Should something really bad happen ...

AyG
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Should something really bad happen ... Oct 6, 2019 14:36:04 GMT 7 Fletchsmile likes this

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Post by AyG on Oct 6, 2019 14:36:04 GMT 7

Naturally I've taken steps that my partner will inherit all my assets in Thailand (and some from overseas).

I've bought a few bars of gold that he can sell when I die so that he can pay the bills for a few months whilst my estate is sorted out.

I'm now thinking more about if I'm incapacitated and need to pay hospital bills whilst, say, unconscious or paralysed.

I did think about buying more gold, but my partner isn't keen on the idea. I thought about a joint bank account, but I'm not too keen on that. (Not sure how happy my bank would be to open a joint account for non-married individuals, anyway.)

A few websites suggest that a bank officer will come to my bedside and take a thumb print, freeing up cash in my existing savings accounts to pay hospital bills. Is that true?

So, any thoughts on how best to proceed?

rgs2001uk
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Should something really bad happen ... Oct 6, 2019 14:50:11 GMT 7 Fletchsmile likes this

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Post by rgs2001uk on Oct 6, 2019 14:50:11 GMT 7

My mrs has access to my Thai bank books and atm cards including knowing the atm pass numbers.

On death, for overseas assets she will need to wait.

Something else to consider, what if you outlive your partner?

worthless scum

Fletchsmile
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Should something really bad happen ... Oct 6, 2019 17:24:58 GMT 7 chiangmai likes this

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Post by Fletchsmile on Oct 6, 2019 17:24:58 GMT 7

We basically divide our assets between UK (my home country), Singapore (offshore for both), Thailand (my host country, wife's home country)

UK has assets in my name only. I have a UK will

Singapore has assets in joint names. We both have Singapore wills.

Thailand has assets in my name only, my wife's name only, and previously joint. We both have Thai wills.

Our house, condo and mortgage are in my wife's name. So she will always have a roof over her head. When we sell the condo proceeds will be used to wipe out the mortgage, leaving a debt free house/home.

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My wife has investments in her name in Thailand as well as bank accounts in her name in Thailand. These would tide her over until she could access assets elsewhere in the world.

This is why I often start threads on investing in Thailand. While the investments in Thailand aren't always best of best, and there are often better / cheaper overseas (with the exception of Thai based/ equity funds), the convenience and access for a Thai person to deal with locally in their own language, should never be underestimated.

Some of our investments in Thailand were in joint names, where either can sign. Though recently we've got rid of these because they were with Aberdeen. I will look to take out some in future though.

Similarly almost all our investments in Singapore are in joint names where either can sign.

In both Thailand and Singapore we have a dedicated relationship manager as part of the Priority Banking services. In both cases I have confidence that my wife could contact either to ask for assistance on how to process things.

UK stuff is all in my name. Wife has no access

One thing I haven't got round to is a living will. (Can't remember if that's the correct term). My mum has done one. Basically my brother and I have a Power of Attorney to act on her behalf if she becomes incpacitated. At some point I may get round to doing similar for me - particularly for UK assets.
Both my brother and my wife would then be able to access my UK assest if I became incapacitated.
I don't know whether anything similar is possible in Thailand
For Singapore of course it's not needed as everything is in joint names.

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So in case of my death:

UK will in place, Singapore will in place, Thai will in place

In case incapacitated:

UK - I will maybe think about living will in future, where both my wife / brother could access

Singapore - joint names anyway + RM to help

Thailand - Don't know if a living will is possible, assets in wife's name, + RM to help

Fletchsmile, 13th of the Istari wizards - Wandered Middle Earth for centuries and chose Thailand.
Later discovered BigMango forum Thailand: bigmango.boards.net/ and www.bigmango.club
"Do not meddle in the affairs of wizards, for they are subtle and quick to anger" (LOTR)

Fletchsmile Wizard Posts: 4,368 Likes: 2,537	Should something really bad happen ... Oct 6, 2019 17:26:10 GMT 7 smokie36, rubl, and 1 more like this Quote Select Post Deselect Post Link to Post Back to Top Post by Fletchsmile on Oct 6, 2019 17:26:10 GMT 7 Oct 6, 2019 14:50:11 GMT 7 rgs2001uk said: .... Something else to consider, what if you outlive your partner? Party time
	Fletchsmile, 13th of the Istari wizards - Wandered Middle Earth for centuries and chose Thailand. Later discovered BigMango forum Thailand: bigmango.boards.net/ and www.bigmango.club "Do not meddle in the affairs of wizards, for they are subtle and quick to anger" (LOTR)

rubl
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Should something really bad happen ... Oct 6, 2019 17:37:18 GMT 7 Fletchsmile likes this

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Post by rubl on Oct 6, 2019 17:37:18 GMT 7

Oct 6, 2019 17:26:10 GMT 7 Fletchsmile said:

Oct 6, 2019 14:50:11 GMT 7 rgs2001uk said:

....

Something else to consider, what if you outlive your partner?

Party time

I should take back the 'like'. I'm afraid that was a knee-jerk reaction

-- The more I learn the better I understand I know nothing.

Last Edit: Oct 6, 2019 17:37:38 GMT 7 by rubl

chiangmai
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Should something really bad happen ... Oct 6, 2019 18:06:04 GMT 7 Fletchsmile likes this

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Post by chiangmai on Oct 6, 2019 18:06:04 GMT 7

Our set up is not dis-similar to that of FS.

50% of Thai assets in joint names, importantly these are "either/or" accounts so if something happens to me there's no waiting for funds or probate. A Thai will makes Mrs CM the sole beneficiary as long as she survives me by 30 days, don't want to have a car accident and she dies a week after me which means my assets go to her mum! If we both die within 30 days of each other my Thai assets are subsumed by my UK estate and my niece is the second in line.

I am the sole beneficiary of Mrs. CM's will - the Thai house is in her name, an usufruct is in my name and that dissolves upon my death.

UK assets are in my name, a UK will names Mrs CM as sole beneficiary, my niece is a solicitor and the executrix.

What happens if I survive Mrs CM, ouch! Probably sell everything and buy back to back round the world cruise tickets and then do a Maxwell at some point.

Last Edit: Oct 6, 2019 18:10:38 GMT 7 by chiangmai

Fletchsmile
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Should something really bad happen ... Oct 6, 2019 18:11:54 GMT 7

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Post by Fletchsmile on Oct 6, 2019 18:11:54 GMT 7

Oct 6, 2019 14:50:11 GMT 7 rgs2001uk said:

My mrs has access to my Thai bank books and atm cards including knowing the atm pass numbers.

On death, for overseas assets she will need to wait.

Something else to consider, what if you outlive your partner?

The biggest financial issue I would see around that is dealing with the family home.

If I recall, the foreigner can own things temporarily (1 years):

- with a need to put it right that the foreigner doesn't own land after a certain period

- for property like a house you need to show the money came from overseas again, so may need to round trip money from Thailand to Singapore/UK and back again

Aside from that a will for the wife's assets is the main thing.

Oh... and access to her mobile phone for all banking stuff OTPs etc. I suspect she would be using that even from a coma or from the grave LOL

Fletchsmile, 13th of the Istari wizards - Wandered Middle Earth for centuries and chose Thailand.
Later discovered BigMango forum Thailand: bigmango.boards.net/ and www.bigmango.club
"Do not meddle in the affairs of wizards, for they are subtle and quick to anger" (LOTR)

siampolee
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Should something really bad happen ... Oct 6, 2019 20:26:21 GMT 7 Fletchsmile likes this

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Post by siampolee on Oct 6, 2019 20:26:21 GMT 7

AyG.

I'm now thinking more about if I'm incapacitated and need to pay hospital bills whilst, say, unconscious or paralysed

Possible to set up a trust fund that would provide an income to pay for treatment etc if one was severely incapacitated plus income for ones partner/ dependents etc. Said fund to be administered by a legal entity with power of attorney?

Upon the death of the incapacitated all benefits from the estate paid out as stipulated in the last will.

Sounds simple I know, but in truth no doubt a complex situation.

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smokie36
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