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Home » Reader question » Can I put all our assets in Thailand in a fund?
Can I put all our assets in Thailand in a fund?
Dear readers,
I wonder if there is such a thing as a fund in Thailand, in response to the following. I myself am 67, my Thai girlfriend 56 and she has a son of 21. When he dies he will inherit everything, this is a house (8 years old) and a 6 million baht. However, since he is an easily manipulated "buffalo" (I believe everyone knows what it means), I advised my girlfriend to put all our assets in a fund.
The house should not be sold for the first 10 years, and he would receive 15.000 baht every month until the money runs out. This is to ensure that he has something for a few years and will not be completely penniless. Is that possible?
Thanks in advance,
Regards,
Roger
I assume that you are Dutch and that you live in Thailand and the house is in Thailand.
Do you want to put it in now or only after the death of the surviving spouse? In the latter case, this is done with a will and you need an expert who draws it up in accordance with Thai law. That expert will show you the way to a legally viable solution to your question. Especially since there is a house at stake.
Just a few points: No land in ownership? Or your girlfriend? And if you are the surviving, whose name will the land be in? Land acquired under inheritance law can be in your name for a maximum of one year, provided that conditions are met. And if the son dies before; what then? Who do you entrust that 'fund' to manage? Are you going to set quality requirements for the manager(s) as is customary in the West?
So go to a lawyer with the endorsement 'notary of law' and present it.
In addition, I can give a tip. Land and house that are on a chanoot can be made unsaleable by stating that it may not be sold by inheritance. Know this because of a woman with children where the woman owned a lot of real estate. The children "don't know what work is" thanks to the hard work and accumulated wealth of the mother who saw the storm coming and indeed one piece of land after another was sold over time. However, thanks to the registration on the chanoot that the house may not be sold, this remains of the inheritance. And this right cannot be changed once it is on the chanoot because the owner can and may do what he or she wants with it, so also exclude it from the inheritance, for example, or make it unsaleable. Then only the user right remains and transfer within the family in the direct line as user property.
After that I sometimes read something from Erik and he refers to a good lawyer or in this case one with a notary of law note. Well usually that is not necessary because an ordinary lawyer is just as good if he is at home in this matter as this is his field. The Land Office also knows exactly what is needed and you can inquire there what to do because they are the ones who record everything.
Thanks for the addition, Ger-Korat.
We are in a more or less similar situation. My Thai wife fears that her son, daughter-in-law and grandchildren will spend their inheritances "sub-optimally". In other words, spending way too quickly on the wrong things.
My Thai wife wants to make me "executor" (executor) of her estate and stipulate in a will that I will make the inheritance of her descendants available to them, spread over time (in smaller installments).
I haven't decided on a position yet. I suggested that she first check with a lawyer and the ampeur's legal adviser (double check with a friend of ours) whether this is legally possible. I also want to weigh up other more social, family and practical aspects for myself first. After all, her proposal puts me in a special position vis-à-vis her close relatives if I were to survive.
All this while still assuming that I will come first to go. But indeed, it can be. So take your concerns to heart 🙂
No, that is not possible. Thai Civil Code Part III section 110 states that a “foundation” can only be founded/established to serve a public purpose. What you want can simply be arranged through a will, where, for example, a family member or a lawyer acts as executor. In the code part II from 1655. Please note: a farang can/may also be executor. Consult a Thai lawters' office.
There seems to be new legislation in the making to do it through a company construction or something like that. to make it possible.
Still I don't understand something. Despite the good intentions, there is a wish that the money is not wasted, but you can't rule from your grave, can you?
In addition, it may be the case that the surviving relative is limited and dies themselves. Who will the remaining assets go to? Maybe to a person you certainly wouldn't want to leave it behind.
Dear Roger,
I myself have all this in my wife's name.
No inheritance has been made right, just for this kind of thing.
What happens when a Thai knows that there is money to be made (fill it in).
We or my wife has made a constuktion of that where none of the children
can now claim.
All this because I have a beautiful daughter and son that they are only too happy to come to.
Let it be the case that your wife may still have things that you know nothing about, this is also excluded.
I'm not going to tell you about the construction, but it only has influence if one of us comes
to die.
One thing is so easy! Have this recorded.
No more.
Yours faithfully,
Erwin
This is my personal opinion, but except that it should go to the surviving partner or in the event of both deaths, who cares what son will do with it? He cannot do more than make up and if he is such a buffalo, justice will be served to him. You don't notice it anymore, do you?
Today in the Bangkok Post an article about a gentleman who drove a policeman and his wife to death with his drunken head during this year's songkran.
He pays 45 million baht and the money for the two minor daughters of the killed couple goes, and I quote, “Their two daughters, aged 15 and 12, would get 15 million baht each. A trustee will be appointed by the Central Juvenile and Family Court to keep the money for them until they come of age. ”
Well, there is still an opportunity to investigate.
Yes, but then you are talking about minorities of, for example, children who need some kind of supervision, administration or guardianship, resp. for those who inherit but are not compos mentis.
In the present case, the son is already 21 years old and presumed to be sane. (The fear, though, is that he's not going to use that mind. But no judge to rule him incompetent for that reason.)
If I were 67 years old, with a capital of 6 MB, I would enjoy. Why bother with a buffalo?
RuudB, especially your last sentence is also mine. Reigning over my grave is not my plan.