Retired With B800K In The Bank

[bankruatsteve]

So, been here almost 20 years and am doing the retired visa maintaining B800K in a Kasikorn bank account my name only (which immigration said I had to do that way.) So, it won't matter to me when I die, but just wondering what happens to that account when I do kick the bucket? Like, would that be "property" of my US will? Or, does Thai law take over and something else? Just wondering if anybody knows?

[colinscarr]

Make a Thai will specifying to whom you want to leave your 800K Baht and any other possessions you have in Thailand.

If you don't make a will, your relatives/friends will have no end of trouble trying to get the money out of the bank.

Or Plan B, if the money is in an account with an ATM card, you could tell your beloved or whoever what the PIN is...

[TexasRanger]

Make a will to pay for an open bar for TV members, cheers

[bankruatsteve]

Aha - make a Thai will, yah? So, you all are saying that my US will would not apply? What I was hoping for response was from someone that KNOWS what happened with a friend or relative and can relate from that. I know how Thai "legal" things can go - so mainly wondering what real experience there might be for this.

[cardholder]

Make a Thai will specifying to whom you want to leave your 800K Baht and any other possessions you have in Thailand.

If you don't make a will, your relatives/friends will have no end of trouble trying to get the money out of the bank.

Or Plan B, if the money is in an account with an ATM card, you could tell your beloved or whoever what the PIN is...

The Thai Will is a good idea if you wish to leave the money to a Thai spouse, friend etc. Coupled with the death certificate this should achieve release of the funds to the beneficiary.

There are wider issues if an intended beneficiary is not based in Thailand but a US Will (making reference to the Thai bank deposit) suitably translated should also achieve release of the funds.

There are, of course, other issues i.e. What do you want to happen to your body when you die - a quick burn up in the local wat with related mourning and a bill of 100,000 Baht upwards. If you want to be repatriated to your home country it is a good idea to make sure someone is aware of it.

Whilst the ATM PIN is a good practical solution, it is (a) illegal and ( not much use should the card get eaten OR (more likely) the 800k is held on a separate account.

[topt]

Aha - make a Thai will, yah? So, you all are saying that my US will would not apply? What I was hoping for response was from someone that KNOWS what happened with a friend or relative and can relate from that. I know how Thai "legal" things can go - so mainly wondering what real experience there might be for this.

My understanding from a friends death is that as long as no other Thai "family" your US will would apply but how easy it would then be to get the money back is another issue. Also your executor would need to know the details to go about collecting it

[ballbreaker]

Lawyers I talked with say its best to have a will for each country that you have assets. It will make life much more simple for beneficiary.

[geriatrickid]

Having a will is not enough. Someone trustworthy has to know that there is a will and that person will have to ensure that the will is filed with the authorities once you die. It can be a veritable feeding frenzy when someone dies with relatives and staff moving in to loot the premises and liquid assets. In the absence of notification, a bank can allow monies to be transferred or it can freeze the deceased's accounts with the money disappearing years later. It's all about having an executor that will be notified promptly and that knows where everything is and what to do. Hence a listing of assets that is regularly updated is an important part of the process.

[theblether]

Aha - make a Thai will, yah? So, you all are saying that my US will would not apply? What I was hoping for response was from someone that KNOWS what happened with a friend or relative and can relate from that. I know how Thai "legal" things can go - so mainly wondering what real experience there might be for this.

I dare say it would be difficult for anyone who has died after leaving 800K in the bank to give us the benefit of their experience.

[cardholder]

Aha - make a Thai will, yah? So, you all are saying that my US will would not apply? What I was hoping for response was from someone that KNOWS what happened with a friend or relative and can relate from that. I know how Thai "legal" things can go - so mainly wondering what real experience there might be for this.

Why take the risk of NOT having a Thai Will ?

As you are aware, it does not matter what other people's experiences have been - consistency is not a strong suit with the Thais.

Do not risk intestacy, it would be a nightmare to resolve at the Thai end. Do not rely on the US Will (although legally you can). For the sake of a couple of thousand Baht execute a Thai Will and have it translated.

Making your US executor aware is a good idea, as is finding a trusted friend who can help carry out your wishes.

steve - you haven't said if you are married or who you wish to bequeath the 800k to.

Edited February 24, 2012 by cardholder

[submaniac]

"Like, would that be "property" of my US will? Or, does Thai law take over and something else? Just wondering if anybody knows?"

It is 100% NOT property that is covered by your U.S. will. When you die, a will in the U.S. is overseen by a probate court in the state that you left property in. For example if you reside in California, and left real vacation real estate in South Dakota, the California court will have no jurisdiction over the real property in South Dakota. The executor of your estate would have to initiate an "ancillary probate" in South Dakota to distribute the estate left there under the "situs rule".

A United States probate court has absolutely no jurisdiction over Thailand and any Thai bank accounts. You could leave it in your will, but a probate court doesn't have the legal authority to make a Thai bank do anything.

I am unfamiliar with whether a Thai bank allows this (U.S. banks certainly do) is to set up your Thai bank account as a "payable on death" also known as a "Totten trust". This bypasses the probate procedure completely. On a P.O.D. account the name of the owner of the account is transferred to whoever you designate upon your death. Basically a P.O.D. works as follows: go to the bank, state that you want to make your bank account payable on death to the whoever you want. The bank then lists these people as your beneficiaries. When you die, your beneficiaries bring your death certificate to the bank. The bank then changes the name on the account to your beneficiaries.

In all reality, for the U.S. you should do a living trust to avoid the probate process completely.

Edited February 25, 2012 by submaniac

[exeter]

A thai will is the way to go, simply make a list of your assets in Thailand and who they are to be left to, register it at the Municipality and have it stored there, after paying a couple of the emlpoyees to witness for you.

I think we assume you will be leaving it to the g/f or wife? I might another suggestion for you, one I will follow up in the near future.

The bank account is in your name and you are the signatory on it, is it possible for you have a 2nd signatory on the account? Their name need not appear on the passbook, simple held on record at the bank. When I worked at a bank in the UK, many years ago, older customers often did this if they physically could not get to the bank.

You can but ask, as I will.

[JMG]

Withdraw the money. A local Thai lawyer will arrange your retirement visa for THB20,000 each year.

[exeter]

Withdraw the money. A local Thai lawyer will arrange your retirement visa for THB20,000 each year.

Heard of this scheme before and know some who have used it, I suppose it depends on how you want to use the money and how reliable the lawyer is after all he is circumventing the law is he not? Services like this are not available nationwide so it will depend where you live how convenient it is for you. Personally I am happy with it in a bank earning a bit of interest and then leaving it to my beloved ( not sure they use Bahts upstairs and the exchange rate might not be good as well). Edited February 25, 2012 by exeter

[cardholder]

Withdraw the money. A local Thai lawyer will arrange your retirement visa for THB20,000 each year.

Heard of this scheme before and know some who have used it, I suppose it depends on how you want to use the money and how reliable the lawyer is after all he is circumventing the law is he not? Services like this are not available nationwide so it will depend where you live how convenient it is for you. Personally I am happy with it in a bank earning a bit of interest and then leaving it to my beloved ( not sure they use Bahts upstairs and the exchange rate might not be good as well).

This practice is widely available and can be obtained for as low as 14,000 baht.

You have still got to deal with the 800k or whatever residue is left after transferring some (presumably this is the plan) back to USA.

I like exeter's third party authority idea - it achieves access to the funds but doesn't fall foul of Immigration requiremts. Sadly, I doubt that the Thai banks can cope with third party authorities.

[exeter]

Withdraw the money. A local Thai lawyer will arrange your retirement visa for THB20,000 each year.

Heard of this scheme before and know some who have used it, I suppose it depends on how you want to use the money and how reliable the lawyer is after all he is circumventing the law is he not? Services like this are not available nationwide so it will depend where you live how convenient it is for you. Personally I am happy with it in a bank earning a bit of interest and then leaving it to my beloved ( not sure they use Bahts upstairs and the exchange rate might not be good as well).

This practice is widely available and can be obtained for as low as 14,000 baht.

You have still got to deal with the 800k or whatever residue is left after transferring some (presumably this is the plan) back to USA.

I like exeter's third party authority idea - it achieves access to the funds but doesn't fall foul of Immigration requiremts. Sadly, I doubt that the Thai banks can cope with third party authorities.

I will let you know if its possible although it may be ok in some banks and not in others, with local rules applying.

[exeter]

I have been to the bank today and its not possible to have a signatory on an account where there name does not appear on that account. the information as promised.

Looks like a simple will for Thailand is the best course of action, listing all financial information/interests/assets and stating that this does not affect or revoke any will in "anyland" whether that be the USA, UK or wherever.

[JMG]

Withdraw the money. A local Thai lawyer will arrange your retirement visa for THB20,000 each year.

Heard of this scheme before and know some who have used it, I suppose it depends on how you want to use the money and how reliable the lawyer is after all he is circumventing the law is he not? Services like this are not available nationwide so it will depend where you live how convenient it is for you. Personally I am happy with it in a bank earning a bit of interest and then leaving it to my beloved ( not sure they use Bahts upstairs and the exchange rate might not be good as well).

This practice is widely available and can be obtained for as low as 14,000 baht.

You have still got to deal with the 800k or whatever residue is left after transferring some (presumably this is the plan) back to USA.

I like exeter's third party authority idea - it achieves access to the funds but doesn't fall foul of Immigration requiremts. Sadly, I doubt that the Thai banks can cope with third party authorities.

I will let you know if its possible although it may be ok in some banks and not in others, with local rules applying.

The main point is that you are not required to maintain a Thai bank balance of THB 800,000 in order to obtain a retirement visa. Almost any established Thai lawyer in Phuket will arrange a retirement visa each year for around THB 20,000. With regards to ensuring that a current Thai bank account balance is accessible by a person (other than yourself) in the event that you drop, simply provide the person with an ATM card now while you're still up and about.

[cardholder]

The main point is that you are not required to maintain a Thai bank balance of THB 800,000 in order to obtain a retirement visa. Almost any established Thai lawyer in Phuket will arrange a retirement visa each year for around THB 20,000. With regards to ensuring that a current Thai bank account balance is accessible by a person (other than yourself) in the event that you drop, simply provide the person with an ATM card now while you're still up and about.

You are ignoring that fact that (a) This is illegal (a very minor obstacle in Thailand) and ( more importantly, should the card be chewed up at any point you have no other back-up.

If you want to pursue the route of using a deceased's account I suggest online banking with the login codes etc made available to the next of kin. With Kasikorn you would need the deceased's phone for the OTP system.

[JMG]

The main point is that you are not required to maintain a Thai bank balance of THB 800,000 in order to obtain a retirement visa. Almost any established Thai lawyer in Phuket will arrange a retirement visa each year for around THB 20,000. With regards to ensuring that a current Thai bank account balance is accessible by a person (other than yourself) in the event that you drop, simply provide the person with an ATM card now while you're still up and about.

You are ignoring that fact that (a) This is illegal (a very minor obstacle in Thailand) and ( more importantly, should the card be chewed up at any point you have no other back-up.

If you want to pursue the route of using a deceased's account I suggest online banking with the login codes etc made available to the next of kin. With Kasikorn you would need the deceased's phone for the OTP system.

Some see solutions and others only problems. ATM card, internet banking, cash in the safe. Whatever. It's not really a problem.

[JurgenG]

What happens when you die ?

Good guys go to heaven, bad guys go to Pattaya ...

[Mario2008]

The main point is that you are not required to maintain a Thai bank balance of THB 800,000 in order to obtain a retirement visa. Almost any established Thai lawyer in Phuket will arrange a retirement visa each year for around THB 20,000. With regards to ensuring that a current Thai bank account balance is accessible by a person (other than yourself) in the event that you drop, simply provide the person with an ATM card now while you're still up and about.

Stop giving illegal advise, which can put people in serious trouble with the law and without a future in Thailand.

[bankruatsteve]

Just to follow up... I finally decided to just go to my bank and ask them what is required for <whomever> to access my personal account on death. (not sure why I didn't do that 1st - duh). Well, the answer was somewhat ambiguous but basically I think they just need something "official" - like from a lawyer. So, went to a local "lawyer" and got a "Thai Will" for B3000 that will hopefully expediate things when I kick the bucket in LOS.

Thanks for all the input.

Cheers.

[Baxer]

Just to follow up... I finally decided to just go to my bank and ask them what is required for <whomever> to access my personal account on death. (not sure why I didn't do that 1st - duh). Well, the answer was somewhat ambiguous but basically I think they just need something "official" - like from a lawyer. So, went to a local "lawyer" and got a "Thai Will" for B3000 that will hopefully expediate things when I kick the bucket in LOS.

Thanks for all the input.

Cheers.

Thank you, good to know.

[NancyL]

Hubby and I worried about this, too. We had a U.S. Will, leaving the assets of one to the other in case of death and to a third party in case we both go at the same time. Did the research and learned that, yes, that Will would be valid here, but not immediately. It would have to be translated and wind its way thru the Thai legal system.

The quickest and cheapest way for us to handle our Thai assets was to have a Thai Will. And since our only assets are the bank accounts, it was an easy matter to go to the local amphur office and fill-in the blanks on their form Will. Yes, it was all in Thai, but I can read and write Thai so I filled in the blanks, they printed out the Wills and gave us the sealed originals. Copies were filed with the amphur office and the bank branch. Plus (of course) we kept copies. I had the added benefit of learning new Thai vocabulary. Words like "beneficiary" and "executor" aren't normally taught in Thai language classes.

Now, (thankfully) we haven't had to use our Thai Wills (yet) but it is our understanding that all the survivor has to do is take the sealed Will and a copy to the bank manager and he'll open it, check with the copy on file and the amphur office and release the funds in the accounts.

The banks are required by law to freeze accounts of deceased people, including all funds in joint accounts. Any scheme that involves having someone access the account of a dead person with an ATM card is illegal, even if that person is the spouse.

Total cost was less than 1000 baht per person. I don't recall exact number and I've detailed them in a posting on the Chiang Mai forum a couple years ago. I remember something about a certificate of residency and statement from a doctor (that we were of sound mind) as being required.