An old friend died. What happens to the assets in his thai company?

[ghworker2010]

From the outset, the agenda of this thread is to help the children of my deceased friend.

His wife has mental health issues and is allegedly suicidal. I've heard that she might be bipolar. My friend had a good heart and stood by his wife and really adored his 2 kids aged 9 and 14 I think. He cared so much for his kids.

Despite all the money issues they have a small house in a village. Its in a Thai company structure where he is the director and I think the wife is a shareholder. I only just found this out after calling the attorney that set it up.

I asked the lawyer if he executed a Will and he said that my friend was trying to find someone as an administrator to the Will but never got back to the lawyer.

If the above information is accurate, what happens now with the company and the house? I know that he would want his kids to be looked after. If something happens to the wife what happens to the company then?

All of this is actually none of my business but I'm really worried about the kids future. It is my understanding that they might go and live with a grandmother 70km away. The young girl is afraid of her mother now. The mother doesn't work due to her issues.

Incidentally, the lawyer asked me about the details of the cremation and said he will attend tomorrow. If he has a dubious agenda could he forge documents and sell the house for his own benefit if something happens to my friends wife? I'm not saying that he will do this but anything is possible in the LOS.

What should I do or should I stay out of it???

cheers

[Thongkorn]

Who has the chanut on the property. If you can get it . It would be a good start. Also you will be able to see if any money has been loaned on the house or land.It will be written on the back . If not all goes to the wife.

[Stradavarius37]

You're right OP. None of your business.

[cyberfarang]

It`s not a case of staying out of it, but a case that you can`t do anything about it.

If there is no proper will then the wife gains control of everything including the children. How did your friend die? Nothing suspicious I hope, especially if he was many years older then his wife and there`s a lot of money involved.

Same old story, heard time and time again.

[northernboy]

If it is a company the assets are owned by the shareholders and the fate o the company and assets are up to the shareholders.

That is who the properties name must be in. .

If the lawyer set it up he probably used nominees names and they can be under his control. So hope he is nice and do not piss him off.

Best to work with the wife if you want to stick your nose in and protect the children's future.

Maybe he should have planned this better.

Most expats are trouble estate managers. Too many die with no will or plan for their death. Which comes to us all.

Sadly I have had to help clear too many of these estate matters up for people I knew.

.

[SOTIRIOS]

....one of the biggest oversights here....

....we are welcome to come.....open arms.....

...and leave empty pockets....one way or another....

...clueless or powerless.....

...and it doesn't seem that anyone gives a da*n.....

...this government or ours.....

....you would think that after half a century (and more) of foreigners coming to live here this information would be readily available....

...so that we could make the right informed choices....right off the bat....

....and not end up 'over a balcony' or whatever.....

...and have our children assuredly cared for....

[little mary sunshine]

MYOB....Hope the wife and

Children are taken care of.

[melovethai]

So here is a good service and business idea if it can be established legally. Someone with good intentions set up a company to help all the expats in legalising a will in Thailand that 100% protects the siblings wife and any relatives back home as they wish.

[paddyjoe41]

Good idea to try to form a company to look after all the details when one of us dies.Im almost sure it would be almost impossible to find a lawyer who would do the right thing,I have never met one that i would trust in Europe let alone here,especially here,im sure a big percent of us will agree to that.But perhaps we may find an expat thats worthy of our trust in matters such as these.Whatever i also think its pointless to interfere in the matter at hand,we will have to hope the children are taken care of in the correct manner,as stated too many of us are passing away without taking care previously of the family,and it is hard for the remainder of us to see the results of such things,especially when the OP has been involved for a great period,brings us all to our senses,OP RIP.

[NickJ]

Most companies have a Right of Refusal clause that kicks in when a partner wants to sell his shares or dies. This gives the partner first shot at buying the shares for an agreed on price......In this case, Hope the lawyer is honest and not a person who has this right. If everything is above board I think his shareholding is a simple asset that goes to the wife.

[wow64]

Op if you are really concerned start dating the wife/widow and ensure the kids are looked after.

[scorecard]

MYOB....Hope the wife and

Children are taken care of.

Ultimately I guess there needs to be a process to finalize the affairs of the deceased farang gentlemen, I guess this means through the appropriate court.

If that's true, and considering the wife's health and especially if there could be an appropriate medical report indicating that the wife is incapable of handling such matters, Is there perhaps a case here for somebody (I don't know who) to make an appeal to the court to adjust the process to manage the affairs of / protect both the wife and the children.

Like many I don't trust Thai lawyers, so I would already be checking what other government agencies could be / should be involved.

If all of this is possible then of course there's the question of 'who' could be named by the court as the ongoing 'manager' of wife's / children affairs and welfare.

Sounds complicated but somehow I doubt there is no uncomplicated best possible resolution in a case like this.

As already said I hope the result is in the best interests of the wife and children.

Good luck with this.

[RWA]

I feel for the kids ... there are 3 things I'd try to do quick: get a copy of the company registration docs (i.e. complete list of shareholders, audit, etc., ... this can be done online, via any "friendly" accountant who has got the password to the database - no need for a lawyer yet), then a copy of the Chanoot - that can be dome for a "couple of hundred" at the local Land Department (an accountant can be also used, or anybody who may have a "friend" there working) and see what info / details are on the back side, at last but not least - I'd contact the "Paweena Foundation" and tried to explain the situation with "unstable / unreliable mother" and kids to be dropped into the care of a grandma elsewhere far away and their (kids) fear of the mother without father's "protection / care". Explain the fear of perhaps less honest lawyer and company's assets (house, finances, etc.), ask them for an "investigation", for a help to protect the kids rights and well being - offer some sort of donation or anything won't hurt.

Depends on how much you really care (would be willing to get commuted personalty), you may try to "look after the wife" extensively for long enough to assure she would transfer her company shares to you (along with the other shareholders - perhaps only nominees - signed Minutes of Meeting, Board's Resolution, whatever to takes to comply with the Law (again, every accountant knows what must be done and have all required forms in his/her drawer) and get a General Manager / Director appointment (this can be relatively quickly done and without spending too much) ... to have done that, you'd be on the ground when you can start to think of and act upon a reasonable plan how to secure the kids future - accommodation, education and so on ...

Also, maybe the older (14 years) kid may help you to search through the house for any piece of paper that may be the will - it will be in Thai and they certainly can read it ...

Apart of that all above I just can't think of anything sensible, legal and correct to do ... in any case, you shall embrace yourself for a bit of necessary expenses and possibly a big disappointment or heartbreak if you truly care for these kids ...

I wish you the best luck!

[billd766]

I feel for the kids ... there are 3 things I'd try to do quick: get a copy of the company registration docs (i.e. complete list of shareholders, audit, etc., ... this can be done online, via any "friendly" accountant who has got the password to the database - no need for a lawyer yet), then a copy of the Chanoot - that can be dome for a "couple of hundred" at the local Land Department (an accountant can be also used, or anybody who may have a "friend" there working) and see what info / details are on the back side, at last but not least - I'd contact the "Paweena Foundation" and tried to explain the situation with "unstable / unreliable mother" and kids to be dropped into the care of a grandma elsewhere far away and their (kids) fear of the mother without father's "protection / care". Explain the fear of perhaps less honest lawyer and company's assets (house, finances, etc.), ask them for an "investigation", for a help to protect the kids rights and well being - offer some sort of donation or anything won't hurt.

Depends on how much you really care (would be willing to get commuted personalty), you may try to "look after the wife" extensively for long enough to assure she would transfer her company shares to you (along with the other shareholders - perhaps only nominees - signed Minutes of Meeting, Board's Resolution, whatever to takes to comply with the Law (again, every accountant knows what must be done and have all required forms in his/her drawer) and get a General Manager / Director appointment (this can be relatively quickly done and without spending too much) ... to have done that, you'd be on the ground when you can start to think of and act upon a reasonable plan how to secure the kids future - accommodation, education and so on ...

Also, maybe the older (14 years) kid may help you to search through the house for any piece of paper that may be the will - it will be in Thai and they certainly can read it ...

Apart of that all above I just can't think of anything sensible, legal and correct to do ... in any case, you shall embrace yourself for a bit of necessary expenses and possibly a big disappointment or heartbreak if you truly care for these kids ...

I wish you the best luck!

The most sensible and honest reply on the thread.

The OP is trying to help out his friends widow and especially the children and some of the comments are beyond my belief.

I would be more than happy to have a friend like the OP who is willing to help out my family when I die.