Udon Thani Immigration:Is Affidavit still valid for non USA, UK, DK, AUS retirees?

[FrazeeDK]

so how does the Bank know someone is dead?? If I kick the bucket and my wife has my ATM card, what's stopping her from drawing the account down over a period of time?

[parrot]

so how does the Bank know someone is dead?? If I kick the bucket and my wife has my ATM card, what's stopping her from drawing the account down over a period of time?

Technically, the law. But in reality, nothing different from you giving your wife your ATM card to withdraw money from your account while you're alive, which people do all the time.

I set up an SCB retirement account several months ago, in my name only. There's no ATM card with the account. But the bank rep helped me set up the SCB app on my mobile phone, where I can slide money from my retirement account into our joint account (with ATM card). It's a simple process. My wife knows the app pin. My wife knows the ATM pin. What me worry?

[pipoz4444]

If I remember what I read a while back the account, be it 400k or 800k, can not be a joint account. If this is correct and the owner dies how does the Thai spouse get access to the funds?

Setup your account with internet banking, give the internet account access information to your spouse. They can then immediately transfer the money out on your death. If trust is an issue then have someone who you do trust hold an envelope with full details to be handed over on your demise. You can work out other safeguards.

What STWW suggests is correct, and the Banks will not know of your demise at that time

Alteratively, if you have multiple accounts with internet access, with funds in different Banks and possibly in differnt Countries, put the Bank information passwords and instrucions, on 2 memory sticks (just in case one gets corrupted), seal them in an envelope, lock it in a Safe or Safety Deposit Box and leave the access Code with the person you trust most. He or she, who doesn't need money.

He or she being a close friend, will probably now that same day you die. Likely they can transfer most of those funds to a joint account (one between you and your spouse) in a matter of a few days.

pipoz44444

[sometimewoodworker]

If I remember what I read a while back the account, be it 400k or 800k, can not be a joint account. If this is correct and the owner dies how does the Thai spouse get access to the funds?

Setup your account with internet banking, give the internet account access information to your spouse. They can then immediately transfer the money out on your death. If trust is an issue then have someone who you do trust hold an envelope with full details to be handed over on your demise. You can work out other safeguards.

What STWW suggests is correct, and the Banks will not know of your demise at that time

Alteratively, if you have multiple accounts with internet access, with funds in different Banks and possibly in differnt Countries, put the Bank information passwords and instrucions, on 2 memory sticks (just in case one gets corrupted), seal them in an envelope, lock it in a Safe or Safety Deposit Box and leave the access Code with the person you trust most. He or she, who doesn't need money.

He or she being a close friend, will probably now that same day you die. Likely they can transfer most of those funds to a joint account (one between you and your spouse) in a matter of a few days.

pipoz44444

I would be a little careful of the last suggestion and check carefully what will happen to a joint account on the demise of one of the holders. It is certainly possible, maybe likely maybe not, that a joint account will be frozen. The funds automatically will be half owned by the deceased so possibly liable to tax.

Safer to transfer to an account wholly in the name af the surviving parter. That will probably be a little suspicious but much less likely to cause the account to be frozen

[pipoz4444]

Actually, moving money from someones Bank account, immediatelyafter their demise is illegal, in Thailand (notwithstanding the fact that the Deceased may have voluntarily given you those passwords), even if you are the named Legal Trustee in his/her Will.

The Heir in the Will certainly does not have the right to do it.

Can get messy if the LT or one of the other legal heirs, comes along later and causes a stink

pipoz4444

[AlexO]

I would be a little careful of the last suggestion and check carefully what will happen to a joint account on the demise of one of the holders. It is certainly possible, maybe likely maybe not, that a joint account will be frozen. The funds automatically will be half owned by the deceased so possibly liable to tax.

Safer to transfer to an account wholly in the name af the surviving parter. That will probably be a little suspicious but much less likely to cause the account to be frozen

I would tend to agree especially if the joint account is in the UK. My mother and father had a joint account for all income and standing payments. When my father passed away the account was frozen by the bank. My mother had no access to money at all even her own state pension (it was paid into the joint account) . Mother could not even pay the undertakers for my Dads funeral costs, they were very good and told her that this happens all the time. It took 6 weeks of tooing and frowing by my sister in law who is a legal secretary for access to be granted to the account. What chance would a Thai lady have in accessing this type of account.

[Stantheman]

I would be a little careful of the last suggestion and check carefully what will happen to a joint account on the demise of one of the holders. It is certainly possible, maybe likely maybe not, that a joint account will be frozen. The funds automatically will be half owned by the deceased so possibly liable to tax.

Safer to transfer to an account wholly in the name af the surviving parter. That will probably be a little suspicious but much less likely to cause the account to be frozen

I would tend to agree especially if the joint account is in the UK. My mother and father had a joint account for all income and standing payments. When my father passed away the account was frozen by the bank. My mother had no access to money at all even her own state pension (it was paid into the joint account) . Mother could not even pay the undertakers for my Dads funeral costs, they were very good and told her that this happens all the time. It took 6 weeks of tooing and frowing by my sister in law who is a legal secretary for access to be granted to the account. What chance would a Thai lady have in accessing this type of account.

All my accounts have been joint, but they state 'or' not 'and' thus when my 1st wife passed away I had full access to account and after issue of death certificate was able put her IRA account in my name, no delays

[Lone Star]

All my accounts have been joint, but they state 'or' not 'and' thus when my 1st wife passed away I had full access to account and after issue of death certificate was able put her IRA account in my name, no delays

Absolutely correct.

"OR" is the key.

[sometimewoodworker]

I would be a little careful of the last suggestion and check carefully what will happen to a joint account on the demise of one of the holders. It is certainly possible, maybe likely maybe not, that a joint account will be frozen. The funds automatically will be half owned by the deceased so possibly liable to tax.

Safer to transfer to an account wholly in the name af the surviving parter. That will probably be a little suspicious but much less likely to cause the account to be frozen

I would tend to agree especially if the joint account is in the UK. My mother and father had a joint account for all income and standing payments. When my father passed away the account was frozen by the bank. My mother had no access to money at all even her own state pension (it was paid into the joint account) . Mother could not even pay the undertakers for my Dads funeral costs, they were very good and told her that this happens all the time. It took 6 weeks of tooing and frowing by my sister in law who is a legal secretary for access to be granted to the account. What chance would a Thai lady have in accessing this type of account.

All my accounts have been joint, but they state 'or' not 'and' thus when my 1st wife passed away I had full access to account and after issue of death certificate was able put her IRA account in my name, no delays

It rather depends on the law of the country where the account is held. In the case of the UK if one of the joint account holders dies as AlexO said the account is always frozen, it is standard, in the U.K. to only need one signature with husband and wife accounts. They can require both but that isn't usually the case.

So to repeat myself with more detail, be careful to check exactly what happens (in every country where you hold accounts) on the death of one party in a joint account.

I am not saying that the joint account will be frozen (in the U.K. it will) I am saying check before putting your Thai partner in a tough position because you thought you knew what happens, the word OR may have no effect.