account or contact from the account holder for some extended period. A lot of banks have fees that they start charging once an account reaches that status, usually $5 or $7 or similar per month. It may vary by bank, but such fees can start in as little as a one year period of no activity...

However, the proceeds of an account going to the government is a much longer period involved....and such things I think are called "unclaimed accounts." I'm not sure how many years it takes to reach that kind of status.

[IanForbes]

If you trust her then get her an ATM card from your Thai bank and give her the password. She can withdraw the money slowly. I can withdraw money from my Thai Bank account using the ATM card while I am in Canada. That is a short term solution because you WILL be charged the ATM fee. I would speak to legal counsel for anything more permanent.

[true blue]

ive been led to belive,that money left in thai bank account by forigner after his/her demise is almost immpossible to reclaim??? i banking is the way to go,but only for the home market,easy to transfer money between thai accounts.only keep what you need in your account,or keep cash,in safe place and hope your reps,or embassy pass it on to your nearest and dearest.

[JimGant]

Find a good lawyer, draw up a will, and appoint him as your executor. Make sure you both understand, contractually, what his duties are upon your death. At a minimum: taking care of your funeral and remains; selling your car and other property; closing your bank account; and forwarding proceeds on to your heir. Contract should also be clear on how fees are to be established and paid. (Thus, important to know the track record of the lawyer/law firm you're dealing with -- getting ripped-off-while-dead would be rude.....)

Thailand requires probate, but for an uncontested will, this is usually straightforward. Nevertheless, having a lawyer versed in probate as your executor can ease matters.

For property in Canada, make sure property has beneficiaries (stated beneficiary,jointly titled, or 'pay on death'[POD] clause). Also, even tho' things may be simple, a separate Canadian will would be prudent.

A POD clause (Totten trust) for your Thai bank account isn't available, I believe, since Thailand doesn't understand the concept of trusts. However, the probate route in closing the account and, if stipulated, using the proceeds to cover costs, with residual to sister, should work. (Paying as little up-front to the lawyer for the will and contract is suggested. Instead, by having the fees paid later, from your bank account, has, effectively, your sister paying for settling your estate. Make sure the will stipulates the executor is authorized to use proceeds from your estate to settle matters.)