Bank Accounts - Transfer on Death

[Grubster]

On October 25, 2016 at 3:09 PM, chiang mai said:

 

You're the second poster in this thread to suggest that probate for a foreigner could take years and I'm curious to know why that should be the case, our lawyer tells us it's a fairly quick process where only simple assets are involved?

Many cases are very different in many ways, I guess you have to trust somebody.

[4evermaat]

Can't you do a trust in thailand and put the assets (including the bank account) in the name of the trust?

 

You can still have a Will, but the trust provides a way to pass down assets without needing probate.

Edited October 27, 2016 by 4evermaat

[khunPer]

5 hours ago, 4evermaat said:

Can't you do a trust in thailand and put the assets (including the bank account) in the name of the trust?

 

You can still have a Will, but the trust provides a way to pass down assets without needing probate.

I've see this question – a trust – being debated before, and the answer was that there is not such thing as a "trust" in Thailand...

[bkk6060]

Older thread but this question came up recently.

 

A scenario:

You have 200,000 b in an account.  You can get 50,000 a day from the ATM.

You give your pin to a trusted friend and tell him upon your demise, to get the money.

You die.  So, over the next 4 days he goes to the ATM and takes out the 200,000.

What are the repercussions?  The Gov. does not notify banks of your death I assume.

Seems pretty easy.

 

[simoh1490]

19 minutes ago, bkk6060 said:

Older thread but this question came up recently.

 

A scenario:

You have 200,000 b in an account.  You can get 50,000 a day from the ATM.

You give your pin to a trusted friend and tell him upon your demise, to get the money.

You die.  So, over the next 4 days he goes to the ATM and takes out the 200,000.

What are the repercussions?  The Gov. does not notify banks of your death I assume.

Seems pretty easy.

 

There are usually ways get around most rules, doing so doesn't make it safe for all parties. 

 

The death of a foreigner in Thailand must be reported to the police who will at some point notify the embassy - eventually, next of kin will be notified. Logically the deceased will have had a will drawn up at some point and eventually his bank will be notified and the account frozen, chances are that bank staff may well compare the date of death to transactions on the account after that date and then notify the police. 

 

Scenario 2 is that the trusted friend, at some point in the future, becomes an untrusted friend and empties the account, which could, of course, be very inconvenient.

 

A safer and cleaner way to do things is to make a Thai will, one that specifies the account number, it will cost you about 5k baht to have a lawyer make that for you.

Edited November 15, 2017 by simoh1490

[Sheryl]

Agree, though I have been quoted a higher fee than that if done in both Thai and English and notarized.

 

I am in the process of doing this for bank accounts in both Thailand and Cambodia (separate wills for each country) and also doing a Power of Attorney for each country - don't forget the possible scenario whereby you are alive but physically or mentally incapacitiated, either temporarily or permanently.  This should then cover them legally in using your PIN or internet passwords etc or to otherwise access your account.

[bkk6060]

Just now, Sheryl said:

Agree, though I have been quoted a higher fee than that if done in both Thai and English and notarized.

 

I am in the process of doing this for bank accounts in both Thailand and Cambodia (separate wills for each country) and also doing a Power of Attorney for each country - don't forget the possible scenario whereby you are alive but physically or mentally incapacitiated, either temporarily or permanently.  This should then cover them legally in using your PIN or internet passwords etc or to otherwise access your account.

Thanks for the responses.

I was told probate here is up to 9 months.

I would give my password to my son he makes a lot more money then me and would not flush the account prior to me being hit by a Chinese tourist bus.

[simoh1490]

There's a lot of evidence from various people to suggest that if the bank account number is quoted in the will and the parties are known to bank staff, the bank will release funds before probate is complete. I asked staff where I bank at UOB and the managers response was, "OK if I know what's going on", meaning she would allow transactions against my account, by my partner and sole beneficiary, if she understood what had happened and before probate had concluded.

 

BTW in Chiang Mai, a Thai will in English and Thai, 5k Baht at Assist Thai Visa using a Thai. and Western solicitor, I just had mine changed two weeks ago.

[Sheryl]

Does that include notarization?

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[simoh1490]

16 minutes ago, Sheryl said:

Does that include notarization?

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No, it just includes two copies of the will and witnesses to a signature. The Thai lawyer at ATV is not a licensed notary and the American lawyer who is I believe a part owner of Assist Thai Visa is not licensed to practice in Thailand, is my understanding - the UK lawyer who is the other part owner is not licensed either.

 

EDIT to add: witnessing a signature by a licensed Thai notary costs 500 baht per document using Sumalee at 29 Tanin in CM.

Edited November 15, 2017 by simoh1490

[Sheryl]

Thnx. Will mull it over.

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