What Provisions Have You Made For Your Kids?

[Gweiloman]

There are some of us here who have taken the conscious decision to buy / build, loan etc and have everything in the wife's name. Main reason being that when I do kick the bucket, then there is at least financial security for my loved ones, including my son.

However, I still have various assets outside of Thailand which I would like my son to inherit when the time comes. Can this be done by the way of a will, here in Thailand? Would a legally drawn up will here have jurisdiction in countries like the UK, Hong Kong, Malaysia and Singapore? Or would it be better to set up a trust fund and how can I go about it, to include my assets in other countries?

Also, while on this topic, how about those of you who have decided not to build or buy a house, but to rent instead. Do you intend to will your estate to your children (if you have any) and how have you gone about doing this?

Would appreciate some constructive comments.

[chiangmaikelly]

My youngest child is 25. I thought she was going to be the first female American President. She just got engaged to a tattooed cook. I am sure that's why she got a masters from one of the top 10 universities in the USA. I sent her the Thai Visa explanation about Sin Sod. I am waiting to hear back from her.

[kurnell]

House, apartment, cars, money in the bank and life insurance...as long as the wife goes first. If not then I am guessing she will blow the lot on a BMW

[loong]

From what I understand, it is difficult, if not impossible to set up a trust fund for a child in Thailand.

You may be better to set up a trust in your own country with the proviso that he takes full control when he reaches a certain age. His carer could receive a monthly/yearly payment until that time.

It is best to have a Thai will drawn up specifically to deal with the division of any assets that you may have in Thailand.

[pigeonjake]

and back on topic so to speak, im going to set mine up from the uk, that when i die, the wife and children will get a monthly alowance,

if you let it all go to them in one lump sum, she would have relatives coming out the woodwork she had never met,

just think if you wife was given 10million bht, dosnt bare thinking about,

so thats how ill do mine, most of my money is kept in the uk, and that were it will stay,

jake

[NeverSure]

I hope I've already handled it. I put everything I own in a living trust. Even my vehicles and home belong to the trust. My bank accounts are in the name of the trust, and my income goes there.

My attorney is a lifelong friend, and part of a larger law firm. That law firm is designated to handle my estate - is the successor trustee. Right now the beneficiaries are a couple of charities.

The trust can be amended any time I want as I am the trustee. I could change the beneficiaries to whoever I want on what terms I want. That's a one or two page notarized amendment.

I have several friends in the US who all know to contact that firm if I die. The firm will take care of the rest including getting a death certificate. I say the firm in case something happens to my attorney.

In the US, at least in my state, a trust doesn't have to be probated. Nothing happens really, because everything belongs to the trust and the trust doesn't die. It just changes trustees.

I should add that everything stays in the US except for what I need in LOS to live on a monthly basis, or for a special purchase or expense. Everything happens on US soil under US law.

Edited October 21, 2012 by NeverSure

[patongphil]

All my assetts in Thailand go to my wife and all assets in Australia to my daughter - easy.

[manhattan55]

To answer your specific question regarding your assets outside Thailand: you should draw up a will in each jurisdiction where your assets are situated. Makes probate much, much easier. Alternatively, you can put your assets in the jurisdictions you mention into trust. This would need to be done offshore as Thailand does not recognise trusts. Probate then could be avoided altogether. NeverSure's comment stands out in this respect.

I am not sure how to understand your other question: "Also, while on this topic, how about those of you who have decided not to build or buy a house, but to rent instead. Do you intend to will your estate to your children (if you have any) and how have you gone about doing this?" Can you please elaborate?

[WebBangkok]

Well my parents and her parents have left everything in there will's to our daughter. My father inlaw has a lot of land around Thailand and my parents have a few properties in Sydney so she is set.

I told my parents I don't need there assets as im not broke and live pretty well, the wife did the same as we live comfortably here in Thailand.

So why not let out little one start her life with a bit of assets that she can deal with? That's pretty much my wifes and my goal in life is. set a bright future for our daughter.

I got enough cash to live on, drink with my mates and buy some nice things for myself, I don't need a yacht, just a nice car, a nice house and money for entertainment.

[marstons]

All assets in UK including house which i rent. made a will here which as i understand i binding in the UK,, i have also left a will in UK and the lawyers says he can deal with it all but obviously costs come out the estate. The lawyer in the UK is legally abliged to see the assets go to who i have willed to here, but again costs come out the estate.

Interesting to know is the company willed here if house in company name, or if house is in wifes name its not ours to will, hence me keeping house where i own 100% and control 100%

[krisb]

Well my parents and her parents have left everything in there will's to our daughter. My father inlaw has a lot of land around Thailand and my parents have a few properties in Sydney so she is set.

I told my parents I don't need there assets as im not broke and live pretty well, the wife did the same as we live comfortably here in Thailand.

So why not let out little one start her life with a bit of assets that she can deal with? That's pretty much my wifes and my goal in life is. set a bright future for our daughter.

I got enough cash to live on, drink with my mates and buy some nice things for myself, I don't need a yacht, just a nice car, a nice house and money for entertainment.

Your a good man. Well said.

[Gweiloman]

To answer your specific question regarding your assets outside Thailand: you should draw up a will in each jurisdiction where your assets are situated. Makes probate much, much easier. Alternatively, you can put your assets in the jurisdictions you mention into trust. This would need to be done offshore as Thailand does not recognise trusts. Probate then could be avoided altogether. NeverSure's comment stands out in this respect.

I am not sure how to understand your other question: "Also, while on this topic, how about those of you who have decided not to build or buy a house, but to rent instead. Do you intend to will your estate to your children (if you have any) and how have you gone about doing this?" Can you please elaborate?

Regarding the second part of my question. Many posters on TV has said things like "never invest more than you can afford to walk away from", "never buy, rent instead" etc. The underlying point is that if the marriage / relastionship turns sour, they would just walk away or if they were to suddenly die, there is nothing left behind for their partners and children as there are no assets in the partner's name nor access to any bank accounts etc. I find that quite a selfish attitude.

[manhattan55]

Regarding the second part of my question. Many posters on TV has said things like "never invest more than you can afford to walk away from", "never buy, rent instead" etc. The underlying point is that if the marriage / relastionship turns sour, they would just walk away or if they were to suddenly die, there is nothing left behind for their partners and children as there are no assets in the partner's name nor access to any bank accounts etc. I find that quite a selfish attitude.

You can write a will in Thailand for any assets you own in Thailand, or you can put your Thai assets into an offshore trust. It's a bit complicated but can be done. There are other ways to control your assets during life; a proper 'Will' certainly will take care of your partner and children after death.

[BigJohnnyBKK]

(snip) I am not sure how to understand your other question: "Also, while on this topic, how about those of you who have decided not to build or buy a house, but to rent instead. Do you intend to will your estate to your children (if you have any) and how have you gone about doing this?" Can you please elaborate?

Regarding the second part of my question. Many posters on TV has said things like "never invest more than you can afford to walk away from", "never buy, rent instead" etc. The underlying point is that if the marriage / relastionship turns sour, they would just walk away or if they were to suddenly die, there is nothing left behind for their partners and children as there are no assets in the partner's name nor access to any bank accounts etc. I find that quite a selfish attitude.

Absolutely separate issues - where you keep your assets as opposed to making proper arrangements for your family's security in the event of your death.

I would say making sure you don't have anything significant in Thailand is one way to ensure the assets will still be intact in the future.

This of course assumes we're talking about assets significant enough to make a difference in the first place - the resale value of a condo wouldn't go to far to securing an international tertiary education for example.

And of course many men are partnered with women not worthy of their trust - either/both in the ethical sense and in the sense of confidence in their ability to manage future financial matters responsibly. Protecting assets for the children from the mother would be a perfectly valid goal in that unfortunate situation.

Some people's common sense goes right out the window when they have kids, especially men who have their first when over 40.

They seem to make their kid the most important thing in the universe, willing to suffer many inconveniences just to make sure their kid gets the best.

Maybe I'm selfish but I like living in Thailand and would never think about moving to the West so as my kids could get a better education, like at least 5 guys I have known.

Yes you are selfish - best for all concerned if you just get your tubes tied - free procedure on Soi 12 Sukhumvit.

Not saying that sacrificing everything for the kids is a universal obligation, but if the only thing you're sacrificing is your ease and hedonistic enjoyment of life, as opposed to the long-term welfare of your offspring seems like a no-brainer to me. . .

[Heng]

They have had enough to last this lifetime and the next from before they were born, but they don't get to "own" any of it, and then only incrementally so (even my dad is waiting for some parts of his inheritance and he's almost 70) until they show they truly believe in our family doctrine of not selling any of it, not borrowing against it (no matter what the potential gain may be), and that the principal is nearly untouchable (live off the icing only).

[bkk_mike]

To the person who isn't willing to move back West for the sake of their kids education, I hope you have enough money for International School Fees (which rise each year by more than inflation), and then enough money to pay International fees at a good University for your children.

If you do, then carry on.

Otherwise, think about your kids. My 3 all went to International school from before Primary, but I know I can't afford International University fees for them all (one I could handle - 3 at the same time - not a chance), so we're heading back to the UK in time for them to get their 3 years EU residency so they're eligible for student loans. I may well pay the loans off for them as a graduation present (if they get good grades), but at least it puts a £6K/year ceiling on their University fees.

As for the original question. I've had index-linked life insurance since the first baby was on the way. I'm happy that it's basically been a waste of money (so far) as the alternative is obviously that I'd be dead. But not having life insurance and risking my wife having no income with little kids and mortgage payments would have been both selfish and stupid.

Once the kids are fully grown, and working, any remaining mortgages are paid off, and my pension fund is looking OK, then I might look at the surrender value of the life insurance as it won't be necessary any more.

Anyway, with me owning property in the UK and Spain, and the wife owning several properties in Bangkok and couple of bits of land elsewhere in Thailand, they should become fairly well off when we pop our clogs...

Edited October 28, 2012 by bkk_mike

[Synastry]

I am a sole parent to two teenage children in Australia, my superannuation includes life and TPD insurance and I have divided that appropriately between my Thai wife and children. Planning for my retirement in Thailand, I have purchased 3 rai of land a few hundred metres from my wife’s parents’ home in the name of her father. (We have also been promised first purchase of an extra adjoining 10 rai next year). USUFRUCT is the only way to secure your family’s investment in the land and housing in the future. Keeping the land in my father-in-law’s name and setting up a usufruct to include myself, my wife, my current children and future children born secures the land for our immediate family until death.

[Gweiloman]

To the person who isn't willing to move back West for the sake of their kids education, I hope you have enough money for International School Fees (which rise each year by more than inflation), and then enough money to pay International fees at a good University for your children.

If you do, then carry on.

Otherwise, think about your kids. My 3 all went to International school from before Primary, but I know I can't afford International University fees for them all (one I could handle - 3 at the same time - not a chance), so we're heading back to the UK in time for them to get their 3 years EU residency so they're eligible for student loans. I may well pay the loans off for them as a graduation present (if they get good grades), but at least it puts a £6K/year ceiling on their University fees.

As for the original question. I've had index-linked life insurance since the first baby was on the way. I'm happy that it's basically been a waste of money (so far) as the alternative is obviously that I'd be dead. But not having life insurance and risking my wife having no income with little kids and mortgage payments would have been both selfish and stupid.

Once the kids are fully grown, and working, any remaining mortgages are paid off, and my pension fund is looking OK, then I might look at the surrender value of the life insurance as it won't be necessary any more.

Anyway, with me owning property in the UK and Spain, and the wife owning several properties in Bangkok and couple of bits of land elsewhere in Thailand, they should become fairly well off when we pop our clogs...

Great post. I have myself done many of the things that you had put in place, such as insurance policies etc.

I would only differ on how to treat the student loans (I have two daughters in the UK, about to start uni soon). To me, a more sensible financial arrangement is to for them to get the student loan and not pay it off (legally). For starters, the loan need only be repaid once the annual salary hits something in the region of Gbp 22,500 pa? And even then, it's only 9% of any amount above that. This means that if they don't work in the UK, or have time off raising a family, the loan is put on hold. Finally, the loan gets written off after 30 years.

As a graduation present, I would rather give them the lump sum of Gbp 27,000 (assuming Gbp 9,000 pa for 3 years). I think this would stand them in better stead (buying a property, investing etc).

[Trembly]

To the person who isn't willing to move back West for the sake of their kids education, I hope you have enough money for International School Fees (which rise each year by more than inflation), and then enough money to pay International fees at a good University for your children.

If you do, then carry on.

Otherwise, think about your kids. My 3 all went to International school from before Primary, but I know I can't afford International University fees for them all (one I could handle - 3 at the same time - not a chance), so we're heading back to the UK in time for them to get their 3 years EU residency so they're eligible for student loans. I may well pay the loans off for them as a graduation present (if they get good grades), but at least it puts a £6K/year ceiling on their University fees.

As for the original question. I've had index-linked life insurance since the first baby was on the way. I'm happy that it's basically been a waste of money (so far) as the alternative is obviously that I'd be dead. But not having life insurance and risking my wife having no income with little kids and mortgage payments would have been both selfish and stupid.

Once the kids are fully grown, and working, any remaining mortgages are paid off, and my pension fund is looking OK, then I might look at the surrender value of the life insurance as it won't be necessary any more.

Anyway, with me owning property in the UK and Spain, and the wife owning several properties in Bangkok and couple of bits of land elsewhere in Thailand, they should become fairly well off when we pop our clogs...

£9000 . . . for now.

[Trembly]

To the person who isn't willing to move back West for the sake of their kids education, I hope you have enough money for International School Fees (which rise each year by more than inflation), and then enough money to pay International fees at a good University for your children.

If you do, then carry on.

Otherwise, think about your kids. My 3 all went to International school from before Primary, but I know I can't afford International University fees for them all (one I could handle - 3 at the same time - not a chance), so we're heading back to the UK in time for them to get their 3 years EU residency so they're eligible for student loans. I may well pay the loans off for them as a graduation present (if they get good grades), but at least it puts a £6K/year ceiling on their University fees.

As for the original question. I've had index-linked life insurance since the first baby was on the way. I'm happy that it's basically been a waste of money (so far) as the alternative is obviously that I'd be dead. But not having life insurance and risking my wife having no income with little kids and mortgage payments would have been both selfish and stupid.

Once the kids are fully grown, and working, any remaining mortgages are paid off, and my pension fund is looking OK, then I might look at the surrender value of the life insurance as it won't be necessary any more.

Anyway, with me owning property in the UK and Spain, and the wife owning several properties in Bangkok and couple of bits of land elsewhere in Thailand, they should become fairly well off when we pop our clogs...

Great post. I have myself done many of the things that you had put in place, such as insurance policies etc.

I would only differ on how to treat the student loans (I have two daughters in the UK, about to start uni soon). To me, a more sensible financial arrangement is to for them to get the student loan and not pay it off (legally). For starters, the loan need only be repaid once the annual salary hits something in the region of Gbp 22,500 pa? And even then, it's only 9% of any amount above that. This means that if they don't work in the UK, or have time off raising a family, the loan is put on hold. Finally, the loan gets written off after 30 years.

As a graduation present, I would rather give them the lump sum of Gbp 27,000 (assuming Gbp 9,000 pa for 3 years). I think this would stand them in better stead (buying a property, investing etc).

Actually the threshold is about 16000 pounds with HMRC responsible for collection.

[craigt3365]

Jeez guys. Unreal. A bunch of off topic and rude remarks have been removed from view. I think this topic is better off over in the Family and Children in Thailand forum.

Topic Moved.

[belg]

you cannot put a house on your underage child's without a thai as a parent... so in your wife's name again, same for a bank account

so if it goes south with your wife, you risk to lose your life savings

your son is your blood, your wife is some stranger you met a few years ago

in most cases, your wife will be poor and her family needy and greedy

you might end up like your ex-wife's family before you met her.... poor if you are not carefull

[BigJohnnyBKK]

you cannot put a house on your underage child's without a thai as a parent... so in your wife's name again, same for a bank account

so if it goes south with your wife, you risk to lose your life savings

your son is your blood, your wife is some stranger you met a few years ago

in most cases, your wife will be poor and her family needy and greedy

you might end up like your ex-wife's family before you met her.... poor if you are not carefull

A bit blunt and very negative, and very sad if you marry a stranger, much more so if you still feel that way after having children with her.

But from a practical POV good advice for those in a similar situation - keep any significant assets out of the country.

[bkk_mike]

Great post. I have myself done many of the things that you had put in place, such as insurance policies etc.

I would only differ on how to treat the student loans (I have two daughters in the UK, about to start uni soon). To me, a more sensible financial arrangement is to for them to get the student loan and not pay it off (legally). For starters, the loan need only be repaid once the annual salary hits something in the region of Gbp 22,500 pa? And even then, it's only 9% of any amount above that. This means that if they don't work in the UK, or have time off raising a family, the loan is put on hold. Finally, the loan gets written off after 30 years.

As a graduation present, I would rather give them the lump sum of Gbp 27,000 (assuming Gbp 9,000 pa for 3 years). I think this would stand them in better stead (buying a property, investing etc).

I think the loan used to be put on hold.

Nowadays, it accrues interest...

And when it comes to getting a mortgage, etc. - the outstanding loan will pop up and reduce the amount that can be borrowed...