Cash in Bank when you Pass On

[jonwilly]

In the event of say myself, passing on while living in Thailand, may I leave the 'Cash' I have left in my Thai Bank account to a relative overseas ?

I assume I would have to have nominated the individual in my UK Will but does anyone Know the actual procedure for them to Claim from my account after all debts have been paid.

john

[haybilly]

Best option would be to make a Thai Will and advise as to such in your UK Will--when I made my UK Will, mainly for my daughter, they said that possessions in foreign countries, ie Thailand, were better served by making a local Will--I could be wrong but that's how they advised me.

[Mario2008]

Per above, making a will in Thailand would be best, register it at the amphur.

[cassde]

I have identical circumstances and sought legal advice on the matter. As a result I have just made a local Thai Will and will make a UK will with reference to the Thai Will within it.

[jonwilly]

I was hoping that some one would have had experience of a friend passing on and know the correct method for me to pass on to a relative.

I understand that making a Will in Thai would be necessary but is there no one who has practical knowledge.

I can't be the first person who has approached this problem.

john

[elektrified]

I was hoping that some one would have had experience of a friend passing on and know the correct method for me to pass on to a relative.

I understand that making a Will in Thai would be necessary but is there no one who has practical knowledge.

I can't be the first person who has approached this problem.

john

I think it's already been said what to do. You need to make a Last Will and Testament here in Thailand, have it translated, witnessed, and file the original with the Amphur or perhaps in the safe of a close friend (possibly the person you designate as Executor), appoint a Successor in the event that the first person declines to act or dies, make some copies, etc. The same as you would do in any country. It's really quite simple.

Upon your passing, the Executor would follow your wishes, notify the bank(s), provide copies of death certificate, Will, etc., arrange for transfer to your relatives. There may be a procedure in the Probate Court of which your Estate would be liable for the costs involved. Thailand does not recognize Trusts so this is your only option.

Edited August 17, 2013 by elektrified

[vagabond48]

I have a TMB account. I asked if my wife could take money out of my account and they said, yes. She just needed to bring a signed withdrawal slip and my passport. The signed slip is not problem since here in the relaxed LOS, bank tellers wouldn't recognized an English written forged signature so whether I am dead or alive, my wife armed with my passport, can clean out my account of huge sum of 169B.

[haybilly]

I was hoping that some one would have had experience of a friend passing on and know the correct method for me to pass on to a relative.

I understand that making a Will in Thai would be necessary but is there no one who has practical knowledge.

I can't be the first person who has approached this problem.

 

john

What more do you need to be told??

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[NancyL]

I have a TMB account. I asked if my wife could take money out of my account and they said, yes. She just needed to bring a signed withdrawal slip and my passport. The signed slip is not problem since here in the relaxed LOS, bank tellers wouldn't recognized an English written forged signature so whether I am dead or alive, my wife armed with my passport, can clean out my account of huge sum of 169B.

This is definitely not a good option if the plan is for your wife to close your account after your death. She can't present the passport and (forged) signed withdrawal slip of someone who is dead.

We asked our bank manager about our joint account and manager said that account would be frozen in the death of one of us -- the other couldn't even withdraw half. Apparently, children inherit at the same "level" as spouses and the bank would want to know if the deceased had any children who also have a claim. Thus, the account would be frozen until the survivor "proved" that the deceased had never had children. (I don't know how you prove a negative, but oh well)

The safest plan is to get a Thai Will for your Thai assets. If a bank account is your only asset, then the simple fill-in-the-blanks Will available at the Amphur office will do the trick. It's on the computer of the gall who handles the Will filings, at least here in Amphur Muang.

[NancyL]

To answer the OP's question about how the heir would actually claim the funds, much is up to the discretion of the local bank manager. If the heir ever visits the OP, then definitely take the heir into meet the bank manager, explain the relationship, etc.

I've heard of a surviving spouse being able to obtain his wife's accounts after her passing, even with just a U.S. Will mainly because the manager knew both parties and knew the wishes of the deceased (she had been ill for a while before passing and made the bank manager promise that she'd give the funds to her husband without any fuss -- and she did) Good example of how the local bank managers have a lot of discretion to make decisions when they know all parties involved.

Edited August 17, 2013 by NancyL

[rod2011]

How do you actually go about making a Thai will?

Is it expensive ?

[vagabond48]

This is definitely not a good option if the plan is for your wife to close your account after your death. She can't present the passport and (forged) signed withdrawal slip of someone who is dead.

How would the bank know I am dead?

Why would she need to tell them I passed on?

My wife would come to the bank with my passport, my bank book and a signed withdrawal slip.

As far as a signed withdrawal slip, I could always leave a couple in our safe deposit box, so no need to forge my signature.

I certainly won't care if my account remains open. I'd be dead. It doesn't have a debit card so it wouldn't accrue any charges.

Anyway, legal or not, it's an option.

[TallGuyJohninBKK]

Here's a thread on Amphur Wills that probably will cover a lot of folks' questions:

http://www.thaivisa.com/forum/topic/599413-amphur-will/?p=6531447

[Beetlejuice]

Keep in mind that if you die in testate, the beneficiaries have 12 months from the date of death to claim anything left to them in the will in Thailand.

As regards the bank, they may not just accept the beneficiary`s word and copy of the will for the releasing of funds from the said bank account. It may require the services of a lawyer.

My advice is; have a talk with the manager of your bank, who will probably have better knowledge of the procedure than we do. That would definitely be my first port of call regarding this inquiry.

[onthedarkside]

I've had some real experience on this when my friend passed away and left all his assets to his daughter in the UK. The daughter had to present herself at the Thai bank, prove her identity (passport), with copy of Thai death certificate and translation of his UK will. Much to my surprise there was no problem with the bank processing this information and handing over the cash after just an hour's wait. The Thai death certificate is essential.

[jonwilly]

Thank you Dark One.

Thats the type of answer I was after.

Prove identity with Passport, Copy of or Death Certificate and Thai translation of UK Will.

My next question is

How would my Relative get the money out of Thailand ?

They would have no way of proving the money was legally imported into Thailand.

john

[elektrified]

Every situation in Thailand is different. You must know that by now. My guess is that Darth Sidious's friend's daughter got lucky and found a cooperative bank manager who released the funds without an official document from an authority in Thailand. How did the bank know (or not know) if the decedent had family (legal heirs) in Thailand or not?The U.K. Will really doesn't have jurisdiction here. In other words, the daughter just got lucky turning up and collecting the cash. Without a Thai Will I would say your chance is 50% or less of that plan succeeding. Had Darth's friend had legal heirs in Thailand, there would certainly be a lawsuit against the bank and the person who released the cash would have been fired. Why don't you just make a Last Will and Testament and cover all bases?

Regarding the point you raised your last question, that would be handled by the person you appoint as the Executor of your Estate.

Edited August 18, 2013 by elektrified

[TallGuyJohninBKK]

I agree about the above comment...

From everything I've been able to read and understand, the preferred approach is to have two wills:

1 for a person's assets inside Thailand, and addressing only those assets.

1 for a person's assets in their home country, and addressing only those assets.

If you've got Thai bank assets, you want a Thai will to be addressing those.

[onthedarkside]

Thank you Dark One.

Thats the type of answer I was after.

Prove identity with Passport, Copy of or Death Certificate and Thai translation of UK Will.

My next question is

How would my Relative get the money out of Thailand ?

They would have no way of proving the money was legally imported into Thailand.

john

Some of the posts saying that my friend's daughter just got lucky might be right. I did say I was surprised that the bank released the money so quickly and without trouble. My friend did not have a Thai will (that we knew about). The bank was one of the smaller banks - Siam City Bank.

As for getting the money repatriated. I'm sure the processing bank could arrange an international transfer. In the case I am talking about the cash amount was relatively small (under 200,000 baht) and the daughter had no trouble using a money wire service (Wells Fargo, I think) to sent the money back to her home bank account.

[crazykopite]

I never hold that much cash in Thai banks as I believe that if they were to go bust you would loose out big time when I had my property built I had a hidden section installed which has a hidden fire safe in it even I forget where it is at times and the only people who are aware of it are those that are closest to me. My understanding is that if a will is not made in Thai then upon your death 50% goes to the wife and the remainder to your children. I had a lot of shares in the UK bank Bradford and Bingley when they got into trouble the Labour party stepped in and pinched my shares which were worth a lot of money the same that has happen in Cyprus all Governments are only to happy to steal the peoples money !!!!!!

[NancyL]

This is definitely not a good option if the plan is for your wife to close your account after your death. She can't present the passport and (forged) signed withdrawal slip of someone who is dead.

How would the bank know I am dead?

Why would she need to tell them I passed on?

My wife would come to the bank with my passport, my bank book and a signed withdrawal slip.

As far as a signed withdrawal slip, I could always leave a couple in our safe deposit box, so no need to forge my signature.

I certainly won't care if my account remains open. I'd be dead. It doesn't have a debit card so it wouldn't accrue any charges.

Anyway, legal or not, it's an option.

Oh, word gets around when a foreigner dies.

Vagabond48, if you truly love your wife do the right thing and obtain a simple Amphur Will. She'll be so grief-stricken and busy with funeral preparations right after your passing, that she doesn't need to worry about implementing your little scam at the bank.

[Mapguy]

To add to the above (including some thoughts on powers of attorney):

1. Very useful general information: Becker and Thongkaew, Thai Law for Foreigners, Paiboon Publishing, 2008. Generally, the cost of drawing up a will with a reputable lawyer is not so expensive as to go the "do-it-yourself" route.

2. Definitely (as least two) compatible wills if assets in more than one country: one for assets in Thailand and a will for every other country where assets might lie abroad. They should refer to the companion wills, the salient points of which must not be contradictory. And trusts abroad should NOT be mentioned in your Thai will.

3. Although a form provided by an amphur might be convenient for drawing up a simple will, especially a closed will, a lawyer drawing up a bilingual will should be a much better choice, especially if there are relatives who do not speak Thai. It might also prove inconvenient for an executor (e.g., lost receipt, moving out of town, et cetera).

4. Do not play around with banks, such as milking accounts with ATM cards or other dubious dodges. Excellent suggestion above to introduce a spouse or significant others to your bank manager.

5. It is also important to provide special or general powers of attorney should you become incompetent to handle your own affairs. These are equally important as wills to consider, and the same general rules apply as above.

Maybe the best advice is to keep things straightforward and simple with clear instructions about what you want. The more complicated you get (e.g., multiple bank accounts in multiple banks and so on) the harder (or at least inconvenient) it will be for whoever is your executor or people taking care of you if you are non compos mentis. To help them provide (and better also discuss) the most complete (and practical!) instructions you can as to your wishes, including what to do with your cats!

Edited August 18, 2013 by Mapguy