Advice please about money in bank when I die.

[Prof3934]

I am English and have been living in Pattaya for 15 years and now am on a retirement visa.

I am married to a Thai wife and have no children.

I have no other dependents except my wife.

I have a Bank Account which holds a million baht, is earning interest and is used to show my money yearly for my visa extension.

I have another Bank Account for daily use, and my pensions are paid into this one automatically from the UK. There is enough money from these pensions to live a comfortable life. I have no debts.

I have a will through my lawyer which leaves everything to Nat, my wife, on my death. Her will leaves everything of hers to me if she dies before me.

Here is where I need help and advice.

If I die first (I am 77, she is 44), then she can use the million baht.

If she dies first, then I will still be able to live comfortably.

BUT I will need to leave the million baht in the bank for renewal of visa. So I can never use my own hard-earned money to have a few luxuries, lie a cruise etc. It is also a fallback for any big medical bills.

But I have worked all my life, including here in Thailand, and have saved carefully. And now, if anything happens to Nat, and I am left on my own, I cannot use my own money to make life easier in my twilight years.

If I could predict when I will die, then I can use this money in my last year. But being practical, what can I do?

[Prof3934]

I forgot to ask, what happens to my million baht if we are both dead? I have no other dependents to give it to.

[tonray]

What is the amount of your monthly pension ?

Even if your pension was 0 have only need 800 K baht so you have 200K to splurge with right off. If you pension is bigger than 0 than you need less than 800K baht in the bank.

[Prof3934]

My pension is about 35-36,000 baht per month.

I know I only need 800K baht for visa, but we do not need this extra money now, and it is earning about 1200 baht interest a month, which the bank taxes and transfers the balance to my running account.

I have never seen any rules showing less than 80K anyway. What is my minimum?

[KNJ]

Is that will drawn up in Thailand or home country?

If not Thailand get it made ASAP.

As to if you both die, then provision that in the will too, whatever you want, a distant relative, MSF, behind your local bar for beers with the boys, whatever you want

[tonray]

My pension is about 35-36,000 baht per month.

I know I only need 800K baht for visa, but we do not need this extra money now, and it is earning about 1200 baht interest a month, which the bank taxes and transfers the balance to my running account.

I have never seen any rules showing less than 80K anyway. What is my minimum?yoi

You need 800K -or- 65k/month pension.

You could also use a combination method...if a pension of 35K then you would only need 380K in the bank.

Financial Requirements are as follows:

• Bank Account showing THB 800,000
• Monthly income of at least THB 65,000
• Combination (Bank Account + Income x 12 = THB 800,000)

So you only need to have 380 K in the bank. Much better I think !

[MAJIC]

I too was once on the OA Visa and later changed over to the married Visa,which requires 400,000 Baht seasoned for 3 months. Perhaps I have missed something,but this sounds like the answer,providing things have not changed over the last 5years.

[Prof3934]

Thanks for advice. I have never heard of this combination calculation in the 15 yrs I have been here.

I cannot have a married visa as Nat is a boy, and although we got married 15 years ago in a full Thai wedding, the officials told us we could not have a certificate.

Our Wills were made here in Pattaya, and the only thing we seem to have omitted is what to do with my money if we both die. I have no dependents and Nat's family are not on my wish list for anything! They have taken, stolen, begged and borrowed for 14 years, live in Issan, and can stay there! Nat is the only good one out of a very big family. I have been so lucky all these years.

[MAJIC]

Thanks for advice. I have never heard of this combination calculation in the 15 yrs I have been here.

I cannot have a married visa as Nat is a boy, and although we got married 15 years ago in a full Thai wedding, the officials told us we could not have a certificate.

Our Wills were made here in Pattaya, and the only thing we seem to have omitted is what to do with my money if we both die. I have no dependents and Nat's family are not on my wish list for anything! They have taken, stolen, begged and borrowed for 14 years, live in Issan, and can stay there! Nat is the only good one out of a very big family. I have been so lucky all these years.

Well thats a different story,I assumed Nat was a female!

[Maestro]

Without a will, when you die your money will go to the Thai government if there are no legal heirs.

[Sheryl]

I am moving this to the visa forum as it does not seem to be a health issue.

As oth3rs have pointed out, you can use a combination method of your pension plus bank balance and thus do not have to have even half that amount in the bank.

However, I strongly advice against spending it as you need it for insurance. In fact, 1 million baht is IMO an insufficient amount for health insurance. A single major illness, even if treatment is at a government hospital, can easily exceed that amount, and of course once spent, the money is gone forever.

In fact odds are this will occur well before you finally die. few people enjoy perfect health until they keel over...most have illness of varying degrees of severity, on and off, in the last decades of their lives. Sorry to day, but rather than "who gets my money when I die" you are more likely to face the problem of "my savings are gone and I don;t have enough money to pay for health care of qualify for a retirement visa".

[loppylugs1]

Hell in pattaya immigration,just outside the main door on the side I was offered a bank statement for 5 thousand showing 800,000 baht,that's cheap,but no need for it,income is OK

[DogNo1]

IMO, your problem is not being able to figure out how to have fun with your one million in savings. Your problem is the opposite: figuring out how to save more to pay for a lingering final illness and long-term care. If you read through the posts of NancyL, you will be shocked by the number of elderly people whom she has helped when they became sick with no money left. Personally, I hope to die with a considerable amount of money in the bank. It will have been there in case I needed it.

[Eclipse]

With that pension you only need 380,000 in the bank to show Immigration every year.

[falang07]

Hell in pattaya immigration,just outside the main door on the side I was offered a bank statement for 5 thousand showing 800,000 baht,that's cheap,but no need for it,income is OK

Showing a fake statement and risking a jail? Well, I would not do it.

[thaiduncankk]

Last thing I worry about is money when I die !

Once I pass away, I won't lose any sleep over it.

[loppylugs1]

Hell in pattaya immigration,just outside the main door on the side I was offered a bank statement for 5 thousand showing 800,000 baht,that's cheap,but no need for it,income is OK

Showing a fake statement and risking a jail? Well, I would not do it.

Missing the point it WAS the authorities,they print the letter

[Ron CM]

My pension is about 35-36,000 baht per month.

I know I only need 800K baht for visa, but we do not need this extra money now, and it is earning about 1200 baht interest a month, which the bank taxes and transfers the balance to my running account.

I have never seen any rules showing less than 80K anyway. What is my minimum?yoi

You need 800K -or- 65k/month pension.

You could also use a combination method...if a pension of 35K then you would only need 380K in the bank.

Financial Requirements are as follows:

• Bank Account showing THB 800,000
• Monthly income of at least THB 65,000
• Combination (Bank Account + Income x 12 = THB 800,000)

So you only need to have 380 K in the bank. Much better I think !

Question - are you sure about the 65K a month pension requirement? i think not!

[bark]

This reminds me of an old joke.

Three guys standing over the grave of an old Poker friend. The four of them had just finished playing Poker when he dropped dead from

a heart attack. At the funeral The remaining three guys; give the winning from the night before.

First guy puts an envelope in the coffin containing $ 35,000. Second guy puts an envelope containing $22,000. The third guy, puts an envelope

containing $26,000; but it is a small thin envelope. The other two guys say to him. "Why is your envelope so small ? You should pay your debt,

even if he has died ? " The third man looked shocked. " Of course I paid him in full. " " I didn't have even cash, so I wrote him a cheque ".

Spend it now ! You cannot take it with you !

[hutchings1963]

If you die it will go to the thai government,but if the bank account is in both your names the thai government cannot take it

[ubonjoe]

If you die it will go to the thai government,but if the bank account is in both your names the thai government cannot take it

Wrong

If you have family to inherit the money the government cannot take it,

[bbi1]

Thanks for advice. I have never heard of this combination calculation in the 15 yrs I have been here.

I cannot have a married visa as Nat is a boy, and although we got married 15 years ago in a full Thai wedding, the officials told us we could not have a certificate.

I thought in your 1st post you said "I am married to a Thai wife and have no children."

The last time I checked, a "wife" is a woman.....

[timberpond]

Hell in pattaya immigration,just outside the main door on the side I was offered a bank statement for 5 thousand showing 800,000 baht,that's cheap,but no need for it,income is OK

Showing a fake statement and risking a jail? Well, I would not do it.

Missing the point it WAS the authorities,they print the letter

It's a good deal. 0.625% and you only use it once a year.

Probably inflation of the 800k yearly is already more than that.

[IssanMichael]

This reminds me of an old joke.

Three guys standing over the grave of an old Poker friend. The four of them had just finished playing Poker when he dropped dead from

a heart attack. At the funeral The remaining three guys; give the winning from the night before.

First guy puts an envelope in the coffin containing $ 35,000. Second guy puts an envelope containing $22,000. The third guy, puts an envelope

containing $26,000; but it is a small thin envelope. The other two guys say to him. "Why is your envelope so small ? You should pay your debt,

even if he has died ? " The third man looked shocked. " Of course I paid him in full. " " I didn't have even cash, so I wrote him a cheque ".

Spend it now ! You cannot take it with you !

The way i heard it was this: the two guys put their money in and the third guy puts a cheque in for $83,000 and takes the cash !!

[sirocco]

well your story with friends around the grave.

I'll try to remember.

[Mansell]

Last time I checked a Wife is a woman........then you haven't checked recently. In a gay marriage there is a husband and wife. You may not like it, but that is the reality of today's world.

[mesterm]

Thanks for advice. I have never heard of this combination calculation in the 15 yrs I have been here.

I cannot have a married visa as Nat is a boy, and although we got married 15 years ago in a full Thai wedding, the officials told us we could not have a certificate.

Our Wills were made here in Pattaya, and the only thing we seem to have omitted is what to do with my money if we both die. I have no dependents and Nat's family are not on my wish list for anything! They have taken, stolen, begged and borrowed for 14 years, live in Issan, and can stay there! Nat is the only good one out of a very big family. I have been so lucky all these years.

Don't you have anyone back in your country of origin you'd rather give the money to, in the event that the both of you pass away? If not people, maybe write it to a charity that reflects your social/political interests?

Edited February 5, 2016 by mesterm

[AdamRich]

Who is Nat supposed to call in your family in case of emergency? Hide an ATM card with the pin. Notify the person to tell Nat that he should look for something you left him in whatever secret place you told the person after your death is verified.

[HerbalEd]

IMO, your problem is not being able to figure out how to have fun with your one million in savings. Your problem is the opposite: figuring out how to save more to pay for a lingering final illness and long-term care. If you read through the posts of NancyL, you will be shocked by the number of elderly people whom she has helped when they became sick with no money left. Personally, I hope to die with a considerable amount of money in the bank. It will have been there in case I needed it.

The first and last sentence of your post seem to contradict each other. Actually, your last sentence indicated you're doing a similar thing as the OP.

[Prof3934]

Thanks to everyone for their help about my money.

As usual, there were several childish replies and quite a few that obviously did not read my first post correctly

I quite clearly said I had NO dependents except for Nat, yet posts recommended I leave everything to ??? in the UK if Nat dies before me..

Although I now understand clearly the combination method of proving the 800K, but as I again said, I do not want the money now, as we can live comfortably on my pensions.

I have no medical insurance, as the few who quoted me, were very very expensive. So I will have to fund any health requirement myself. The, maybe, I will need to delve into the 1 million account.

I know I did not mention that Nat was a boy because I have read the very scathing attacks by members of the forum on gay people. Sure enough, as soon as I clarified this point, someone wrote....oh! well that is another matter! Why is it another matter?

Again, thanks to the helpful many replies.