Unclaimed Thai Bank Accounts Of Deceased Expats

[Guest travelerjim]

What happens

Have you planned ahead

 

A new and good question posed on ThaiVisa.com today...

 

http://www.thaivisa....eceased-expats/

 

tj

[Guest fountainhall]

Although this has just been aired on another Board, TJ is right to 'spread the word', as it were, as it is a vital issue that some people just seem to keep postponing.

 

It has been said by others, but the key issue for anyone living here or with assets here needs to have a properly drafted will written in Thai and ideally by a lawyer. This is in addition to any master will they may have in another country because my understanding is that Thai law does not honour a will made in another legal jurisdiction. Getting a locally drafted will is easy to do. There is even a service where it can be done inexpensively on-line by a Thai-based law firm. Have a copy in a safe deposit box at the bank or somewhere secure in your home. Also give a couple to friends/relatives/overseas lawyer along with full details of your bank/s and account number/s, and copies of the title deeds to any property you own here and where the original is located. Same with investments and any credit card details. Then make sure relatives, friends and your Embassy know you are living here. If you live alone, the Embassy is likely to be the first to be contacted.

 

This may not be all you should do, but it is a start. As TJ suggests, plan ahead!

[Guest travelerjim]

Thank you fh for your informative reply, as posted here and on other boards.

 

Indeed, I found the question posed a good one to share with all.

 

Also, from experience in dealing with expats who have passed...

even with a valid Thai will...the legal costs of finally gaining access

to the expats funds by a Thai beneficiary is 15,000 Thai baht + 6 months

of court time...per quotes seen/received before.

 

So... that begs the question: How does your beneficiary (bf) gain access

to funds to sustain themselves in the interim, if the expat who died, was

providing full support to the Thai?

 

Thai banks will require a Thai court order before releasing account funds...

to the executor or to the Thai beneficiary named in the Thai will. Simply showing the bank a bankbook with death certificate and a Thai will ... will not result in your loved ones ability to receive the bank account funds.

 

Planning ahead for such situations does need thought...

and another questions looms: Do you - the expat - leave whatever you

have or so decide to bequeath your loved one...a LUMP sum or should it be

parcelled out throughout a periodic basis (monthly, quarterly, annually) over period of years ???

 

Does the beneficiary have the ability to manage such funds?

Or will the funds left ...be spent in 6 months or a year?

Or will "family" interests impose upon the beneficiary to "send home to papa"?

 

So many questions...which upon your passing as an expat, remain.,,and your

love and devotion to your loved one..will have passed too.

 

Most importantly... Who do YOU TRUST ...

to set up what you really want to happen ...upon your passing?

 

tj

[Guest HeyGay]

The funny thing is there is No money actually in the account just numbers , if the numbers,are not fluctuating, it makes no difference to the Bank, because the bank has its reserves where all bank money is stored then if and when any one come to take out money, it is taken from reserves that are put on the money markets at bank interest rates.

 

So the bank are making good interest on all money held no matter if you are not using it, they are, this is how banks make their profits, they don't need go take it if you don't claim it, they are already using it to make their coffers full ?

[Guest thaiworthy]

So the bank are making good interest on all money held no matter if you are not using it, they are, this is how banks make their profits, they don't need go take it if you don't claim it, they are already using it to make their coffers full ?

 

Who the hell cares? What does this have to do with planning ahead for a loved one? Is this some sort of game for you-- confusing the issue where a significant strategy is at stake? I didn't mind so much in the other threads, but now you are starting to annoy me.

 

More relevant to the real subject, this is a concern I have had for some time. I have a legal will for US funds but wasn't aware I had to do something special to handle Thai bank accounts. I did not know that this is something only a Thai lawyer can advise and I don't know how it will affect the current will. So far, blood has been thicker than water, but I can't leave the boyfriend without some support. The longer we are together, the more I seem to want to provide for him after I'm gone. I would want the Thai will to be flexible, too and not have to change it so often. Does the original US will supercede the Thai will or does the Thai will append to it, as I don't want Thai funds to be contested if I choose to set aside an amount for him, whatever that amount may be. I also don't know if the original US will needs to be amended to reflect that as well. Good subject, TJ. Thanks.

[Guest travelerjim]

Also,

 

tw... A Thai will is a must...have Thai lawyer prepare it...keep it simple...to transfer Thai assets to a loved one. Give US Embassy a copy for their files...when that day comes. Along with letter to US Embassy expressing your wishes re: final services...next of kin. The first thing the US Embassy will do is contact by phone the next of kin and designated person IN THE USA ...(not your Thai bf)...you have named re: final wishes re: your remains.

 

Be sure to inform your designated next of kin you wish to be cremated...if that is your wish...in Thailand..not to be sent back to USA.

Of course...any $$$ involved with such a transfer from TH to USA will be expense of family...in advance.

 

DO NOT put the Thais name on your bank accounts as one day you may find the bank account empty...or drained methodically.

 

Might I add...I think it best to not tell the Thai bf about the specifics of your will or if you have life insurance naming him as beneficiary.

 

One UK citizen, age 65, was murdered several weeks ago upcountry

when his Thai wife put out a contract on him...paid baht from the husbands

account for the "fee"...and is filing claim for 200,000 BritPounds of life insurance

he recently took out...with, of course, the Thai wife as sole beneficiary.

 

TRUST...and how to get there from here ..is a challenge.

 

tj

[Guest fountainhall]

Khun TW, the Thai will supersedes any overseas will in respect of assets here in Thailand. FYI I have my main Will in the UK with two of my younger relatives as Executors. For various reasons, my Thai will dictates who gets what here in Thailand and that the balance from all sources reverts to the Executors in the UK. That balance then becomes part of the main Will for distribution in accordance with its provisions.

 

I have sent you a pm with the name of the on-line legal firm who did my Thai will and that of a friend. It's very simple, very easy and not expensive.

 

So... that begs the question: How does your beneficiary (bf) gain access to funds to sustain themselves in the interim, if the expat who died, was providing full support to the Thai?

 

My Thai lawyer has confirmed that six months is the usual time for a will to be accepted and funds released to those named in the Thai will. Since a bank safety deposit box will also be frozen, I have a small sum of cash to provide for six months of expenses stored in my apartment. I realise there is a degree of risk in this, but it is one I am prepared to take.

[Guest fountainhall]

Khun TJ - may I ask you about another issue: living wills - advance instructions as to what is to be done in the event that an individual is physically/mentally unable to make decisions for himself. Should we also have living wills in Thai?

[Bob]

I have a Thai will that deals with only my Thai assets (bank accounts and personal property). It's the only way to go. And my Thai partner has possession of an original (a duplicate original is held by my Thai lawyer). [in case somebody wonders what happens if I and the bf should breakup, the original Will he's holding will no longer valid the moment I should ever make a new Will so I don't have to keep tabs at all as to where the first original is located.]

 

I've had related chats with some expats now and then and I'm amazed that generally they have nothing prepared or planned (and some, with long-term partners, haven't even left written instructions so the partner knows about such things as life insurance benefits (if you have any), any pension benefits that might be payable to named survivors, etc.). For those with long-term partners, for god's sake write something down and make sure you don't end up with some asset lost or paid to your local government (after it remains unclaimed for 7 years or whenever). If you sat down at a computer for 10-20 minutes, you could easily list what you have, where it's located, and some simple instructions as to what to do. And, while you're at it, make sure it's clear what the heck is to be done with your corpse!

 

Whether it's here in Thailand or even in your home country, the biggest nightmares involving decedent's estates often is trying to figure out what the hell the guy had and how to get ahold of it. Have some decent records (even a typed-up sheet generally describing assets), will you?

 

I've heard a couple of expats say that they'll just leave the secret ATM number someplace where the bf can get ahold of it and then he can draw out the funds. Well, first off, every one that's told me that's "how they'll handle it" hasn't even done that (leave a number somewhere let along tell the bf how to find it). And, secondly, if your bank finds out you're takng a dirt nap (I don't even know how they find out but they do!), your account will be frozen and the ATM card won't work.

 

If you only have 5,000 baht in an account here, then who the heck cares. But, if you have any substantial amount and/or property of value here, for god sakes just go get a Thai Will made. Do your intended beneficiary a favor.

 

P.S. Jim said something about payouts over time or something to that effect. Thai law doesn't recognize trusts ("living" trusts or testamentary trusts) and I was told at the time I made my will that there was no effective way to provide for payments over time here in Thailand. If that's critical to you (you for whatever reason don't trust your partner not to blow the inheritance), then maybe you could handle that via a trust in your home country.

[Bob]

As a follow-up to the initial question - what happens to unclaimed banks accounts of deceased expats (or deceased anybodys) - I don't know the "Thai" answer to that question.

 

In the US, every single state has what we call "escheat" laws and those generally provide that all inactive bank accounts (defined as any bank account which has no activity by the owner for a specified period of time) escheat to the state government. In my home state, the inactivity period is 7 years which, based on what I've heard, is similar to the other states in the US. Some of the escheat statutes require a publication buried in the a newspaper's classifieds somewhere whereas other statutes simply provide for the time lapse only. As you might figure out, all the state legislatures sure as hell wouldn't let the banks keep the money.

 

I suspect that there is an "escheats law" in Thailand....and will ask my Thai lawyer if/when I ever see her (and if I remember to ask!).

[kokopelli]

My question would be, how does a Thai bank know you have died? If you die outside the Kingdom likely they would never know but what if within Thailand? From what I read the US Embassy has a hands off policy regarding assets held by Thai banks although they will secure personal property of the deceased. Anyone have an answer?

[Guest HeyGay]

Who the hell cares? What does this have to do with planning ahead for a loved one? Is this some sort of game for you-- confusing the issue where a significant strategy is at stake? I didn't mind so much in the other threads, but now you are starting to annoy me.

 

I can't leave the boyfriend without some support. The longer we are together, the more I seem to want to provide for him after I'm goneGood subject, TJ. Thanks.

 

 

 

Wow Mr. Selfish, you really are showing your true colors, the question posed on thaivisa was I quote:- Presumably those funds will remain in the Thai bank. What happens when it's evident the account is dormant? Who gets the money?

 

I answered the question :-until legal documents are shown for the owner on the money or estate, it will stay in the reserve fund.

 

I'm sure we all dont want to know the ins and outs of your megar pension Thaiworthy

[Guest fountainhall]

I answered the question :-until legal documents are shown for the owner on the money or estate, it will stay in the reserve fund.

 

So, yet again, typical HeyGay - and whatever other names you post under. Just muddying the waters! Isn’t your credibility already shot to pieces, judging from a recent wholly inaccurate thread, to say nothing of some older ones? You certainly have it wrong here. It really is no wonder in your other guises you are not welcome on several other Boards.

 

Fact: in your post No. 4 you never made any reference whatsoever to "documents", to "the owner of monies" or to "an estate". Only superfluous and irrelevant mumbo-jumbo about how banks make profits. So quit making ridiculous and malicious allegations against other posters on what is an important and serious topic!

[kokopelli]

The funny thing is there is No money actually in the account just numbers ....

 

Oh no! You mean there are not drawers filled with 1000 Baht notes with names and account numbers in the vaults at Thai banks? What is this world coming to?