Inheritance

[Johnchris]

I am trying to work out the best way to leave my daughter her inheritance.

My daughter is 9 years old and lives with her other in Thailand.

I have been supporting my daughter and her mother and send them money every 4 weeks.

For health reasons it is very difficult to visit Thailand - I have stage 4 copd.  I have been visiting her twice a year but it severely weakens me now.

I do not want the money to disappear and it would if family members new what was in the bank.

I would like to leave a monthly allowance plus gifts on their birthdays and Christmas, and to help her through university etc.

The residual being available after graduation.

 

Has anyone had any experience of this kind of dilemma and offer any pointers of doing this effectively and efficiently?

Many thanks

 

[fiddlehead]

Could you get an ATM card for her? 

Start a separate bank account in your home country. 
Transfer money to the card whenever you see fit. 
You'd lose a bit on the fees but your biggest problem is probably going to be the family trying to use it instead. 
Perhaps buy her a smart phone, put viber or whatsapp on there (something Thais are not familiar with generally), and text or call her every time you want to send he money? 
 

You could even change the pin number from time to time and tell her the new one (or have her call you for it each time)

Just an idea. 

 

[manfredtillmann]

don't know where you live but - talk to a lawyer in your country about trust accounts and allowances etc.

you are not alone.

[MikeyIdea]

I have the same problem. I live in Thailand, I have some investments abroad and a Thai providence fund in my name and I would like it all to go to pay for my daughters future education if I die and she should get whatever is left, if any, after she graduates university.

 

The money must not go to my daughters mother or it will be gone in 3 years...

 

Everything has my daughter as beneficiary so the mother will not be able to access even a single baht until it has been through Thai Juvenile court but what happens then? I could write a will that spells out how the money should be portioned out but everything is down to who will be appointed as guardian of my daughters inheritance. It can be someone else than the mother but I have no idea what Juvenile court will do and I can't fight it after I am dead. What if they assign the mother against the wishes in my will or if the mother somehow manages to withhold the will from them?

 

I don't know how to solve this in a safe way

 

 

[Johnchris]

Thanks for the replies so far.

 

fiddlehead -

I do a similar thing now but unfortunately I am not sure I will be around too much longer - I don't think my phone would cope with the crematorium - I think my phone is set to switch itself off above 40 degrees C !

 

Manfredtilman

I think I will probably have to set up a trust in the UK.  Not sure what the administration costs will be though.

 

MikeyIdea

When you read some of the stories on here about property being sold and bank accounts emptied illegally with the 'help' of lawyers - it makes you wonder

[MikeyIdea]

Bank accounts emptied with the help of lawyers I think is fairy tales to be honest. I have no doubt that the money in my bank accounts are safe if I die UNTIL Juvenile court order. Question is who Juvenile appoint as guardian

[oxo1947]

6 minutes ago, MikeyIdea said:

Bank accounts emptied with the help of lawyers I think is fairy tales to be honest. I have no doubt that the money in my bank accounts are safe if I die UNTIL Juvenile court order. Question is who Juvenile appoint as guardian

.

I tend to agree with you, certainly no more dodgy Accountants/Lawyers---then what are in the UK.

My friend is in Italy at the moment doing the same thing (signing Papers ---which involves a lot of money and property in Both countries  (Italy /Thailand) Apartments in Rome--Condos in Phuket---land in BKK & Pattaya) , he had formed a company (for the Thai land buying, so that also has to be sorted.)--he never married the women but she had a child by him before they parted. My friend is the husband of the woman's sister---Its more of a mess than yours, as he didn't leave a will. He did leave verbal instructions with his 2 daughters & they wish to abide by them (a 3 way split, but keep it out of the hands of the mother and relations) do you not have any children in your home country that could help out in this situation.? There are some Law companies here with V good reputations.....Siam Legal etc.....I don't know how much is involved, so if it isn't a lot you do not want it eaten away in Fees--one thought might be that you do not carry on with the monthly allowance to the child....(the mother probably gets it anyway) Just have the lump sum put into a bond in her name--with a certain redeem date . (I don't know if this is possible---but there are financial people on here that will chime in & tell you if it is)

.

If you were more active I would have suggested (again I don't know what the amount is) that you buy a Condo or house in her name----the rent can be an allowance for the family--you can have a document of when she gets to own it-----it doesn't have to be 18 years----you may feel that's to young. A condo would be better as the management would make sure it is kept up to standard (on the outside)

 

Good luck with what time you have left---I admire you for trying to put everything in order, as I said my friend is trying to sort out a complete mess--& I have also had that experience with a very close friends & relations .

 

When the time comes to die, make sure that all you have to do is die!”― Jim Elliot, 

[FritsSikkink]

Don't you have anyone in the UK that you trust to manage the trust fund for your daughter?

[Rc2702]

Whatever you do DO NOT take any CONTACT advice from anyone on here. I am sure you would not anyway but just to be sure. No offence intended.

[timewilltell]

Hi JohnChris

 

What about investing the money in a UK pension - fixed interest fund or something similar what is 'safe'.  The point being to park the cash where the interest might just be seen as a bonus.  Of course you could choose something riskier like a stock market tracker fund or bond based fund but deposited in the name of your daughter and the proceeds paid annually into a bank account in Thailand.  You could probably set something up where the money becomes withdrawable after she reaches a certain age.  That way you could give her the money without it being taken and it would be safeguarded.  Alternatively you buy some form of annuity for her.  

Maybe worth looking into as the money needs to be outside Thailand.  You can trust absolutely no one here.

 

Best wishes.

[SOTIRIOS]

....you know they will stop at nothing to get at it...

 

...good luck...

 

...get it set up outside of Thailand...but like you said....'As soon as they know...'

 

...maybe it will even put your daughter in danger....

[Briggsy]

21 minutes ago, timewilltell said:

Hi JohnChris

 

What about investing the money in a UK pension - fixed interest fund or something similar what is 'safe'.  The point being to park the cash where the interest might just be seen as a bonus.  Of course you could choose something riskier like a stock market tracker fund or bond based fund but deposited in the name of your daughter and the proceeds paid annually into a bank account in Thailand.  You could probably set something up where the money becomes withdrawable after she reaches a certain age.  That way you could give her the money without it being taken and it would be safeguarded.  Alternatively you buy some form of annuity for her.  

Maybe worth looking into as the money needs to be outside Thailand.  You can trust absolutely no one here.

 

Best wishes.

You have just described a trust.

 

The investing is the easy bit, it is the setting up and paying of the income that is costly (both in initial and ongoing solicitor's fees) but achievable. Look to get a UK-based relative or trusted friend as co-signatory on the trust.

 

I agree with you with regards to keeping the capital out of Thailand.

Edited September 15, 2016 by Briggsy

[Rimmer]

A flaming troll post has been removed also two replies.

[peebee2]

You can leave money to your child and appoint a "Controller" in Thailand to look after it until your daughter comes of age. The Thai law will respect your testamentary appointment. However, for it to make sense, the "Controller would have to be a Thai national. There are inherent difficulties in deciding what, exactly, is in the child's interest. Would looking after the Mother be in the child's interest? Or buying Mother somewhere to live?

 

You can set up a Will trust in England. You do it by simply leaving the daughter's inheritance to the trustees of the will 'Upon trust for xxxxxxx upon attaining the age of 18 (or 21 or older). You can add Powers of Advancement so that your English trustees can pay towards your daughter's upkeep.

 

There is no "Setting up." it will cost no more than any standard will in England and any competent Solicitor can do it. The cost will about 150/200 pounds. There are Solicitors in Bangkok who can do it.

 

The trust itself is simply a bank account; you may have to pay professional fees if you use an Accountant or Solicitor as a trustee, but you are not obliged so to do.

 

Paul

 

 

[SteveSamui6262]

 

 

 

Edited September 15, 2016 by SteveSamui6262
Error post

[williamgeorgeallen]

On 8/21/2016 at 4:55 PM, fiddlehead said:

Could you get an ATM card for her? 

Start a separate bank account in your home country. 
Transfer money to the card whenever you see fit. 
You'd lose a bit on the fees but your biggest problem is probably going to be the family trying to use it instead. 
Perhaps buy her a smart phone, put viber or whatsapp on there (something Thais are not familiar with generally), and text or call her every time you want to send he money? 
 

You could even change the pin number from time to time and tell her the new one (or have her call you for it each time)

Just an idea. 

 

guy needs advice on how to leave inheritance not send money to support. possibly the best way is to buy property in thailand in her name. even that can be tricky. better leaving the money in a trust in a western country to pay out an annuity to support your daughter until she is 18 and then give her control of the fund at a certain age.

[williamgeorgeallen]

On 8/22/2016 at 10:23 AM, MikeyIdea said:

Bank accounts emptied with the help of lawyers I think is fairy tales to be honest. I have no doubt that the money in my bank accounts are safe if I die UNTIL Juvenile court order. Question is who Juvenile appoint as guardian

lawyers here can dodgey as hell, some bank staff as well. i have heard loads of stories and know personally some disaster stories. one where a guy lost a stash of cash in a long term deposit. like some other people here have said keep any money out of thailand. make sure your daughter has her foreign passport as well for the future.

[adhd]

you people don't have family members anymore that could help out spread what you planned?

 

as long as the child is minor, the mother will find a way to access it, legal or not

[DogNo1]

If it were me, I would write a will under the direction of the lawyer whom I would name as the executor of the will.  Upon my death, the money would be put into a savings or money-market account and the bank officer would become the custodian of the funds.  The money would then be disbursed according to the terms written in the will.  OP, I would be careful with the residual amount that you are planning to leave your daughter on her graduation.  My father left my four grandchildren lump sum amounts that they could collect at the age of 21.  I urged him to make the disbursement conditional for only certain legitimate types of expenses until they reached the age of 30 but he didn't do that.  Two of the grandchildren blew $50,000 in the space of two years.  Two others saved it for their college expenses and one granddaughter used it to finance an enjoyable summer in Europe after she graduated.

I suggest that you set some conditions on how the residual can be spent until she reaches certain age of maturity.  Good luck.

[westsail]

You could set up a trust in your will which will be funded with assets from your estate.  Specify in the trust document when and how much is to be distributed to your daughter, and appoint a trustee to administer the trust and make the designated payments to your daughter.

[jacko45k]

It sounds like you need help from a younger person in your home country that you can trust. Who will take over this responsibility. A lawyer or executor in your home country. Although a lawyer could be quite a drain on the monies, some ask £250/hour in the UK and like to make work for themselves.

It is quite a dilemma and very sad the mother cannot be trusted to do what is right for her own daughter.

[BlindMagician]

On 8/22/2016 at 0:35 AM, Johnchris said:

Thanks for the replies so far.

 

fiddlehead -

I do a similar thing now but unfortunately I am not sure I will be around too much longer - I don't think my phone would cope with the crematorium - I think my phone is set to switch itself off above 40 degrees C !

 

Manfredtilman

I think I will probably have to set up a trust in the UK.  Not sure what the administration costs will be though.

 

MikeyIdea

When you read some of the stories on here about property being sold and bank accounts emptied illegally with the 'help' of lawyers - it makes you wonder

Talk to a UK lawyer from a reputable firm. Not one man bands. Write a UK will that covers everything, including scheduled payouts. Use mechanisms like trusts. Get serious. Don't rely on TVF.

[HomeSickMan]

I would set up a Living Trust in the UK.

 

Here's the deal.  "If" her Thai family is from Isaan or from a poor province (hopefully not), the family is extremely under-educated.  Most 35 year olds here possess the intelligence of a 9 year old. Hence, family interference.  If so, the overall the odds of your daughter even being able to safely receive or wisely utilize the funds for her long-term benefit would be guaranteed to fail. 

 

You need to pay an attorney in the UK who is completely qualified to review the laws of Thailand when it comes to distribution of a trust fund abroad.  Ultimately he would have to bring in a solid Thai law firm in to assist.  Possibly a licensed Thai attorney doing business in the UK (?)

 

I would try to initially ask about setting up a trust to cover the costs of education for your daughter, with your trust funds ONLY being paid directly to the registered Thai schools and universities which she ultmimatelty selects.  I would stipulate that only upon verifiable, documented proof of completion of her courses in a higher learning environment, she would be provided additional monthly distributions until the all trust funds monies were exhausted.  That would very likely give her the necessary motivation to achieve the best possible education, giving her a leg up on most.

The bottom line is if she is in an environment of brain dead Thais, she is most certainlly doomed to fail because she would not have adequate support to proceed, even with the funds.

 

Having been here over 25 years, I see how the real Thai world is.  However, if the amount of inheritance is not substantial, you can just try to set up a trust to provide her with monthly distributions when she reaches, say the age of 30, an age where she will need it more and where she might be less likely to squander the funds away as quickly.  Females from almost ALL WALKS OF LIFE here in Thailand simply want to eat, sleep and show off their good luck to friends and also strangers!  They corner themselves into covering others. And there goes the money, and fast!  I feel that not only is your work cut out for you, but a lot of luck needs to come to play, if not a miracle for your monies to lift up her life.
At any rate, I hope you can retain a cracke jack attorney and that your daughter achieves a higher education.  I also wish that your health quickly improves.   All the best!

 

[ghworker2010]

you could just leave your inheritance to a trusted family member ie your brother or sister. Then ask this person to send monthly money to your daughters account.