I'm thinking ahead here and was wondering if anyone else has had similar thoughts.
If I marry my TGF in the next year or so what happens to my assets if I were to peg it a year or two later?.
By law, everything would go to my wife. But, that hardly seems fair to my son, who, although he has a good job as a teacher, cannot afford to get on the property ladder in the UK.
Why should my wife get everything, when she hasn't contributed to anything that I have have earnt and worked for all my life.
My ideal solution would be for me to sign my house over to my son, that way my wife would not have a claim on it. I'm not sure if this is possible with an outstanding motgage.
My wife would be catered for from any other assets and her share of my pension, (widows pension) which would give her a comfortable income until she dies.
Guess I'm going to have to get some legal advice.
Gary
Inheritance Dilemma
Re: Inheritance Dilemma
My ideal solution would be for me to sign my house over to my son, that way my wife would not have a claim on it. I'm not sure if this is possible with an outstanding motgage.
Is your son Thai?
If not he porbably won't be able to own land here anymore then you can.
This is one that you need to talk to an Attorney about.
Is your son Thai?
If not he porbably won't be able to own land here anymore then you can.
This is one that you need to talk to an Attorney about.
Re: Inheritance Dilemma
This is a UK house I presume. As above, definately get the legal advice, but the above "everything would go to my wife" is the default position if you do not have a will, a small percentage goes to children. If you have a will you can leave whatever to whoever you like. This can of course be contested... like the people who leave all their assets to a cats home or whatever, and cut their children out.Galee wrote:By law, everything would go to my wife. But, that hardly seems fair to my son, who, although he has a good job as a teacher, cannot afford to get on the property ladder in the UK.
Why should my wife get everything, when she hasn't contributed to anything that I have have earnt and worked for all my life.
My ideal solution would be for me to sign my house over to my son, that way my wife would not have a claim on it. I'm not sure if this is possible with an outstanding motgage.
Gary,
Then it is easy, as YM says. Write down your 'major assets' and decide who you want to have them when you die (for things like bank accounts you can just say ฃ5,000 to son, balance to wife, then your son would get the first ฃ5K and the remaining balance would go to your wife - you can't leave her a 'negative balance' tho so she wouldn't owe your son ฃ5K if there was zero in the accounts but you can say something like house address xxxx and ฃ5,000 to my son and the balance of my assets to my wife). You can then go to one of the many sites on line (a google search restricted to the UK will give you about 32 million hits) and do it for absolutely nothing or registering it for less than a tenner.
The fact that you have a mortgage on the house makes very little difference. If you have life assurance against the mortgage balance then that would pay that off. If you don't and you died leaving a mortgage balance owing then worse case the house would have to be sold, mortgage paid off and your son would get the balance outstanding. In practice in 99% of cases the BS/Bank would redeem your mortgage and re-mortgage to your son the balance owing.
Then it is easy, as YM says. Write down your 'major assets' and decide who you want to have them when you die (for things like bank accounts you can just say ฃ5,000 to son, balance to wife, then your son would get the first ฃ5K and the remaining balance would go to your wife - you can't leave her a 'negative balance' tho so she wouldn't owe your son ฃ5K if there was zero in the accounts but you can say something like house address xxxx and ฃ5,000 to my son and the balance of my assets to my wife). You can then go to one of the many sites on line (a google search restricted to the UK will give you about 32 million hits) and do it for absolutely nothing or registering it for less than a tenner.
The fact that you have a mortgage on the house makes very little difference. If you have life assurance against the mortgage balance then that would pay that off. If you don't and you died leaving a mortgage balance owing then worse case the house would have to be sold, mortgage paid off and your son would get the balance outstanding. In practice in 99% of cases the BS/Bank would redeem your mortgage and re-mortgage to your son the balance owing.
Here are a couple of nice, simple will sites with free advice,
http://www.thinkwill.co.uk/
http://www.thewillsite.co.uk/legal_wills_uk.php
I think the first ฃ263K of a will is tax free, after than the tax man cometh - and it doesn't take much of a house on its' own to hit that ceiling.... Oh inheritance tax is 40% in the UK, so a house worth ฃ363K would mean that your descendents would need to find ฃ40,000 to pay to the tax man!!!!!!!
http://www.thinkwill.co.uk/
http://www.thewillsite.co.uk/legal_wills_uk.php
I think the first ฃ263K of a will is tax free, after than the tax man cometh - and it doesn't take much of a house on its' own to hit that ceiling.... Oh inheritance tax is 40% in the UK, so a house worth ฃ363K would mean that your descendents would need to find ฃ40,000 to pay to the tax man!!!!!!!
Re: Inheritance Dilemma
I have 2 children here in the USA and one there. However, I love my TW and she loves me. Why in the world would I marry her if I did not want to leave her and my son there everything that I possibly could. I do not care if she was not around when I was accumulating what I have. Not her fault, as far as I am concerned, she was out there waiting for me to come along.Galee wrote:I'm thinking ahead here and was wondering if anyone else has had similar thoughts.
Why should my wife get everything, when she hasn't contributed to anything that I have have earnt and worked for all my life.
Gary
I hope when I move on that I can make it so that she is set for life. What do I care what she does with it after me. I hope she gets remarried or gets a dozen boyfriends and has a grand life after I become a soi dog.
As for my american children, I am leaving them both 10% of my life insurance and nothing else. Although I am thinking of my TW this is also for my childrens protection. They are both 22 (twins) and with their current lifestyle/habits I think leaving them anymore than what I am would be destructive to them. I may change my mind in the future about what I will leave them as they mature but my main concern will always be for my wife and minor (non adult) children wether she is Thai or not.
just my 2 baht worth.
Remember that not getting what you want is sometimes a wonderful stroke of luck
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arjay
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My thoughts are that I would like to provide for them all, ( wife AND children), but in a controlled way, (as long as I was sure that my TW really loved me and for the right reasons!). So I think the best way to do that is through a will.
I think a widow in LOS, though would need less money than someone in the UK or USA, and I would want to be sure that her inheritance wasn't squandered for her too readily, so ideally if she received a widow's pension she would be drip fed the money, which to me seems a safer proposition. My children could then have more capital assets.
I think a widow in LOS, though would need less money than someone in the UK or USA, and I would want to be sure that her inheritance wasn't squandered for her too readily, so ideally if she received a widow's pension she would be drip fed the money, which to me seems a safer proposition. My children could then have more capital assets.
arjay
Just a few comments/questions. Please don't think that I am being a smart ass as that is not my intent, I really would like honest answers as you are living there everyday among them and I am not. Your answers will possibly help me with our relationship in the future. Sometimes we have our disagreements but she never says anything that I would think as meaning to hurt me and like all Thai's, tomorrow is another day and yesterday forgotten. I like this attitude as this is why I have an ex-wife, she would forget and forgive NOTHING EVER. I guess the burden of all of the past wrongs (most imagined) that she felt I had done to her was too great of a burden to bear so she packed up and moved on. Now I couldn't be happier.
Anyway,
I just try to think of my TW as simply a wife and want to do for her what I would do for any wife, Thai or not, she is my wife and I want all the best for her. I know that TGF's and TW's are a dime a dozen there but do we want to do for them as though they are all BG's and give only the minimum of what we have to?
I bought Waen a farm even though she is coming here to live with me, I loaned her sister and her husband the money to buy the farm next to us. I paid to add a room onto the family house. Now if I die next week, long after I am gone and all of my possessions have been sold and I am long since forgotten I will still be remembered. All of my family there that knows me will at some time sit in that room or walk on that farm or look at the wall that I am about to build for her around the farm and remember me and bring me into the conversation occasionally. MY family, not my Thai family and I personally will treat them as such.
Just a few comments/questions. Please don't think that I am being a smart ass as that is not my intent, I really would like honest answers as you are living there everyday among them and I am not. Your answers will possibly help me with our relationship in the future. Sometimes we have our disagreements but she never says anything that I would think as meaning to hurt me and like all Thai's, tomorrow is another day and yesterday forgotten. I like this attitude as this is why I have an ex-wife, she would forget and forgive NOTHING EVER. I guess the burden of all of the past wrongs (most imagined) that she felt I had done to her was too great of a burden to bear so she packed up and moved on. Now I couldn't be happier.
Anyway,
How can you take a wife and doubt her love? If you think that she doesn't really love you then she should be your TGF and not your TW. I know all the canned answers that you read everywhere, i.e. They are all just waiting for a better paycheck to come along etc... If I had any doubts then I would have never married Waen. I never doubt a word that she says to me. In forums all over the country people say that all Thais lie and cheat but I personally think that if you feel like this then you are automatically headed for disaster. Waen and I talk on the phone 2-5 times a day. If for some reason I can't reach her for a couple of days and she doesn't call then I feel dissapointed and miss the sound of her voice but when she tells me that she took Oat to visit her sister and forgot her phone charger then the battery went dead I believe her without question. I guess that we have a different type of relationship than most. Unlike I hear from others, Waen complains when I put money into her account without her asking first. Currently I give her 10,000 baht a month but at some point in most months I feel like giving her some additional money so that she can buy herself something or take the family out to eat somewhere special. She always complains at me when I do this and tells me not to do it. As an additional example I am comming over in a few weeks for almost 2 months so I just put about 200,000 baht into her account. After I did this she went to the ATM and took out 1000 baht and noticed the extra money in there. Before I could tell her what it was for she told me that the next time that I put money into her account like this without her asking for it first that she would not speak with me for a week. Perhaps she just likes to show off for her friends by being able to ask me for money in front of them and she can't when she already has some. I don't know and I don't care, I just will do as she asks.arjay wrote:as long as I was sure that my TW really loved me and for the right reasons!
Does needing less money make her any less deserving? In a place like that is there such a thing as not having enough. Suppose you pass on tomorrow and your wife lives another 45 years (AND if "my TW really loved me and for the right reasons!" Your quote not mine) would what you currently are planning to leave her be enough to get her thru those 45 years or will it be gone in 6 or 8 or 10 and she then has to fight her way thru life living day to day like so many there. I hope that I can provide for my wife after I am gone the life that everyone is EXPECTED to do for a wife here in farangland, i.e. leave her "well off".arjay wrote:I think a widow in LOS, though would need less money than someone in the UK or USA
I totally agree with you about this as that is what you do for a wife anywhere if possible. Waen will get a survivors benefit (USA term for widows pension) when I die that I estimate to be about 115,000 baht a month for the rest of her life. I realize this is a large sum of money each month for a Thai especially one in Udon. However, does that mean that I shouldn't leave her an additional life insurance policy and the deed to OUR home here in the U.S.? Why shouldn't I leave this to her just because she is Thai. Shouldn't I leave her everything that I can so that perhaps she can possibly have something to leave to later decendents of mine. I know, live for today as tomorrow takes care of itself, but this is my plan and it makes me feel good even if she won't understand it. She probably would spend lots and lots of money for a while but as long as she doesn't become an alcoholic she would come to a point that she would tire of spending and then her bank account would grow thereby leaving something for my decendents and hopefully raising my family standards for future generations.arjay wrote:I would want to be sure that her inheritance wasn't squandered for her too readily, so ideally if she received a widow's pension she would be drip fed the money
I just try to think of my TW as simply a wife and want to do for her what I would do for any wife, Thai or not, she is my wife and I want all the best for her. I know that TGF's and TW's are a dime a dozen there but do we want to do for them as though they are all BG's and give only the minimum of what we have to?
I bought Waen a farm even though she is coming here to live with me, I loaned her sister and her husband the money to buy the farm next to us. I paid to add a room onto the family house. Now if I die next week, long after I am gone and all of my possessions have been sold and I am long since forgotten I will still be remembered. All of my family there that knows me will at some time sit in that room or walk on that farm or look at the wall that I am about to build for her around the farm and remember me and bring me into the conversation occasionally. MY family, not my Thai family and I personally will treat them as such.
Remember that not getting what you want is sometimes a wonderful stroke of luck
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businessman
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valentine
Well there seems to be a lot of discussion and varying viewpoints expressed. Can I say, dead is dead, you won't know, even less care about what happens after you die. Your relatives will most certainly forget your very existance within a year.Maybe on the first couple of anniversiries they will put flowers on your grave in England, if in Thailand , maybe feed the monks.So what are you worrying about?
As an observation, the differences in opinion seem to be divided between the, been there, done that brigade and the still to experience it . Not saying whose right, after all, we all came here with, stars in our eyes.Some still have them, for others they may be a little cloudy, for a few, they never can see them.
My personal solution is a will leaving anything and every thing in UK to my only daughter, and everything in Thailand, house , car and bank account to my TW.The transfer of assetts has already taken place, so in reality, I am penniless.The only point of the will is to give legitimassy to the division , in case anyone disputes my actions.
One thing to consider is that Her Majesties govt will join the value of things in Thailand and England together to estimate your total wealth for duties, and as they do not have jurisdiction to demand payment from Thailand, the family at home could be lumbered with paying tax on the assetts in Thailand.Don't think they will be happy!
As an observation, the differences in opinion seem to be divided between the, been there, done that brigade and the still to experience it . Not saying whose right, after all, we all came here with, stars in our eyes.Some still have them, for others they may be a little cloudy, for a few, they never can see them.
My personal solution is a will leaving anything and every thing in UK to my only daughter, and everything in Thailand, house , car and bank account to my TW.The transfer of assetts has already taken place, so in reality, I am penniless.The only point of the will is to give legitimassy to the division , in case anyone disputes my actions.
One thing to consider is that Her Majesties govt will join the value of things in Thailand and England together to estimate your total wealth for duties, and as they do not have jurisdiction to demand payment from Thailand, the family at home could be lumbered with paying tax on the assetts in Thailand.Don't think they will be happy!
Being dumb to all things Brit, answer me a question. How will HM Govt know the value of your possessions in Thailand? Is this something that you have to declare now for some reason?valentine wrote:One thing to consider is that Her Majesties govt will join the value of things in Thailand and England together to estimate your total wealth for duties, and as they do not have jurisdiction to demand payment from Thailand, the family at home could be lumbered with paying tax on the assetts in Thailand.Don't think they will be happy!
Remember that not getting what you want is sometimes a wonderful stroke of luck
Well you could in theory hide it from them; but your executor is committing a very serious offence if they find out. They know you have been living in Thailand and are not stupid. However, "your" land in Thailand is not yours...so that does'nt count. I personally would get as much as I could transferred before I pegged it, the same as Valentines arrangement! There are time limits on this so it would not help if you went under a somlawwansman wrote:Being dumb to all things Brit, answer me a question. How will HM Govt know the value of your possessions in Thailand? Is this something that you have to declare now for some reason?valentine wrote:One thing to consider is that Her Majesties govt will join the value of things in Thailand and England together to estimate your total wealth for duties, and as they do not have jurisdiction to demand payment from Thailand, the family at home could be lumbered with paying tax on the assetts in Thailand.Don't think they will be happy!
As said before this really needs some legal and accountant advice.
John
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Galee
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After reading some the replies to this thread, I'm now wondering if I'm being a bit harsh to my future Thai family.
My son will never be destitute. He is the sole benificary to his mothers will. She has married someone a lot older and has 3 properties to pass on. 2 in the UK and 1 in Italy.
My assets will make more difference to my Thai family than it will my son.
I think the best solution is to keep my options flexible and change my will as and when it's neccessary.
Gary
My son will never be destitute. He is the sole benificary to his mothers will. She has married someone a lot older and has 3 properties to pass on. 2 in the UK and 1 in Italy.
My assets will make more difference to my Thai family than it will my son.
I think the best solution is to keep my options flexible and change my will as and when it's neccessary.
Gary
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valentine
Is it 5 Years? That was the "time limit" I was referring to earlier, although I was not sure of the number of years. Yes they could certainly count in the money I gifted in order to buy the land. Although I hope to last a bit longer than that...valentine wrote:John, although you can't own land if it was bought within 5 years of your demise, it could be ruled as gifted and the value added to your estate.
John