Bank Book In Joint Names

[naammanow]

I want to open a fixed bank account with Bangkok Bank in mine and my 3-year old son's name. What will happen if I die? As he cannot sign the book etc. who will/can be responsible after my death? Thanks!

[WhizBang]

I think that is what a WILL is for.

Edited December 9, 2011 by metisdead
Large font removed, there is no need to use large font (shouting).

[Daveroc]

As your son is currently not old enough to sign the operating mandate, you would have difficulty getting the account open. It would probably require a guardian to be appointed to sign on his behalf. Following your death, the appointed guardian would probably assume control of the account until he reached the required age.

if your objective is to leave funds for your son upon your death you are at the mercy of the appointed guardian from time of death until your son reaches an age that is accepted by the Bank.

Given the complexity around this I think most banks would say no from the outset.

[Gers1873]

Could it be left 'in a trust fund' until boy reaches age of maturity or is that not a viable option in Thailand?

[duncanb]

Its an important issue, seek legal advice, not Thai visa advice

[aurelius]

If you were the parental guardian for your son on the account (this is quite common), that role would pass on to whomever becomes legally responsible for your son.

I agree, as Daveroc said, that a bank will not allow a 3 year to have operating authority over an account in the first instance, i.e. not a "joint account" as such.

If you are solely the owner of the funds in the account, then they can be directed by a will. In the absence of a will, Thai law prevails - equal splits to surviving wife and children.

[fletchsmile]

We've opened savings accounts for our "little Smiles" - 2 each in fact - one with the child by father, and one with child by mother. The accounts are in the name/format of "child's name by Fletchsmile" (child by father) and "child's name by MrsSmile" (child by mother)

As the little ones are too small to sign themselves, I'm the signatory on one account and my wife on the other. They did not get ATM cards though.

So in addition I also set up internet banking for them - again 2 IDs each - as the names on the accounts differ and one is by father and one by mother, so they have a different customer ID tagged to them. This was a bit of a hassle to set up, but once in place I can move their money between the various accounts, as well as our own accounts very easily. This solves the ATM problem too as we can use our credit cards or ATM and do a transfer from their account. This is useful when people give them money say for presents. Effectively it's as easy to use their accounts as our own.

Now say if I die, the internet banking is still in play. So it would be quite easy to transfer from the account by me to the account by the wife, and carry on using.

Alternatives including opening an account in your name, and specifying it / leaving it to them in a will. This is not really their account tho' but you could get an ATM and let them use it.

I like the solution we have. It also has other advantages too. eg next year when deposit insurance falls to THB 1mio per person per bank, we can spread up to THB 4mio in a bank. If you are from the UK and subject to inheritance tax there's a few obvious ways this could be used to your advantage too....

As far as I know and from the hassles I had doing this, I think I may well have been the first person to do all this at this bank, as there were a few problems along the way, particularly on the IT side. They also have mutual fund investments done this way too, and I actually did these before doing the cash savings, and saving a small amount each month since birth

Edited December 9, 2011 by fletchsmile