Creating A Scholarship For A Thai Child

[corkythecat]

I have made an arrangement (payments) for a Thai child's education, at a private school. until he is of University Age.
Incidental expenses are covered.

I am reasonably confident he can qualify, even though he is only four years old next month, his comprehension , curiousity and imagination astonish me daily..

Does anyone have any thoughts.ideas,experience on such a possibility.?

Anything I do keeps access to funds/assetts out of reach of his family.

I'm very unlikely to be alive when he is of age.

Edited April 23, 2013 by corkythecat

[Travel2003]

How have you arranged for:

Anything I do keeps access to funds/assetts out of reach of his family.

If, God forbid, you pass away next week.

How will all the money be kept out of reach of the child's family?

Surely someone must execute and arrange for financial issues.

[HeavyDrinker]

OP, go and see a lawyer. They'll put you right.

[arthurwait]

No advice, but good on you and best of luck with it to him and you.

[bangkockney]

Put the money in trust with specific instructions for what the money is for, how it is to be released and to whom.

You'll need a lawyer to arrange the trust anyway, so you can have your questions answered at the same time.

[Boo]

I agree with those who advise a lawyer, also it would be good if you had a trusted friend of family member or 2 to put as trustee, to make sure that the funds are 1) being spent properly & 2) to be able to release additional funds relating to education or any other specific example you lay out thoughout the years.

[corkythecat]

I agree with those who advise a lawyer, also it would be good if you had a trusted friend of family member or 2 to put as trustee, to make sure that the funds are 1) being spent properly & 2) to be able to release additional funds relating to education or any other specific example you lay out thoughout the years.

Financial arrangements are extremely simple, and have been thought out at length.

A very trusted friend, professional engineer, US Citizen with homes in CA and Thailand, fluent in Thai will be the beneficiary of all my assets, (bank accounts and property). He will pay by bank transfer all legitimate fees, in the first instance billed to him by the school.

The family will only be aware that the fees are paid with no way of knowing any details.They will be unable to solicit any money.

Clearly there will be other issues he will need to deal with and under my written guidelines will use his intelligence to see that my hopes for the child's education and welfare are met until he is an adult.

There are others who know about this situation who will be holding watching briefs.

The pinned information on creating wills is invaluable in creating valid wills and I have followed them to the letter as applicable in this case.

If all my perceptions and experience of people are totally wrong and the funds are misused/ wasted, at least I will die in the strong belief that everything will work out.

What makes me so anxious to do this is among other things a simple exchange while the child (Boy) and I were on the train.

Boy "John why you hold shorts Boy"

Me "So you not out window and bompy on the tracks"

Boy "Boy no fall"

Me "Boy fall out tam arai"?

Boy "John jumpy and get him, bai rongpaiabaan get sticky, Boy OK"

Total Faith.

[Boo]

it sounds like you have everything in place.

Obviously things may go wrong but as you say, if you aren't around what can you do anyway but at least having all the legal framework in place will make any fraud harder.

I wonder if there is an option to instruct a yearly audit of accounts by an independent laywer, to doubly ensure that the trust is being managed correctly?

[eezergood]

best of luck to you, for some continued years here on the planet & to the boy

[SamsonSW]

I believe there is no concept of a trust in Thai law, and 99% of the "legal profession" here are as bad as police and government officials.

You need to set a trust up with attorneys that you know you can trust in a proper jurisdiction that respects the rule of law, and pay a decent percentage of the assets and income for them to be able to supervise the disbursement properly, paying direct to the schools involved and verifying nobody (except the lawyers) are getting a cut of the action.

[Mike45]

Sounds like you have everything in place but its not the way I would have done it. I would have created a trust in the USA and either named those individuals that you trusted to be trustees or more probably had appointed the trust department of a large bank or financial institution (Fidelity Investments) as the sole trustee.

What happens if your trusted friend dies 6 months after you? Does his wife get the money or if no wife perhaps His son might get the money get divorced and lose half of it to his wife. Food for thought.

[GooEng]

Well done to you ! Very commendable actions. Hope you get to see more your little friends progress than you expect.

Sent using the iPad App.

[candypants]

I agree with those who advise a lawyer, also it would be good if you had a trusted friend of family member or 2 to put as trustee, to make sure that the funds are 1) being spent properly & 2) to be able to release additional funds relating to education or any other specific example you lay out thoughout the years.

Financial arrangements are extremely simple, and have been thought out at length.

A very trusted friend, professional engineer, US Citizen with homes in CA and Thailand, fluent in Thai will be the beneficiary of all my assets, (bank accounts and property). He will pay by bank transfer all legitimate fees, in the first instance billed to him by the school.

The family will only be aware that the fees are paid with no way of knowing any details.They will be unable to solicit any money.

Clearly there will be other issues he will need to deal with and under my written guidelines will use his intelligence to see that my hopes for the child's education and welfare are met until he is an adult.

There are others who know about this situation who will be holding watching briefs.

The pinned information on creating wills is invaluable in creating valid wills and I have followed them to the letter as applicable in this case.

If all my perceptions and experience of people are totally wrong and the funds are misused/ wasted, at least I will die in the strong belief that everything will work out.

What makes me so anxious to do this is among other things a simple exchange while the child (Boy) and I were on the train.

Boy "John why you hold shorts Boy"

Me "So you not out window and bompy on the tracks"

Boy "Boy no fall"

Me "Boy fall out tam arai"?

Boy "John jumpy and get him, bai rongpaiabaan get sticky, Boy OK"

Total Faith.

admirable what you are doing for him, now, while you live do him the favour of teaching him proper english instead of the nonsense you have posted here.

this is not intended as a nasty post, you have the ability to give him a firm basis as a native english speaker, don't undermine it by speaking twaddle.