Legacy for thai children

[fredovitch133]

Hi,

I’m a bit worry for my children 5 and 8 years old, i don’t want they suffer of financial problem later in case of i pass away one day, hope not before 40 years because i still healthy and young... Their mum is a bit thriftless

I would like to help them, for example, they get some assets to cover the university fee, buy a studio, start in the best conditions their new adult life…

Is there any kind of bank account in Thailand for kids which can’t be withdrawn only until when they attains the age of majority and of course only by them ? Can I buy a property on their name ? What the thai law says when a parent pass away ? The wife get everything, no share with children ? A testament has a real power ? What is the best solution for my children to be sure they get something from me ?

Thanks for your help

Edited June 29, 2016 by fredovitch133

[MobileContent]

As far as I know the mother would always have a way to get to the money.

As an example if you are the sole legal guardian you could open a bank account Fixed Deposit with Kasikorn Bank and they would put your name into the account as well.

My boy is 3 1/2 years old and I am consider putting him as the owner of my small studio apartment in Bangkok but the condo management company is a bit slow due to the management fees. If my boy is the owner of the studio and I am late with management fees which can be paid yearly their could be a problem.

My suggestion would be talk to a good lawyer in Bangkok recommended by your local embassy to explain what options you have. A better option might be to give him some offshore options and you put the money outside of Thailand.

[gandalf12]

Try Tilleke & Gibbins in Bangkok. Their web site is: http://tilleke.com/

[khunPer]

Most, if not all, banks will open fixed accounts, for example 12-month term, in two names; the child's name as minor and for example the fathers name as guardian. Thais prefer to use Government Savings Bank, as they give slightly higher interest, and the government gurantee the deposit. Only the guardian can withdraw money, while the child is minor; however I am not aware of what may happen in case of death and the mother may become guardian.

You can buy property – land, house, condo – in the name of a minor. Normally the Land Office will not allow any transaction – such a mortgage or transfer of deed – in interest against the minor; i.e. the property cannot be sold before the child is of legal age.

You can open Fund Books – mutual funds of bonds and/or stocks – in the name of a minor plus a guardian in most banks, and a minor can hold stocks as shareholder.

If you have assets in Thailand, it's a good idea to make a Last Will and state your wishes there. If no Last Will half of assets will go to wife, and the other half to child/children; but you can decide different in a Last Will, i.e. leaving all to your child/children. Best is to make the Last Will by a Lawyer; the book "Thai Law for Foreigners" (Paiboon Books) contain good information about Will.

To my knowledge, there is no such thing like Trusts in Thailand, but you can state a guardian for your assets in your Will, and also state that the money, or a percentage hereof, or the outcome (dividend/interest) shall cover a child's tuition fee, etc.

Wish you good luck.

[fredovitch133]

Most, if not all, banks will open fixed accounts, for example 12-month term, in two names; the child's name as minor and for example the fathers name as guardian. Thais prefer to use Government Savings Bank, as they give slightly higher interest, and the government gurantee the deposit. Only the guardian can withdraw money, while the child is minor; however I am not aware of what may happen in case of death and the mother may become guardian.

You can buy property – land, house, condo – in the name of a minor. Normally the Land Office will not allow any transaction – such a mortgage or transfer of deed – in interest against the minor; i.e. the property cannot be sold before the child is of legal age.

You can open Fund Books – mutual funds of bonds and/or stocks – in the name of a minor plus a guardian in most banks, and a minor can hold stocks as shareholder.

If you have assets in Thailand, it's a good idea to make a Last Will and state your wishes there. If no Last Will half of assets will go to wife, and the other half to child/children; but you can decide different in a Last Will, i.e. leaving all to your child/children. Best is to make the Last Will by a Lawyer; the book "Thai Law for Foreigners" (Paiboon Books) contain good information about Will.

To my knowledge, there is no such thing like Trusts in Thailand, but you can state a guardian for your assets in your Will, and also state that the money, or a percentage hereof, or the outcome (dividend/interest) shall cover a child's tuition fee, etc.

Wish you good luck.

Thanks a lot for these interesting information khunPer Good luck for u too...