Money in a Thai Bank in case of death

[Sea Traveller]

20 minutes ago, bkk6060 said:

Does not apply in the OPś case as joint accounts are not allowed for the 800,000 b extension requirement.

Good that you noted as why we can’t share the account

[giddyup]

21 minutes ago, bkk6060 said:

Does not apply in the OPś case as joint accounts are not allowed for the 800,000 b extension requirement.

Not sure if that's true. I was granted my extension one year as I had just under 1.6 mil in the joint account. The officer hummed and hawed a bit because strictly speaking he said I had to have double the 800K. The next year I crated an account just for the 800K.

[The Man Who Sold the World]

Sea Traveller:

 

To satisfy yourself that your wishes will be adhered to you really must speak to both a Thai Attorney and a Swedish Attorney and legally document your wishes in the event of your demise.

 

It is your money - you get to decide what happens to it - but you must detail your desires legally to ensure your wishes are followed. 

 

It could be a long drawn out international legal issue if a family member decided to challenge your wishes. Money does strange things to people.

 

[Suradit69]

5 hours ago, ubonjoe said:

I have read before that is not needed here in most cases if a will was done here. All that was needed was the will and a death certificate.

How would the bank know the will was the LAST will and testament? 

 

I've changed my will a couple of times. Without a court order following probate, the bank would put itself at legal and financial risk if someone presented an earlier version off the will and death certificate.

[saengd]

FWIW OP I have a UK will and a Thai will, both wills cover only the assets in their respective country but both wills acknowledge each others existence. My Thai will leaves everything to my Thai wife, unless she dies within 30 days of me, in which case my Thai assets are subsumed by my UK will. My UK will also leaves everything to my Thai wife, unless she dies within 30 days of me, in which case all my assets go to my niece in the UK is also a Solicitor and the executrix of my UK will. The 30 day rule is important to me, if I didn't have that clause and my wife dies, all my assets and hers would go to her family, specifically to her mother. BTW the cost of making a simple will is about THB 5k.

[Sea Traveller]

1 hour ago, saengd said:

The advice of that poster is very wrong, your partner, deceased or alive, cannot sign on your will to influence distribution of the assets if you both die at the same time.

 

You as the will holder must specify the circumstances and conditions in your will, nobody else can influence or change those things. Typically, in order to satisfy the condition number 2 you mention you would specify that all your assets would go to your partner. But if your partner does not survive you by more than X number of days, typically this will be 30 days but it can be whatever you want, then your assets become part of your overseas estate and fall under your home country will, or, become the property of person Y who is named.

You are right! We need of course make one separate last will testament for me and one separate last will testament for my de facto partner. I know this but sorry not say this in my comment.

[CMBob]

36 minutes ago, The Man Who Sold the World said:

In both our Thai and USA LW&T ...... 

One point is that LW&T and legal documents are country specific...

I presume your acronym stands for Living Will and Trust.  Likely no issue with a bank or stockbroker or whoever back in the states honoring a properly executed and properly funded Trust but I'm curious as to why you think any entity (bank, court, etc.) here in Thailand would do so.  Thailand, to my knowledge, doesn't even recognize the legal concept of a Trust.

[Sea Traveller]

31 minutes ago, The Man Who Sold the World said:

Sea Traveller:

 

To satisfy yourself that your wishes will be adhered to you really must speak to both a Thai Attorney and a Swedish Attorney and legally document your wishes in the event of your demise.

 

It is your money - you get to decide what happens to it - but you must detail your desires legally to ensure your wishes are followed. 

 

It could be a long drawn out international legal issue if a family member decided to challenge your wishes. Money does strange things to people.

 

As for Sweden I have already done the arrangements as per nessecary . But as with regards to Thailand it is outstanding for both me and my de facto partner to do last will testament. My partner owns a house in Thailand and the first in line is her daughter in Thailand that will get 100 % according to Thai law.

[jacko45k]

42 minutes ago, BritManToo said:

BKB phone banking app on your phone, and give her the PIN.

Add her account to your list of 3rd Party Accounts too I expect... if not already there.

[Just Weird]

6 hours ago, ubonjoe said:

7 hours ago, jacko45k said:

Based on a will a court order must be obtained for the bank to release the funds.

I have read before that is not needed here in most cases if a will was done here. All that was needed was the will and a death certificate.

...and the completed probate process here in Thailand.

[Jaxxper]

My understanding is that you require a last will and testament in each country or jurisdiction where you have assets.

I believe all the beneficiary needs is the Will and a death certificate to release the assets.

 

[Tropicalevo]

Under Thai law, parents, partners and children come into the equation.

When my wife (English) died, the court here wanted to know if her parents were alive. They were. We had no children.

Under Thai law, they receive half and I receive half!

I had to get them to sign letters stating that they did not want any of her estate. I had to provide the family tree to the court. Siblings, everyone.

It took a while to be processed through the courts (almost two years) but everything was sorted in the end.

[Just Weird]

1 hour ago, thedemon said:

1 hour ago, Sea Traveller said:

So far my solution as to to give my thai women partner access to the money as on my accounts on Bangkok Bank is to hand her my Bualuang Bank Card which she has also has the code for. So in case something would for example happen to me while on my work at sea or on travel..She will have acess to take out the money. But if I lets say had had so much than 1 Million Baht I am not sure it would be possible to get out all money as there are some limits  and would be looking suspiciuos to do many max witdraws of 25.000 baht each as is the limit for each withdraw.
 

 

 

I'm not sure what the Bangkok Bank ATM limits are but both Kasikorn and SCB have daily cash withdrawal limit of 200k and daily ATM transfer limit of 999,999. So your partner could transfer the whole amount into her own account at one time using only the ATM card.

 

I don't see any reason that would attract attention. It isn't a large enough amount and unless someone was to make a police complaint no one else would know or care.

But, bear in mind that, in banking, legal and probate circles emptying a deceased persons bank account without authority is fraud.

[saengd]

8 minutes ago, Jaxxper said:

My understanding is that you require a last will and testament in each country or jurisdiction where you have assets.

I believe all the beneficiary needs is the Will and a death certificate to release the assets.

 

As said several times, approval of the Probate Court is also required.

[saengd]

4 minutes ago, Tropicalevo said:

Under Thai law, parents, partners and children come into the equation.

When my wife (English) died, the court here wanted to know if her parents were alive. They were. We had no children.

Under Thai law, they receive half and I receive half!

I had to get them to sign letters stating that they did not want any of her estate. I had to provide the family tree to the court. Siblings, everyone.

It took a while to be processed through the courts (almost two years) but everything was sorted in the end.

Yes, if there is no will then the Probate Court uses a hereditary list of relatives and heirs, not unlike in other countries. spouses, children, sisters and brothers, nieces and aunts are all part of that list, it's very exhaustive. BUT all of that is overridden if the deceased has left a will.

[Captain 776]

Bangkok Bank is not releasing any money to anyone without a Court Order even a biological child.

[Thingamabob]

On 2/18/2020 at 4:42 PM, ubonjoe said:

You need a last will and testament for both cases.

Agreed. Very simple.

[dlclark97]

First, your best source of information is to go to your bank manager.  A Thai will has to be probated  by the court which can cause a lengthy delaying anyone getting funds.  You mentioned a Power of Attorney.  This expires immediately upon your death and would be of no benefit to anyone.  It is however very useful if you become incapacitated for some reason and someone has to take over your financial affairs short or long time.  Another useful document is the Directive to Physicians ( also known by other name).  It should state your wishes if you are in a vegetative state and unlikely to recover.  It should be on file in your medical records where you would be likely to be receiving care.  It should be notarized by your embassy.  So many things to consider, a lawyer would be able to provide the most complete information based on your situation.  Initial consultations are usually inexpensive.

[Captor]

11 hours ago, Sea Traveller said:

Yes that is important and I believe we will testament as what is in Thailand thus to my partners now adult Thai only children. As a matter of fact my own childrens in Sweden will get more than enough after me as from Sweden in case I would pass away. I am soon 59 so not very old but I did already some years ago make my will testament in Sweden which is stored in an official archive.

Hi

What do you exactly mean by official archive? I checked this up a couple of years ago and Sweden dont have official archive anymore. However there are some Layers that have archives that you have to pay for. Is that what you are thinking of?

[stat]

How about letting someone trustworthy know where your cc is and also provide hin/her with the number upfront. I would consider my parents or good friends that would come over after my death for example.

Clear out the account via atm should be possible in a couple of days. With a german cc I could withdraw 400.000 Baht per day (several years ago; 40.000 Baht each time and then just inserted the cc for another go). Not sure about thai cards though.

[WalkingOrders]

Despite anything I would read here about wills etc, all of which may be good advice, I would talk to the bank directly.

 

If the branch did not give me information that was clear, I would go to branch central office and get clarity. If I could not get clarity, I would move the money now to a bank that could provide me with clarity.

 

It will be the bank that moves your money or does not move your money, to a beneficiary. That is what I would keep in mind.

[saengd]

19 minutes ago, stat said:

How about letting someone trustworthy know where your cc is and also provide hin/her with the number upfront. I would consider my parents or good friends that would come over after my death for example.

Clear out the account via atm should be possible in a couple of days. With a german cc I could withdraw 400.000 Baht per day (several years ago; 40.000 Baht each time and then just inserted the cc for another go). Not sure about thai cards though.

Even in Thailand, withdrawing funds from a dead persons account is considered to be fraud and is illegal.

[saengd]

12 hours ago, dlclark97 said:

First, your best source of information is to go to your bank manager.  A Thai will has to be probated  by the court which can cause a lengthy delaying anyone getting funds.  You mentioned a Power of Attorney.  This expires immediately upon your death and would be of no benefit to anyone.  It is however very useful if you become incapacitated for some reason and someone has to take over your financial affairs short or long time.  Another useful document is the Directive to Physicians ( also known by other name).  It should state your wishes if you are in a vegetative state and unlikely to recover.  It should be on file in your medical records where you would be likely to be receiving care.  It should be notarized by your embassy.  So many things to consider, a lawyer would be able to provide the most complete information based on your situation.  Initial consultations are usually inexpensive.

I have heard from several sources that Probate can take around six months. I'm not sure where the foot dragging occurs but it seems as though everyone goes slow during this period, the banks, the lawyer, the Probate Court. In practical terms there is a window which may be between six months and a year when the beneficiary is waiting for funds and may not have any other income or money to live on. It's worth considering opening a separate account to fund this period, my wife and I have an investment account that can be en-cashed within two working days just for this purpose. The account is in both our names but was opened as an "OR" account which means we both separately have complete control over the account and it is not affected by death of one of the parties. There is tax payable on this account and either person can take responsibility for that, as indeed they can for the tax advantages.

[Laurie Hansen]

On 2/18/2020 at 5:06 PM, Sea Traveller said:

Thanks! I have already made such in Sweden and I plan to do accordingly in Thailand when I might change to use Non Immigrant "O" Visa and thus place a lot more money at my Bangkok bank accounts than I have currently. As to get money out from the accounts on for example Bangkok Bank...Must persons as get the money thus be in Thailand and visit a Bangkok office? 

 

When you do your Thai will make shore you put in that it's for assets in Thailand only and abroad 

[saengd]

2 minutes ago, Laurie Hansen said:

When you do your Thai will make shore you put in that it's for assets in Thailand only and abroad 

A Thai will should cover only assets in Thailand, any overseas assets should be governed by a separate will in the country where the assets are located.

[Krataiboy]

On 2/19/2020 at 8:36 AM, jacko45k said:

I would expect so. Based on a will a court order must be obtained for the bank to release the funds. Hence a lawyer needs to be engaged and court case required... Whether you can assign someone in Thailand Power of Attorney to handle this you need to seek knowledgeable advice on. 

You can actually arrange for your wife to have power of attorney and seek probate for your Thai will. This does not necessitate her having a lawyer, but it would be advisable for her to consult the court where she would be seeking probate in advance, to familiarise herself with the procedure and document requirements.

[saengd]

1 minute ago, Krataiboy said:

You can actually arrange for your wife to have power of attorney and seek probate for your Thai will. This does not necessitate her having a lawyer, but it would be advisable for her to consult the court where she would be seeking probate in advance, to familiarise herself with the procedure and document requirements.

Two things:

 

1 - Only a Thai lawyer can address the Probate Court.

2 - A Power of Attorney dies when the person who wrote it does.

 

[Krataiboy]

51 minutes ago, saengd said:

Two things:

 

1 - Only a Thai lawyer can address the Probate Court.

2 - A Power of Attorney dies when the person who wrote it does.

 

1 - Only a Thai lawyer can address the Probate Court.

 

Not what we were told by a Thai lawyer we consulted. Not that this necessarily means the advice was correct, of course! Do you have a source?

 

Your second point is, of course, correct.

 

[Max69xl]

On 2/18/2020 at 5:06 PM, Sea Traveller said:

Thanks! I have already made such in Sweden and I plan to do accordingly in Thailand when I might change to use Non Immigrant "O" Visa and thus place a lot more money at my Bangkok bank accounts than I have currently. As to get money out from the accounts on for example Bangkok Bank...Must persons as get the money thus be in Thailand and visit a Bangkok office? 

 

At Bangkok Bank (and probably at other banks,too) you can add a beneficiary. That makes it a bit easier if s**t happens. 

[saengd]

47 minutes ago, Krataiboy said:

1 - Only a Thai lawyer can address the Probate Court.

 

Not what we were told by a Thai lawyer we consulted. Not that this necessarily means the advice was correct, of course! Do you have a source?

 

Your second point is, of course, correct.

 

Can you imagine what a circus it would be if everyone who was trying to save a few quid in legal by doing their own probate was in there conducting probate, the judge would be going nuts.