Thai Last Will: can it be trusted?

[cncltd1973]

I have a Thai wife of 12 years that I met in the US. She doesn't have children, I have 2 from a previous marriage. I'm 44, she's 55. Because of my line of business, my spine is getting worn to the point that I'll need to work a lot less after the next few years.

Last year she bought a couple of 3-story units in a roadside plaza to live and sell goods out of, by the Pattaya Country Club in Geow Mai Keaow. They are both in her name. One unit she bought with her money, using her self-directed IRA account. The other unit is 2/3rd paid off, using our joint money. Her business is doing well and is staffed ok, but still benefits from her being there and she doesn't want to leave it. But she will visit me this year in the US for March - June, before we both return to Thailand. My business in the US involves me traveling to Indonesia for a couple months every year, in Aug-Sept and selling mostly from Oct-July. Our plan is to keep both businesses going and split our years between the US and Thailand, until I either get a business partner to run my business or sell off in a few years. Then pay off our house in the US and rent it out while I retire in Thai.

We have a Last Will in the US, and she recently made one in Thailand. It's written in Thai, which I'll have translated and a copy kept with our Will in the US. According to my wife, after we're both deceased, the assets will be sold off and the money sent to my children. The selling off will be handled by her younger sister, also a sharp and successful businesswoman with a couple Benz's, and I feel she's trustworthy.

So far, my portion of the investment in Thailand is 5 million baht, out of a total of 17 million. I'm hoping to keep my house in the US for my kids, it's a good investment.

 

My question to you hardened and wise members is: Are there any loopholes or issues with security in a Thai Will and moving the money back to the US?

[Swiss1960]

At the end of the day, it all depends on the trustworthiness of the executor of the will, in your case your wife's sister. She could sell and keep the money, or sell and give you a different price tag and keep part etc.

Why did your wife not put you as executor?

Sent from my HTC 10 using Thaivisa Connect mobile app

[Langsuan Man]

Conventional wisdom is that you have one Will in Thailand for your Thai property and one Will in the US for your US property

 

But a lawyer would be the best person to advise you since you appear to be strattling the line between the two countries 

 

If your Thai will is notarized and your children have a copy of it they would be protected no matter who is the executor ,  BUT and it is a big but,   your children will have to obtain an English speaking Thai lawyer to protect their interests due to the lack of Thai court's jurisdiction in the US and vice versa 

[does]

Trust but verify!

 

Ask TV readers how many farang they know who trusted their partners and how it ended in tears.

 

It is unfair to your children to burden them with any complications that may arise (legal or otherwise).

Edited March 2, 2017 by does
typos

[Kabula]

I recommend you find a competent, licensed, Thai Lawyer who specializes in what you are asking.  You probably should consult with a competent, licensed U.S. Lawyer who  specializes in what you're asking and has international experience. 

 

Personally, if I had major health issues and had love ones and trusted them, I would transfer everything to them before I passed on.  It's risky with foreign women, but if I had a long term relationship with her/them, and they were honest, I would do it.

 

 I don't recommend that for everyone. 

 

What you are asking can be a very slippery slope and there may be no good answer.

 

Best to get several opinions.

[natway09]

Ensure the wills are compatable by using an International  Law firm who practices in both countries.

Whilst your Thai wife will get your assets here any conversion into cash may pose a problem for her to take

cash out of the country Get your children  to accept & sign that if your wife outlives you your wife has sole 

rights as executor to avoid possible bun fights. Wealth can so easily change a leopards spots

Let us know how it worked out  55555

[Grubster]

Family comes first and when you are dead, you will no longer be part of it. Sell your home to your kids now for cheap and they will likely not pay inheritance tax. Let them have the investment value. Never trust one with a couple Benz's.

[cncltd1973]

17 hours ago, Swiss1960 said:

At the end of the day, it all depends on the trustworthiness of the executor of the will, in your case your wife's sister. She could sell and keep the money, or sell and give you a different price tag and keep part etc.

Why did your wife not put you as executor?

Sent from my HTC 10 using Thaivisa Connect mobile app
 

Thanks for the input.

A couple reasons - I probably won't live as long as my wife (despite the age difference), and the sister has many successful businesses and has always been honest in our business dealings together (we invested in her gold business). I might be too trustworthy, but nothing in my experience gave me pause. It seems like the most practical course for her to liquidate the assets. After the liquidation, 20% stays for my wife's nephew and the rest is supposed to transfer to the US.

The larger share of the inheritance is my house, which I'll transfer to the kids in a decade or so. The Thai investment would be an extra $300-$400k for them, after all is said and done.

[bangkokorbust]

Careful where you keep it. A mate of mine found out his father was killed in car accident and they were estranged his dad a violent alcoholic . He convinced his partner who was dying rapidly of breast cancer that he would take the will to his lawyer to make sure it was taken care of.
He got it and he was excluded so he used the will to start up a barbecue and only child.. He got it all. Yes some exceptional circumstances she was old and very near death and on morphine.. But these things do happen

[jwest10]

11 hours ago, Grubster said:

Family comes first and when you are dead, you will no longer be part of it. Sell your home to your kids now for cheap and they will likely not pay inheritance tax. Let them have the investment value. Never trust one with a couple Benz's.

 

DEfinately even with one merc.

[Anthony Loh]

7 hours ago, cncltd1973 said:

Thanks for the input.

A couple reasons - I probably won't live as long as my wife (despite the age difference), and the sister has many successful businesses and has always been honest in our business dealings together (we invested in her gold business). I might be too trustworthy, but nothing in my experience gave me pause. It seems like the most practical course for her to liquidate the assets. After the liquidation, 20% stays for my wife's nephew and the rest is supposed to transfer to the US.

The larger share of the inheritance is my house, which I'll transfer to the kids in a decade or so. The Thai investment would be an extra $300-$400k for them, after all is said and done.

I just wanted to make it more clear; A "will" is a will as if she happen to make a " new last will " again at anytime, the old "last will" that you have been holding  will be automatically avoided and you can't do anything as you are not a Thai citizen and this same go to your kids because it's a landed shop house in Thailand.To my advice is, better to sell it first when you are still around as you can't do anything when you are "not around in the world ". Sometimes a good big lawyer also can't do anything as this is Thailand. Cash money in hand are the sure win to your kids better that to fight in the Thai court and it may took many many years without any new. Sorry to said this to you and wish you long life with good luck! Cheers