Thai Widows and Expats
FORUM SPONSORS
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.
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.