Kenny202 Posted October 4, 2019 Share Posted October 4, 2019 I have read various things over the years saying you can not leave money / bequeath to a child in trust in Thailand ie The money is held for him until he is 18yo. Is this true? I am separated from my sons mother and have no wish to leave him a son of money which should I die, she return on the scene and take the funds. Even if possible would probably be loathe to trust this to a lawyer here. Has anyone any experience with this here? Link to comment Share on other sites More sharing options...
ezzra Posted October 4, 2019 Share Posted October 4, 2019 Spoke my lawyer friend, she says you can bequeath your funds to your son in your will whereby the mother will not have access to it but your son will have to 18 yo before he can get to it, not 18... Link to comment Share on other sites More sharing options...
Fex Bluse Posted October 4, 2019 Share Posted October 4, 2019 Set up nothing in Thailand to minimize your risk. Thailand is far too corrupt a place - as has been written about endlessly. Set up any financial trusts in a country with rule of law - western countries, Singapore, ect. https://www.guidemesingapore.com/business-guides/taxation-and-accounting/tax-and-wealth-planning/guide-to-setting-up-a-singapore-trust Link to comment Share on other sites More sharing options...
ezzra Posted October 4, 2019 Share Posted October 4, 2019 7 minutes ago, Kenny202 said: Thanks mate. It is becoming more and more difficult to get any real advice on here. Usually first page full of similar replies, jokes and then the whole thing turns into a bun fight about the price of fish or some other persons issues. I notice these types of people never have any knowledge or information. Only throw away one liners or rhetorical nonsense which they must perceive as intelligent. I think i have provided you and perhaps others in the same situation with the correct answer from a lawyer, the least you can do is acknowledge it, as a thank you would be too much i guess... Link to comment Share on other sites More sharing options...
Kenny202 Posted October 4, 2019 Author Share Posted October 4, 2019 7 minutes ago, Fex Bluse said: Set up nothing in Thailand to minimize your risk. Thailand is far too corrupt a place - as has been written about endlessly. Set up any financial trusts in a country with rule of law - western countries, Singapore, ect. https://www.guidemesingapore.com/business-guides/taxation-and-accounting/tax-and-wealth-planning/guide-to-setting-up-a-singapore-trust I kind of figured that. Now I think of it even if a trust was legal here it would have to be set up with probably the lawyer managing the trust. And that would be a mistake in Thailand. Better possibly to leave the funds in Australia and have my Australian lawyer manage it. Link to comment Share on other sites More sharing options...
Ratt Thai Posted October 4, 2019 Share Posted October 4, 2019 For our little nephew we made a savings account with the Government Savings Bank, where as my wife is the owner but the nephew is the benificiaire , if he turns 15, then the account will be transferred to his name, but he only , and only he, will be able to retrieve funds after he turns 20. Similar might be possible with your bank OP ? Link to comment Share on other sites More sharing options...
wreckingcountry Posted October 4, 2019 Share Posted October 4, 2019 Family members will get hands on that money ! They’ll beg the kid for it if they don’t actually steal it !Sent from my iPhone using Thaivisa Connect Link to comment Share on other sites More sharing options...
Preacher Posted October 4, 2019 Share Posted October 4, 2019 1. Age of majority in Thailand is 20, not 18! The surviving parent will oversee the finances till one becomes of age (and can be hold liabel). 2. Thai law doesn't know a trust, so you would need to set one up elsewhere such as your homecountry. Link to comment Share on other sites More sharing options...
Rimmer Posted October 4, 2019 Share Posted October 4, 2019 Troll/flame removed also replies Link to comment Share on other sites More sharing options...
Kenny202 Posted October 4, 2019 Author Share Posted October 4, 2019 1 hour ago, Ratt Thai said: For our little nephew we made a savings account with the Government Savings Bank, where as my wife is the owner but the nephew is the benificiaire , if he turns 15, then the account will be transferred to his name, but he only , and only he, will be able to retrieve funds after he turns 20. Similar might be possible with your bank OP ? I am in the situation where I wouldn't trust his mother now or in the future. In your case can your wife access the funds now? Link to comment Share on other sites More sharing options...
Kenny202 Posted October 4, 2019 Author Share Posted October 4, 2019 1 hour ago, wreckingcountry said: Family members will get hands on that money ! They’ll beg the kid for it if they don’t actually steal it ! Sent from my iPhone using Thaivisa Connect Yes well aware of this. Whatever I do I need to keep any Thais out of the equation. They don't seem to be able to help themselves when presented with an opportunity. An account where a bank was managing / controlling things may be the answer Link to comment Share on other sites More sharing options...
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