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Home » Reader question » Money on Thai calculation, where does the amount go on death?
Dear readers,
I have been living in Thailand with my partner for many years, we both have annual visas. To get that, you must, among other things, have a fixed amount in a Thai bank account, a kind of guarantee amount. That is 800.000 baht per person, and we both have that amount in a joint account at Siam Commercial Bank, so a total of 2 times that amount, or 1.600.000 baht.
My question now is: if one of us dies, will the partner, who is also in that joint account, receive that amount? Or does that “just” go to the Thai government? And, what should we possibly do now to ensure that the amount then released from the deceased actually ends up with his partner?
Hopefully my question is clear. I'd love responses, preferably from someone who is or was in a similar situation.
Thanks in advance.
Regards,
Jan
Editors: Do you have a question for the readers of Thailandblog? Use it contact form..
You must have a will anyway if at some point both have died and you want that
the money goes to a specific person.
If not, it will go to the Thai government.
If 1 person dies, the other person is automatically the owner of an and/or account.
Just draw up a will with a Thai notary / lawyer.
In my opinion (also in my case) the bill with the 800.000 Baht in question should be in the name of the person who has the visa.
If I die, will my (Thai) wife have to get my/her money through a lawyer?
William HY
Dear Wim,
you write: “I think” the 800.000THB in question should be in the name of the visa holder. Isn't quite correct. May also be on 2 names, but then the double amount must be on it. Like in this specific case: 1.600.000THB. By the way, he is talking about two visa holders.
It is a joint account, so there is no problem at all.
The money in a joint account accrues to the surviving account holder.
Dear Lex: 'no problem at all?' Have you experienced it personally? I do as I deal with such files…. there is a problem there.
That's right, dear Coco, in this case it's up to the survivor... the problem, however, is being able to collect the money. As I wrote in my response: a lot has changed in Thailand. Doesn't just happen... the account is blocked and must first be unblocked before paying out.
Dear Jan,
judging from what you write, I must conclude that both of you are not Thai as your partner also has an annual visa. I also have to conclude from this that you are not married since you both must have the 'guarantee amount'. If married this would not be the case as your spouse as a 'dependent' could obtain her annual visa.
A partial solution, and I would start with that, would be to use two accounts: one in your name and one in your partner's name, then you are already sure that you will not have a problem if one of them dies, for half the amount.
Now in case of death: I currently have such a file regarding the acquisition of the bank balance, in Thailand, by the widow of a deceased Belgian. However, they were officially married and that makes this case different from what you write and what I have to conclude from it.
A lot has also changed in Thailand regarding this item. Some banks, I already know of two, now also require proof of 'succession' before they release the amount. The account is blocked in the event of death, even if it is a joint account. This is not a problem for married couples, they can obtain a certificate from a civil-law notary or from the 'office for legal certainty'.
As for unmarried people, they can't just get it from their home country. After all, the survivor is not just an heir. He can only be designated as heir by a notary by means of a valid will.
Since this concerns property in Thailand, I would recommend making a Thai will that only mentions the property in Thailand. Register this will with the local Ampheu and also appoint an 'executor', preferably a lawyer. After all, the execution of a Thai will always goes through the court and you need a lawyer there, even for the introduction.
Don't be fooled, because those reactions always come when it comes to prices, because of those cheap wills of 5000THB…. These are usually not registered and do not have a prepaid operator. Their actual costs will come afterwards, when the will has to be executed, but you won't hear anything about that again.
FIRST OF ALL I WOULD MAKE IT 2 BANKBOOKS. Then the other partner can always access the money because it is quite a hassle after a death.
I would also have 2 wills drawn up referring to each other. Costs something but gives certainty, also about other properties. If you live in Pattaya or the surrounding area, I will assist you if necessary. [email protected]
Dear John,
at least this is a very good response with a piece of advice that i also gave: make it two bank accounts. Then the remaining one can always access his own money. The fact is also that, for the remaining, the joint account, is no longer valid at immigration as the account is blocked and the Immigration rule states that, whether it is a Saving or a Fixed account, the amount must always be accessible . It is no longer because it is temporarily a blocked account.
Also regarding the will: a very good advice: make two referring to each other. Certain is certain and you never know in advance who will be the first to give up.
I don't see how the Thai government can be your or your partner's heir.
Well, if there is no one who requests the inheritance or can assert a right to it. For example, if there is no will or the partner is not related by marriage
whether there are no children etc. I also sometimes suspect the banks that when they know that there are no heirs that a booking for the death is registered with retroactive effect whereby the account is emptied, this also surfaced several times when people returned after a long stay abroad and the money in their accounts disappeared. And yes no heirs that the money reverts to the state, that also happens in the Netherlands.