400k in Thai Bank

[Shannoblic]

Firstly - let me apologise if I have used the wrong forum.  If so, perhaps a kind Moderator would re-assign.

 

I have 400k in Kasikorn Bank used for my annual Marriage extension.   No problems - proper account, my name only etc. and Immigration happy.

 

I am sorting out my personal papers and need a bit of advice.  I have nearly all the paperwork completed - will, pension transfer to wife, arrangements etc.  What I do not know and would appreciate advice on is how I can ensure that the 400k is made available to my Thai wife should anything happen to me.  I have tried asking the bank but although they are very nice and try to be helpful I am not sure I understand what they have said.

 

Can anyone who has made such an arrangement help me please?  Thank you.

[foreverlomsak]

If it's declared in the will it should not be a problem.

My father was living with me at the time of his death, (no written will) to be able to access his Thai bank accounts we needed a Thai lawyer and obtain a court ruling, because the banks were scared that if they gave it to me somebody from UK may raise an action against them for negligence or whatever.

[Shannoblic]

Thank you foreverlomsak.

 

I have written into my will that all assets in Thailand will become the property of my wife and that my children [both adults with families, my UK wife is deceased] in the UK are entitled to any UK assets.  Do you think that is sufficient?

 

The will is properly drafted and signed by two independent witnesses - this is the UK law on wills which I followed.

[DrJack54]

OP, look into possibility of adding your wife to the account. I do not mean the standard joint account.

As I understand it the name does not appear on the bank book, however she would be able to withdraw money from the account.

 

Edited April 22, 2021 by DrJack54

[Moonlover]

Under Thai law, unless anything is written to the contrary and there are no children involved your wife is the sole benefactor of your estate. All the bank needs is a letter from your embassy confirming your demise and they will transfer the money into her name.

 

 

[Shannoblic]

DrJack54 - thank you.

 

I understood the account had to be in my name only and a savings account.  This is what I set up to satisfy my local Immigration.  If I add my wife will it still be acceptable to Immigration?  Please forgive my ignorance but I want to maintain my Immigration clearance but have in place a definite transfer to my wife in case of my death.  

 

I have been married to my wife for many years and everything we own is in her name - house, land, car, bike etc.  I have no problem adding her to the account but worry that the 'savings account/applicant name only' rules from Immigration may be compromised if I add her.  

[lopburi3]

It takes time (several months) normally from what I have read but as mentioned above there does seem to be a method to add name to account for survivor access but few seem to know how to do.  In USA we have a pay on death method and this seems to be similar but not same.  If you can keep several months requirements in another account it should not be that much of an issue waiting (unless they need it for your send off).   If using wills believe two will be required.

[Shannoblic]

Thank you Moonlover.

 

May I ask you one more question please.  I am resident in Thailand [Marriage extension] and the chances are I will die here.  I assume there would be a Thai death certificate and would not his be sufficient avoiding all the rigmarole with the UK Embassy?

[Shannoblic]

lopburi3 - thank you for your reply.

 

My pension in the UK transfers to my wife upon my demise.  I have the paperwork confirming her entitlement so she would be entitled to that income immediately.  My daughters in the UK who are my will executors have copies of the papers and can expedite the transfer so she will still have monthly income.  

[Saltire]

You have some good advice already, and I agree a will should cover it, but I would suggest you get a Thai translation of it as this may make it easier.

 

I have a will from a compay in Pattaya in both languages. Their estimate of the court releasing the funds is around 2 weeks.

 

I have a separate will in the UK so that my UK assets also go to my wife.

 

 

[lopburi3]

I don't know about UK for for USA believe there is always a delay of a few months for survivor payments to start.  Governments don't like to rush things.

[DrJack54]

12 minutes ago, Shannoblic said:

  I have no problem adding her to the account but worry that the 'savings account/applicant name only' rules from Immigration may be compromised if I add her.

This guy might have good advice @Tanoshi 

 

Edited April 22, 2021 by DrJack54

[Shannoblic]

Saltire - thank you very much.

 

I had not considered having the will translated to Thai and am very grateful for your suggestion.  I will arrange that. 

[Saltire]

7 minutes ago, Shannoblic said:

Thank you Moonlover.

 

May I ask you one more question please.  I am resident in Thailand [Marriage extension] and the chances are I will die here.  I assume there would be a Thai death certificate and would not his be sufficient avoiding all the rigmarole with the UK Embassy?

I have read here that everyone will ask for a death certificate, pension companies etc.

 

It's not unheard of that some doctors can give you multiple copies.

 

 

[Moonlover]

14 minutes ago, Shannoblic said:

Thank you Moonlover.

 

May I ask you one more question please.  I am resident in Thailand [Marriage extension] and the chances are I will die here.  I assume there would be a Thai death certificate and would not his be sufficient avoiding all the rigmarole with the UK Embassy?

The embassy have to be informed anyway, so that 'rigmarole' is unavoidable. Accounts that I've had in the past is the consular officials are very helpful and know exactly what is required.

 

The suggestion above about have your wife's name added to the account is not a good one. The account still remains in your name only to satisfy immigration and in common with standard banking practices, the account of a deceased person must be frozen until the estate is settled. Any attempt to access it could be construed as stealing.

 

Edited April 22, 2021 by Moonlover

[northsouthdevide]

Ask your immigration officer if they accept your wife's name being added to the account.

That would  e the easiest solution in my view

 

[Liverpool Lou]

1 hour ago, Shannoblic said:

Thank you foreverlomsak.

 

I have written into my will that all assets in Thailand will become the property of my wife and that my children [both adults with families, my UK wife is deceased] in the UK are entitled to any UK assets.  Do you think that is sufficient?

 

The will is properly drafted and signed by two independent witnesses - this is the UK law on wills which I followed.

It's sufficient, your assets include your bank accounts.

[Liverpool Lou]

55 minutes ago, Moonlover said:

Under Thai law, unless anything is written to the contrary and there are no children involved your wife is the sole benefactor of your estate. All the bank needs is a letter from your embassy confirming your demise and they will transfer the money into her name.

"...your wife is the sole benefactor of your estate..."

No, he's the benefactor, she's the beneficiary.

 

"All the bank needs is a letter from your embassy confirming your demise and they will transfer the money into her name".

That's not true, either.  Legally, in order to transfer property on the death of a person in Thailand, it is necessary to obtain a probate order from the Thailand Probate Court. 

Edited April 22, 2021 by Liverpool Lou

[Liverpool Lou]

1 hour ago, Shannoblic said:

Thank you Moonlover.

 

May I ask you one more question please.  I am resident in Thailand [Marriage extension] and the chances are I will die here.  I assume there would be a Thai death certificate and would not his be sufficient avoiding all the rigmarole with the UK Embassy?

Legally, probate has to be granted by the Probate Court before estate assets are (legally) distributed in Thailand.   It's strange how so many posters seem to think that probate law doesn't exist here or that foreigners estates are exempted from it.

 

Your embassy is always involved in the process after your death, the Thai authorities have to inform the embassy, you cannot escape that "rigmarole".

Edited April 22, 2021 by Liverpool Lou

[Liverpool Lou]

54 minutes ago, Moonlover said:

the account of a deceased person must be frozen until the estate is settled. Any attempt to access it could be construed as stealing

That's right, it's called probate.

[Moonlover]

24 minutes ago, Liverpool Lou said:

That's not true, either.  Legally, in order to transfer property on the death of a person in Thailand, it is necessary to obtain a probate order from the Thailand Probate Court. 

Thanks, I forgot that stage. 

[EricTh]

1 hour ago, Shannoblic said:

DrJack54 - thank you.

 

I understood the account had to be in my name only and a savings account.  This is what I set up to satisfy my local Immigration.  If I add my wife will it still be acceptable to Immigration?  Please forgive my ignorance but I want to maintain my Immigration clearance but have in place a definite transfer to my wife in case of my death.  

 

I have been married to my wife for many years and everything we own is in her name - house, land, car, bike etc.  I have no problem adding her to the account but worry that the 'savings account/applicant name only' rules from Immigration may be compromised if I add her.  

 

If there are two people in the bank account name, the amount must double to 800k (400k X 2) for marriage visa but you must confirm with immigration first before doing anything.

 

That's what I read for retirees, if there are two people in the same account, the amount must double to 1,600K. (800k X 2)

Edited April 22, 2021 by EricTh

[EricTh]

1 hour ago, Saltire said:

You have some good advice already, and I agree a will should cover it, but I would suggest you get a Thai translation of it as this may make it easier.

 

I have a will from a compay in Pattaya in both languages. Their estimate of the court releasing the funds is around 2 weeks.

 

I have a separate will in the UK so that my UK assets also go to my wife.

 

 

 

Does the wife keep a copy of the will as well as the lawyer?

 

 

 

[lopburi3]

36 minutes ago, EricTh said:

 

If there are two people in the bank account name, the amount must double to 800k (400k X 2) for marriage visa but you must confirm with immigration first before doing anything.

 

That's what I read for retirees, if there are two people in the same account, the amount must double to 1,600K. (800k X 2)

That was not the suggestion - there appears to be a method to add person to an account without them being named on account (as in the USA pay on death paperwork).  The account remains only in your name so is acceptable to immigration at the normal amount requirement from previous reports.

[EricTh]

5 minutes ago, lopburi3 said:

That was not the suggestion - there appears to be a method to add person to an account without them being named on account (as in the USA pay on death paperwork).  The account remains only in your name so is acceptable to immigration at the normal amount requirement from previous reports.

 

I don't think this option is available in Thailand's banks and I have read thousands of replies regarding this enquiry in this forum for many years now.

 

Edited April 22, 2021 by EricTh

[lopburi3]

25 minutes ago, EricTh said:

 

I don't think this option is available in Thailand's banks and I have read thousands of replies regarding this enquiry in this forum for many years now.

 

POD indeed is not an option but there appears to be something else that is, at least at some banks, and a number of people have reported using it recently.  

[Tanoshi]

3 hours ago, Shannoblic said:

I understood the account had to be in my name only and a savings account.  This is what I set up to satisfy my local Immigration.  If I add my wife will it still be acceptable to Immigration?  Please forgive my ignorance but I want to maintain my Immigration clearance but have in place a definite transfer to my wife in case of my death.  

You can add your wife to your account as an 'existing user', somewhat different than a joint account.

Her name does not appear on statements, letters, or Passbook that may be used for Immigration purposes.

 

I have a Savings account and a Fixed Term account, the latter being used for Immigration purposes.

My wife is signed as an 'existing user' for both accounts.

In the case of the Savings account they also issued her a separate debit card.

(Kasikorn will no longer issue a separate debit card for 'authorised users).

 

In the event of death, my wife can access all funds, debit card for the Savings, signature for the Fixed Term.  Only death certificate required for the Fixed Term account as she is already a signature to the account.

Most banks will openly tell you Thai wives will know the deceased husbands pin for any debit cards and will withdraw the funds before advising the bank of their decease. There is no illegal or any reprisals for these actions because under Thai Inheritance Law, the spouse is automatically the legal heir. The only time it would be an issue is if the 'husband/wife' left a Will leaving his/her estate to another party or parties.

 

I have a Thai Will with my Thai wife named as the sole beneficiary of assets in Thailand and a UK Will with children named as the sole beneficiaries of my UK assets.

I'm happy to see someone forward thinking and making provisions for his Thai wife, which unfortunately so many foreigners do not and can leave the Thai wife in debt and penniless.

[Tanoshi]

1 hour ago, EricTh said:

 

I don't think this option is available in Thailand's banks and I have read thousands of replies regarding this enquiry in this forum for many years now.

 

The option to add someone as an 'authorised user' to any of your Thai bank accounts certainly is an option. Many Thai families use a single 'family' account in such a way, but the account is in one sole name.

 

My Thai wife is added to my accounts in such a manner and I have assisted others to do the same.

It's a simple and effective method to allow your wife access to your funds and meet Immigrations requirements of the account being in one sole name.

If you can't trust access of your funds by your wife, then you should question the marriage.

[Tanoshi]

2 hours ago, Liverpool Lou said:

Legally, probate has to be granted by the Probate Court before estate assets are (legally) distributed in Thailand.   It's strange how so many posters seem to think that probate law doesn't exist here or that foreigners estates are exempted from it.

That simply isn't true. Under Thai Inheritance laws a wife is automatically an heir to her husbands estate.

Where there is no wife, or Will and a number of other family members become heirs, or contest a Will does it need to go to Probate.

 

2 hours ago, Liverpool Lou said:

Your embassy is always involved in the process after your death, the Thai authorities have to inform the embassy, you cannot escape that "rigmarole".

It doesn't always happen.

The Embassy will also only notify traceable family members of the deceased foreigner.

[DrJack54]

39 minutes ago, Tanoshi said:

I'm happy to see someone forward thinking and making provisions for his Thai wife, which unfortunately so many foreigners do not and can leave the Thai wife in debt and penniless.

Thanks Tanoshi.

I for one became aware of future planning that you refer to from your previous advice.

I wonder how many farang here are doing the ostrich approach. Worry about it later.

Many like myself are not married but have been in LONG term defacto relationship. My post is simply to remind expats living here with significant partner make your exit planet earth seemless as possible and have plans in place to have your intentions pan out for intended benefit to loved ones.

BTW, clearly the OP is switched on and a forward thinker.