What Happens To The 800,000 Bt. When You Die?

[coralia]

I posted this question on the "will advice" thread, but I guess nobody saw it there. So: if you're on a retirement visa and have transferred 800,000 Bt. into Thailand, what happens to the money when you die? Is it inherited by your children (assuming there is no wife/husband), or do the Thai authorities get the money? Should it be dealt with in a will? Assuming it is inherited by your children, can they transfer the money out of Thailand?

[Jingthing]

Yes, you can deal with it VERY EASILY in a Thai will. Just name the bank and account and who gets it, and you're done. I am only guessing if there is no will, a close relative could take an action to CLAIM the money through the Thai courts, but really, why put an heir through that drama?

Another fun thing, if the Thai will executor is not in Thailand, they will need to come to Thailand to enforce it.

If you're asking what happens if nobody claims it for years, well, I imagine eventually the bank or government eats it up but if you don't bother giving it someone, what does it matter?

Edited September 6, 2011 by Jingthing

[DocW]

When my dad died here in Thailand I just took the death certificate into his bank along with my passport and withdrew the money.

[gerry53]

When my dad died here in Thailand I just took the death certificate into his bank along with my passport and withdrew the money.

I don't know all the circumstances in your case but it sounds like the bank was irresponsible unless a court order released the funds. Suppose your dad had left thay money to a trusted friend, Thai wife, thai charity or anyone else in the form of a legal will? Does this mean anyone with your death certificate and is a family member can show up and empty your bank account?? My bank told me (and it may be incorrect) my embassy would be involved and it would get sorted out. This encouraged me to make a legal Thai will to ensure my money went to people I wanted to recieve it not family members in another country who are already looked after.

Edited September 7, 2011 by gerry53

[Jingthing]

Yeah I agree the bank was very irresponsible and I wouldn't count on Thai banks to always act that way.

[coralia]

But supposing the money was in a joint account, then the surviving party would automatically be left with it?

Or is that not allowed? I mean, for the 800,000 Bt. to be in a joint account? Does the account have to be in the sole name of the person on a retirement visa?

[Jingthing]

Does the account have to be in the sole name of the person on a retirement visa?

YES, it most certainly does.

In general immigration will NOT accept a retirement extension application from a person using the bank account method if the account is a joint account.

Edited September 7, 2011 by Jingthing

[yermanee]

Does the account have to be in the sole name of the person on a retirement visa?

YES, it most certainly does.

In general immigration will NOT accept a retirement extension application from a person using the bank account method if the account is a joint account.

Not to contradict you, but I have been on a retirement visa for ages and my bank account is a joint account with my wife.

Yermanee :jap:

[Jingthing]

Does the account have to be in the sole name of the person on a retirement visa?

YES, it most certainly does.

In general immigration will NOT accept a retirement extension application from a person using the bank account method if the account is a joint account.

Not to contradict you, but I have been on a retirement visa for ages and my bank account is a joint account with my wife.

Yermanee :jap:

Great. Then you shouldn't just drop that bomb.

I'm assuming you mean extensions based on retirement.

What method do you use for extensions? EMBASSY letter based, combo method, or pure 800K account method?

WHICH office?

I stand by my assertion but would like to hear your details. Caveats, I did say GENERALLY (there are always regional office variances) and of course I am talking about bank account methods not the embassy income letter method.

Edited September 8, 2011 by Jingthing

[Phil Conners]

Does the account have to be in the sole name of the person on a retirement visa?

YES, it most certainly does.

In general immigration will NOT accept a retirement extension application from a person using the bank account method if the account is a joint account.

Not to contradict you, but I have been on a retirement visa for ages and my bank account is a joint account with my wife.

Yermanee :jap:

I don't know about retirement extensions, but for the marriage extension it must be a sole account. We tried using a joint account years ago but were told in that case to double the deposit IIRC.

[yermanee]

Does the account have to be in the sole name of the person on a retirement visa?

YES, it most certainly does.

In general immigration will NOT accept a retirement extension application from a person using the bank account method if the account is a joint account.

Not to contradict you, but I have been on a retirement visa for ages and my bank account is a joint account with my wife.

Yermanee :jap:

I don't know about retirement extensions, but for the marriage extension it must be a sole account. We tried using a joint account years ago but were told in that case to double the deposit IIRC.

I'm talking about Pattaya Office at Jomtien Soi 5.

Explanation might be that this bank account has more than double the amount of 800.000 Baht in it, but can't remember (old age coming into play ) if this was a requisite or not.

Might also add that I'm on my 22nd extension (with the same wife btw) and am always treated cordially at the immigration office where I know some of the officers for years now.

Yermanee :jap:

[Phil Conners]

Most people don't want to have that kind of money shushing around in a non-interest-giving Thai bank account

[yermanee]

Most people don't want to have that kind of money shushing around in a non-interest-giving Thai bank account

I agree, mine is a time deposit account with a yield of peanuts, but I can't be bothered. At my age money is not so important anymore (for me), I cannot even spend my monthly pension because my lifestyle doesn't require a lot, and when is enough enough ?

Yermanee :jap:

Edited September 8, 2011 by yermanee

[Jingthing]

In any case, for the purposes of the OP's question, the account should be in his name ONLY.

[coralia]

That may not be so simple. Suppose the retired person is old, sick, speaks no English and cannot manage his/her bank account. I would think it wiser to open a joint bank account. Why would Thai authorities object to that?

[Jingthing]

That may not be so simple. Suppose the retired person is old, sick, speaks no English and cannot manage his/her bank account. I would think it wiser to open a joint bank account. Why would Thai authorities object to that?

It's your business if you believe me or not. My advice is if you hope to use your bank account (800K) for retirement extensions that you absolutely NOT open it as a joint account. But go ahead and do and see you later on the visa panic forum when your application is DECLINED. I suggest you seek confirmation on the visa forum because its clear you need more people to tell you that. This is why I was annoyed with the poster reporting an exception. It's not helpful to you.

BTW, asking WHY about Thai immigration enforcement policies is a no win situation. In my experience, most long term people just try to figure out what they require and meet it.

Edited September 8, 2011 by Jingthing

[coralia]

Well thanks and please don't get so angry with me!

I understand what you are saying, but I am still wondering if they don't make exceptions in certain cases (for example, for elderly people who obviously can't take care of themselves alone, for a variety of reasons). I was hoping to hear from people who are/have been in this situation.

I am still at the stage of considering whether moving to Thailand would be practical for us or not. I believe it would improve the quality of our lives, but that is a different matter...

Thanks for mentioning the visa forum, I guess I'll have to look at it.

[Jingthing]

Well thanks and please don't get so angry with me!

I understand what you are saying, but I am still wondering if they don't make exceptions in certain cases (for example, for elderly people who obviously can't take care of themselves alone, for a variety of reasons). I was hoping to hear from people who are/have been in this situation.

I am still at the stage of considering whether moving to Thailand would be practical for us or not. I believe it would improve the quality of our lives, but that is a different matter...

Thanks for mentioning the visa forum, I guess I'll have to look at it.

Sorry about that.

It sounds like you are under the impression that Thai immigration POLICE officers are warm hearted charming people who are interested in listening to excuses for why you didn't follow their rules. Actually, for the most part they don't even want to think, they just want to enforce the rules as they understand them. Even if you went in before and got permission from one officer, but the time you came in for your application, there is no guarantee the same person will be there or will honor it. They will NEVER give you a promise of such an exception in writing not that that would be worth anything if they did. The thing about it is, Thailand immigration is not inviting any of us to live here. We invite ourselves, and that's generally how we get treated by the authorities. OK, that part is my opinion only. If you retire here, you'll develop your own opinion. Cheers.

Edited September 8, 2011 by Jingthing

[hiso1956]

Id make sure full details are listed in your will.

[Phil Conners]

Well thanks and please don't get so angry with me!

I understand what you are saying, but I am still wondering if they don't make exceptions in certain cases (for example, for elderly people who obviously can't take care of themselves alone, for a variety of reasons). I was hoping to hear from people who are/have been in this situation.

I am still at the stage of considering whether moving to Thailand would be practical for us or not. I believe it would improve the quality of our lives, but that is a different matter...

Thanks for mentioning the visa forum, I guess I'll have to look at it.

Sorry about that.

It sounds like you are under the impression that Thai immigration POLICE officers are warm hearted charming people who are interested in listening to excuses for why you didn't follow their rules. Actually, for the most part they don't even want to think, they just want to enforce the rules as they understand them. Even if you went in before and got permission from one officer, but the time you came in for your application, there is no guarantee the same person will be there or will honor it. They will NEVER give you a promise of such an exception in writing not that that would be worth anything if they did. The thing about it is, Thailand immigration is not inviting any of us to live here. We invite ourselves, and that's generally how we get treated by the authorities. OK, that part is my opinion only. If you retire here, you'll develop your own opinion. Cheers.

I think JT has made a very clear point. This ain't Kansas, Toto.

[yermanee]

That may not be so simple. Suppose the retired person is old, sick, speaks no English and cannot manage his/her bank account. I would think it wiser to open a joint bank account. Why would Thai authorities object to that?

This is why I was annoyed with the poster reporting an exception. It's not helpful to you.

I guess that's me.

Well don't let the fact that I have year after year (by different officers) received an extension based on a joint account get in your way.

Whatever the reason behind it is not important, what's important is that there are exceptions to the rule. And maybe, just maybe there might be others.

Yermanee :jap:

[Sophon]

I guess that's me.

Well don't let the fact that I have year after year (by different officers) received an extension based on a joint account get in your way.

Whatever the reason behind it is not important, what's important is that there are exceptions to the rule. And maybe, just maybe there might be others.

Yermanee :jap:

Yes, but the point JT is trying to make (I think) is, that you cannot count on those exceptions. Even after having "year after year (by different officers) received an extension", you could very well be turned down next year.

Sophon

[Jingthing]

Yes, I certainly do recall specific reports of people who HAD been doing the joint account thing for years being told NOT ANY MORE, your application is now REJECTED for that very reason. The point is that the general rule is that it MUST be single owner account. I will acknowledge that I don't know whether that would apply for foreigners married to foreigners using the piggyback method full 800K or combo (ONE qualifying 800K instead of two). I am sure someone in the VISA section can answer that if anyone needs to know.

BTW, yermanee, please confirm whether you are using the bank account method only, or have you been supplying an embassy INCOME letter?

Back to the OP. There really is not a big problem with a single owner account as far as inheritance. Go to most any Thai lawyer and create a THAI WILL for ALL your assets in Thailand, including all bank accounts. Name an executor. That's it, for the living anyway.

Edited September 9, 2011 by Jingthing

[JSixpack]

Suppose the retired person is old, sick, speaks no English and cannot manage his/her bank account. I would think it wiser to open a joint bank account. Why would Thai authorities object to that?

At that point wisdom dictates that the retired person should not be in Thailand. He/she should go back to blighty or check out to meet Elvis.

[cardholder]

Yes, I certainly do recall specific reports of people who HAD been doing the joint account thing for years being told NOT ANY MORE, your application is now REJECTED for that very reason. The point is that the general rule is that it MUST be single owner account. I will acknowledge that I don't know whether that would apply for foreigners married to foreigners using the piggyback method full 800K or combo (ONE qualifying 800K instead of two). I am sure someone in the VISA section can answer that if anyone needs to know.

BTW, yermanee, please confirm whether you are using the bank account method only, or have you been supplying an embassy INCOME letter?

Back to the OP. There really is not a big problem with a single owner account as far as inheritance. Go to most any Thai lawyer and create a THAI WILL for ALL your assets in Thailand, including all bank accounts. Name an executor. That's it, for the living anyway.

Remember, those assets will be likely limited to bank balances and any vehicles that you have been bothered to put in your name.

Most Falangs are likely to have more assets in their home country which should be covered by a local Will.

Also, whilst you can leave your assets to whoever you wish - beware if you have not made adequate provision for a Thai wife, otherwise a Will can be successfully challenged.

[Jingthing]

Condos too.

[Phil Conners]

That may not be so simple. Suppose the retired person is old, sick, speaks no English and cannot manage his/her bank account. I would think it wiser to open a joint bank account. Why would Thai authorities object to that?

This is why I was annoyed with the poster reporting an exception. It's not helpful to you.

I guess that's me.

Well don't let the fact that I have year after year (by different officers) received an extension based on a joint account get in your way.

Whatever the reason behind it is not important, what's important is that there are exceptions to the rule. And maybe, just maybe there might be others.

Yermanee :jap:

Well let us clarify the rule. It is not that a joing account is the problem. The problem is IF you decide to use a joint account they require the double amount deposited in it - as Yermanee has already admitted to having.

[Jingthing]

Good catch, Mr. C. That would appear to explain it.

[Darrel]

Most people don't want to have that kind of money shushing around in a non-interest-giving Thai bank account

I get just under 4% on mine (and the withholding tax can be reclaimed). This is very close to what I get elsewhere, and much more than most people would get for Euros, for example.

The relative dodgyness of the chosen currency may be of more importance for some than the interest rate, though these days it's hard to find one that isn't dodgy.

[yermanee]

To Jingthing,

My visa is based on bankbook only.

Anyway I'll ask when I'm due for renewal, but don't hold your breath because it's in January.

I like to be on the good side of the law.

To Darrel.

I get 2,4437 % net, and as you said the 15% tax can be reclaimed up to a point.

Yermanee :jap: