financial advice requested

[mahjongguy]

I just finished reading about this. Reading until my eyes got crossed. So much mess and confusion just because Thailand does not allow the stipulation of beneficiaries (Pay On Death) for bank accounts.

Regarding a joint account set up to require a single signature: as RichLB indicates, banks get nervous in this situation and may freeze the account.
But, there is no requirement that you must notify the bank that the other account owner has died, and it is completely legal to continue withdrawing funds.

This is different from the situation where someone arranges for their wife/b-f/g-f to get their PIN and use an ATM card to withdraw from a sole account after they've died. Bad idea. Illegal, and not a sensible substitute for actual estate planning.

[thaiworthy]

This is different from the situation where someone arranges for their wife/b-f/g-f to get their PIN and use an ATM card to withdraw from a sole account after they've died. Bad idea. Illegal, and not a sensible substitute for actual estate planning.

True. Perhaps Oliver would like to elaborate further. This short little inquiry under the title of "financial advice" has other implications not yet clearly defined:

Is there any way that I can set-up a joint account with my boyfriend, bearing in mind that I'm not a Thailand resident?

Otherwise, here's a useful link, though not specifically addressing joint accounts.

http://www.pattayacityexpatsclub.com/ex ... counts.htm

10 years ago I went to a Pattaya City Expats breakfast meeting. I think it was a Sunday, in a hotel-resort. They put me in touch with a Bangkok Bank branch manager and I used the boyfriend's address in Lop Buri. When I moved here, I changed the address.

This link deals specifically with documents:

http://www.pattayacityexpatsclub.com/ex ... quired.pdf

However, this link deals specifically with joint accounts (family member,) death, payments to hospitals from your account while unconscious, a lot of good stuff. Worth reading.

http://www.pattayacityexpatsclub.com/ex ... Report.pdf

[thaiworthy]

This is different from the situation where someone arranges for their wife/b-f/g-f to get their PIN and use an ATM card to withdraw from a sole account after they've died. Bad idea. Illegal, and not a sensible substitute for actual estate planning.

True. In my case, the ATM card I gave my bf was from a US account. Again, I only put into it what he was entitled to have. This was done for many years and not a part of estate planning, but living expenses. Previous to that I used a wire service.

Perhaps Oliver would like to elaborate further. This short little inquiry under the title of "financial advice" has other implications not yet clearly defined:

Is there any way that I can set-up a joint account with my boyfriend, bearing in mind that I'm not a Thailand resident?

Otherwise, here's a useful link, though not specifically addressing joint accounts.

http://www.pattayacityexpatsclub.com/ex ... counts.htm

10 years ago I went to a Pattaya City Expats breakfast meeting. I think it was a Sunday, in a hotel-resort. They put me in touch with a Bangkok Bank branch manager and I used the boyfriend's address in Lop Buri. When I moved here, I changed the address.

This link deals specifically with documents:

http://www.pattayacityexpatsclub.com/ex ... quired.pdf

However, this link deals specifically with joint accounts (family member,) death, payments to hospitals from your account while unconscious, a lot of good stuff. Worth reading.

http://www.pattayacityexpatsclub.com/ex ... Report.pdf

[Oliver]

Once again, thank you. This has been very helpful.

I don't wish to elaborate further except to say that the period between my death (possibly the result of a party at Castro) and the arrival of funds from the execution of my will (a year?) is what concerns me. I need to be certain that P. is supported financially during this period and there are compelling reasons for this.

I am loathe to transfer the necessary funds while I'm still alive but if Thaiworthy's advice does not accommodate this requirement, that's what I shall have to do.

[thaiworthy]

I thought this would be simple for you, but a Thai lawyer would be better suited for the execution of your will. Let's hope that doesn't happen, for a long, long time.

[Undaunted]

I hope Oliver has had his question answered as his reasoning is noble. As for others, I'll add this to my "things I just don't get list".

[Alex]

That's why I'm quite pleased that my boyfriend has a job, just like most people of working age in the world, you know. He wouldn't starve outright if I died later today.

So as per the title of this thread, the best piece of financial advice I can offer is to make sure that your boyfriend is gainfully employed.

[Undaunted]

the best piece of financial advice I can offer is to make sure that your boyfriend is gainfully employed.

I beg you pardon, the "relationship" is their job.

[thaiworthy]

These snide generalizations are not helpful. By contrast, I know people far richer than I who buy their boyfriends cars and houses. Neither will they starve. For some others like myself, I have a boyfriend because I want companionship. If he had a job he is qualified for, he would be working 12 hours a day/7 days a week and he'd be tired the rest of the time. I would never see him. We couldn't go anywhere, do anything. I am proud to help him. He has a glorified hobby repairing cell phones, which has been his dream. I know how it is to have a dream.

However, putting people down in a thinly-veiled off-subject style because their lifestyle is different than yours represents a model of thinking that is not characteristic of this board. If it were, I would largely ignore it and move on. If you want to get your jollies by significantly elevating the status of your betrothed by defining them as members of the "working class," that's fine. But comparing them to others in this fashion is repugnant and is not going to make you appear a more worthwhile person than anyone else. You cannot possibly know others' circumstances. This is not positive, constructive advice.

I don't see how these last few judgmental remarks are going to help the OP accomplish his goals.

[Undaunted]

That's why I'm quite pleased that my boyfriend has a job, just like most people of working age in the world, you know. He wouldn't starve outright if I died later today.

So as per the title of this thread, the best piece of financial advice I can offer is to make sure that your boyfriend is gainfully employed.

Thaiworthy: Actually my last comment was directed to Alex and his advice on gainful employment.