There's no fool like an old fool

Anything and everything about gay life anywhere in the world, especially Asia, other than Thailand.
User avatar
Gaybutton
Site Admin
Posts: 14801
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Liked: 1 time
Been liked: 563 times

#11 Re: There's no fool like an old fool

Postby Gaybutton » Sun Dec 31, 2017 4:53 pm

fountainhall wrote:I am not sure when he died

It's been a long time. I don't remember exactly, I think it has been around 10 years, maybe more.

But that's beside the point. The point is making sure a long term, loyal, caring Thai boyfriend is provided for without assumptions about how the money will be used or how quickly it will be spent as factors in decision making.

RichLB
Posts: 1032
Joined: Sat Jul 31, 2010 4:13 pm
Been liked: 34 times

#12 Re: There's no fool like an old fool

Postby RichLB » Sun Dec 31, 2017 5:42 pm

There is an alternative to filing a will (at least in the US). I'd never heard of this device until a friend of mine told me about it. It's called "Transfer on Death". What this vehicle does is immediately transfer whatever assets are identified to the recipient, thus bypassing probate. I don't think this would include monies or assets held outside the US, but I'm not sure. You might want to check this out with your financial advisor.

fountainhall
Posts: 1472
Joined: Fri Jan 27, 2017 11:45 am
Location: Bangkok
Liked: 128 times
Been liked: 369 times

#13 Re: There's no fool like an old fool

Postby fountainhall » Sun Dec 31, 2017 6:17 pm

I was informed that for all an individual's assets in Thailand there must a valid will written in Thai along with the signatures and addresses of two witnesses. That is the only document a Thai court will recognise. Such a document can easily be done via the internet with several law firms offering on-line Thai/English translation wills at a very reasonable cost. Some years ago, mine cost around Bt. 5,000. If that is wrong, I hope there will be a lawyer amongst us with experience of the process to correct this.

Dodger
Posts: 687
Joined: Sun Aug 01, 2010 2:58 am
Liked: 7 times
Been liked: 148 times

#14 Re: There's no fool like an old fool

Postby Dodger » Sun Feb 04, 2018 6:53 pm

I plan to have a Thai Will that will leave all of my holdings in Thailand to my Thai partner.

If he's willing to put up with me all the way to my deathbed than he's more than entitled to this. My Will will also include my funeral requests which he will be responsible for financing with the money I leave him. He would then be the sole benefactor of the money in my Thai bank account, the condo I own, car, motorbike, my coveted porno movie collection and my favorite backless silk panties that I wear when I get drunk.

I told him once during a conversation we were having that if I were to die before him (I'm 65 - he's 26) that I simply wanted to be cremated and my ashes tossed in the sea with a Steely Dan song playing in the background. He winced and said nothing. The little bastard was probably thinking..."yeah, I'll give your ashes a good toss but as far as the music playing in the background you're gonna be out of luck"

The link below will provide you with (or lead you to) all the information you need to make a Thai Will.

One thing that's pointed out is that..."Foreigners who are not closely connected to Thailand, other than for example owning a condo (owning real property), cannot make a Thai will".

User avatar
Gaybutton
Site Admin
Posts: 14801
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Liked: 1 time
Been liked: 563 times

#15 Re: There's no fool like an old fool

Postby Gaybutton » Sun Feb 04, 2018 9:34 pm

Dodger wrote:The link below will provide you with (or lead you to) all the information you need to make a Thai Will.

Did you forget to include a little something in your post . . . ?

fountainhall
Posts: 1472
Joined: Fri Jan 27, 2017 11:45 am
Location: Bangkok
Liked: 128 times
Been liked: 369 times

#16 Re: There's no fool like an old fool

Postby fountainhall » Sun Feb 04, 2018 11:20 pm

Dodger wrote:One thing that's pointed out is that..."Foreigners who are not closely connected to Thailand, other than for example owning a condo (owning real property), cannot make a Thai will".

That's interesting! I have read a number of threads over the years on various boards about Thai wills and I believe it has always been stated that if you have any assets in Thailand you need to have a will written in Thai for their disposal. If not, then the Thai Courts will in the fullness of time hand those assets over to your nearest relatives. If you rent an apartment and have a few million lying around in a bank account and cannot make a Thai will, then how do you leave that cash or part of it to your partner?

I'll look forward to reading the attachment. I wonder if those who are here on retirement visas are regarded as being closely connected to Thailand?

User avatar
Bob
Posts: 980
Joined: Sat Jul 31, 2010 11:03 pm
Been liked: 21 times

#17 Re: There's no fool like an old fool

Postby Bob » Mon Feb 05, 2018 9:53 am

RichLB wrote:There is an alternative to filing a will (at least in the US). I'd never heard of this device until a friend of mine told me about it. It's called "Transfer on Death". What this vehicle does is immediately transfer whatever assets are identified to the recipient, thus bypassing probate. I don't think this would include monies or assets held outside the US, but I'm not sure. You might want to check this out with your financial advisor.

Late to respond but just came back to this thread. I'm wondering what your friend is talking about, perhaps a living trust? Having practiced probate law for many decades, I've never heard of any such legal vehicle. Yes, there are some accounts which allow designation of a beneficiary and those accounts would "transfer on death"; but, other than that, there's no such general vehicle to accomplish what your friend was talking about. By the way, a living trust established in one's home country would not be usable in Thailand for Thai assets....as Thailand doesn't recognize the trust concept.

One can use a foreign Will (US, UK, wherever) to transfer Thai assets in a probate proceeding here in Thailand; however, various documents are needed (such as certified copies of the Will itself as well as certified copies of home country court orders admitting the Will to probate) and then all that junk needs to be officially translated into Thai before you can use those documents to open a probate proceeding here in Thailand. I still think the cleanest and easiest way to go is to have a Thai Will made here to handle your assets here [and this Will should say it only deals with Thai assets and any home country Will (especially if at all different) should also mention that you have a Thai Will that separately handles Thai assets].

RichLB
Posts: 1032
Joined: Sat Jul 31, 2010 4:13 pm
Been liked: 34 times

#18 Re: There's no fool like an old fool

Postby RichLB » Mon Feb 05, 2018 2:25 pm

Bob, you might want to check with your financial advisor. I, too, had never heard of "Transfer on Death", but, lo and behold, my account manager knew about it. In fact, since my US will's executor is getting pretty old, I called and asked my account manager if they'd be willing to be my executor (through Wells Fargo Estate department). In looking over my previously filed paperwork, the bank informed my manager there was no need to provide a different executor since I had previously filed a Transfer on Death form covering all my assets held in my account. I'm still keeping my US will, of course, but if this TOD thingy works, it will sure simplify things for my estate's beneficiary. Please let me know if you hear anything different from what all I've been told.

User avatar
Bob
Posts: 980
Joined: Sat Jul 31, 2010 11:03 pm
Been liked: 21 times

#19 Re: There's no fool like an old fool

Postby Bob » Mon Feb 05, 2018 6:32 pm

Like you mentioned, some financial-type accounts provide for beneficiary provisions (for example, some stock accounts, some bank accounts, and all IRA accounts provide for same) which take effect upon death (well, after presentation of a certified death certificate). If Wells Fargo is handling your accounts that way (I'd get it in writing!), then you're fine. Of course, none of that will involve or help transfer assets located here in Thailand.

Dodger
Posts: 687
Joined: Sun Aug 01, 2010 2:58 am
Liked: 7 times
Been liked: 148 times

#20 Re: There's no fool like an old fool

Postby Dodger » Tue Feb 06, 2018 5:57 pm



Return to “Gay World”

Who is online

Users browsing this forum: No registered users and 12 guests