Transfer on death account (TOD)

WILLS AND PROBATE


Transfer on death account (TOD)

This information may be useful for our US members who may not be aware of these accounts.


In most caseswhere money is held in Thai or UK banks, and that money is "willed" to a wife/partner or child, it is necessary to obtain probate (or the Thai equivalent). Most UK banks will release a limited sum of money upon production of a death certificate and a Will When using a solicitor or lawyer this can be quite expensive, and they don't exactly work very quickly. Setting up a joint account is one way round probate, and many families will have access to an ATM card of online banking and be able to (illegally) access the money after death.

In the USA, however, it is possible to have a Transfer on death account (TOD)...(not all states permit it)

A transfer on death (TOD) account automatically transfers its assets to a named beneficiary when the holder dies. For example, if you have a savings account with $100,000 in it and name your wife/son as its beneficiary, that account would transfer to her/him upon your death. It is however secure, insofar as the named beneficiary cannot access the account before death, which may be the case if it were a joint account. Probate may of course still be required if there are certain other assets.
 
WILLS AND PROBATE


Transfer on death account (TOD)

This information may be useful for our US members who may not be aware of these accounts.


In most caseswhere money is held in Thai or UK banks, and that money is "willed" to a wife/partner or child, it is necessary to obtain probate (or the Thai equivalent). Most UK banks will release a limited sum of money upon production of a death certificate and a Will When using a solicitor or lawyer this can be quite expensive, and they don't exactly work very quickly. Setting up a joint account is one way round probate, and many families will have access to an ATM card of online banking and be able to (illegally) access the money after death.

In the USA, however, it is possible to have a Transfer on death account (TOD)...(not all states permit it)

A transfer on death (TOD) account automatically transfers its assets to a named beneficiary when the holder dies. For example, if you have a savings account with $100,000 in it and name your wife/son as its beneficiary, that account would transfer to her/him upon your death. It is however secure, insofar as the named beneficiary cannot access the account before death, which may be the case if it were a joint account. Probate may of course still be required if there are certain other assets.

It's a pity similar accounts are not available in the UK, Thailand and other countries. Would save a lot of problems and cost
 
WILLS AND PROBATE


Transfer on death account (TOD)

This information may be useful for our US members who may not be aware of these accounts.


In most caseswhere money is held in Thai or UK banks, and that money is "willed" to a wife/partner or child, it is necessary to obtain probate (or the Thai equivalent). Most UK banks will release a limited sum of money upon production of a death certificate and a Will When using a solicitor or lawyer this can be quite expensive, and they don't exactly work very quickly. Setting up a joint account is one way round probate, and many families will have access to an ATM card of online banking and be able to (illegally) access the money after death.

In the USA, however, it is possible to have a Transfer on death account (TOD)...(not all states permit it)

A transfer on death (TOD) account automatically transfers its assets to a named beneficiary when the holder dies. For example, if you have a savings account with $100,000 in it and name your wife/son as its beneficiary, that account would transfer to her/him upon your death. It is however secure, insofar as the named beneficiary cannot access the account before death, which may be the case if it were a joint account. Probate may of course still be required if there are certain other assets.

1) will a "TOD account" be approved by Immigration as monies secured in visa-holders name at a Thai financial institution when basing an extension on retirement ?

2) Last I checked Bangkok Bank will not put a "partner's name" on a Transfer on Death account if there is no Thai marriage certificate presented when setting up the account. Has something changed ?

Inquiry from a US citizen not presently married.

Edit: added Transfer on Death
 
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1) will a "TOD account" be approved by Immigration as monies secured in visa-holders name at a Thai financial institution when basing an extension on retirement ?

2) Last I checked Bangkok Bank will not put a "partner's name" if there is no Thai marriage certificate presented when setting up the account. Has something changed ?

Inquiry from a US citizen not presently married.

A TOD account is only available in certain states in the US. It is not available in Thailand, and therefore Thai immigration does not enter into it.

I am not aware whether all Thai banks refuse to open joint accounts where there is no marriage. Worth shopping around. I am sure if the initial deposit was worthwhile, Bangkok Bank may re-consider their refusal.
 
1) will a "TOD account" be approved by Immigration as monies secured in visa-holders name at a Thai financial institution when basing an extension on retirement ?

2) Last I checked Bangkok Bank will not put a "partner's name" if there is no Thai marriage certificate presented when setting up the account. Has something changed ?

Inquiry from a US citizen not presently married.


Bangkok Bank opened a joint account for Wood and myself, the question about partners did not arise
 
A TOD account is only available in certain states in the US. It is not available in Thailand, and therefore Thai immigration does not enter into it.

I am not aware whether all Thai banks refuse to open joint accounts where there is no marriage. Worth shopping around. I am sure if the initial deposit was worthwhile, Bangkok Bank may re-consider their refusal.

For what it's worth and depending on the State where one has executed a proper Will (ie: notarization, witnesses) providing the Executor or Trustee (ie: Revocable Trust, etc) with specific instructions as to who gets exactly what and how much of your assets goes a very long way into legally distributing your estate to your heirs and named beneficiaries.

Sadly many expats have not or will never make a proper will. IMHO.
 
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Bangkok Bank opened a joint account for Wood and myself, the question about partners did not arise

For the sake of clarity I added Transfer on Death account in my earlier post #3 above.

You have a joint account that Wood has access to which is fine.
On your death Wood should have full access and vice-versa...although you both can clean out the account at any time beforehand.

This is different than a Transfer on Death account, correct ?

cc: @Prakhonchai Nick
 
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For the sake of clarity I added Transfer on Death account in my earlier post #3 above.

You have a joint account that Wood has access to which is fine.
On your death Wood should have full access and vice-versa...although you both can clean out the account at any time beforehand.

This is different than a Transfer on Death account, correct ?

Different indeed. As you say, a joint account invariably means that both account holders have access at any time. It is possible, however, to specify that both account holders sign for any withdrawal. With a Transfer on Death account, (US ONLY) the beneficiary is named - as would be the case in a Will, but the money immediately belongs to the beneficiary upon the account holder's death, without waiting weeks and months for probate

Is Coffee suggesting in post no 3 that if married, Bangkok Bank will issue a Transfer on Death account? . I think the best available here in Thailand is a joint account.

Thai and UK Wills do not need notarisation as @ Coffee suggests above for US Wills.. Just 2 independent witnesses, who are neither executors nor beneficiaries. A Will ensures that upon your death, your assets go exactly where you want them to go, instead of endless squabbling, especially here in Thailand, despite the laws of intestacy.
 
Bangkok Bank opened a joint account for Wood and myself, the question about partners did not arise


That surprises me Colin.

Is the account under 'either' signatory - or 'both'?
 
1) will a "TOD account" be approved by Immigration as monies secured in visa-holders name at a Thai financial institution when basing an extension on retirement ?

2) Last I checked Bangkok Bank will not put a "partner's name" on a Transfer on Death account if there is no Thai marriage certificate presented when setting up the account. Has something changed ?

Inquiry from a US citizen not presently married.

Edit: added Transfer on Death


No to question 1.

At one time Immigration would accept 1.6m Baht in a joint account....but longer I understand.

Question 2.....I had the same experience with Kasikorn bank.
 
No to question 1.

At one time Immigration would accept 1.6m Baht in a joint account....but longer I understand.

Question 2.....I had the same experience with Kasikorn bank.


Me little wife is on mine and has been for 14+ years. Yes WE showed the ML. She is in the back and never is shown for immigration purpose.
 
Thai and UK Wills do not need notarisation as @ Coffee suggests above for US Wills.. Just 2 independent witnesses, who are neither executors nor beneficiaries.

Just a minor clarification in the unlikely event that anyone with a UK Will is affected...... An executor CAN be a witness:-

An Executor can be a witness of your Will, just as long as neither they nor their spouse are a Beneficiary. ...
 
Opening our joint account with Kasikorn we needed to produce copies of my passport (which they probably have hundreds of) and my wife's I.D.
 
Bangkok Bank in Kap Choeng wanted jack all as they are ready had are details from prior business dealings. :D:D:D
 
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