Plans for 'later'

[PeteC]

Depressing subject, I know. However, no matter what our age there needs to be planning, especially living an expat life with perhaps families past and present located in different parts of the world.

I haven't done a Thai will yet, although I have done a personal and witnessed document. Anyone having done a Thai will have any advice and tips? Should the same will also be filed in your country of citizenship?

What I am just starting now is to accumulate and securely store all important data, and I come to find as I start to write it that it is massive. Account names, passwords, addresses, phone numbers, banks, brokerage...endless it seems. It's all in a handwritten book at present but over the years as you add to it, change it etc., it begins to look like a code book that only you can understand. Not a good thing if someone else has to try to interpret what's in it.

It's all going to go on a USB stick which will be stored in a safe, and on my computers in a secure 'lock box' type application. There's several available for both PC and Mac, some freeware.

Anyone have any helpful input concerning this subject we don't like to talk about? Pete

[petercr]

I have Wills in both Thailand and the UK. The Thai Will I had drawn up by a local lawer and hold both English & Thai copies. Within each Will I have a nominated Executor who is a trusted friend of the family and the Executor also holds copies of each Will.

Lawyers tend to suggest that you nominate themselves as one of the Executor's but this should not be necessary if the division/management of your estate is quite simple. I'm also wary of lawyers that include statements in your Will to the effect that they, the lawyers, can charge a reasonable professional fee. In my opinion this is too open ended and easy to abuse.

Keep good (Updated) records available with your Will to detail bank accounts and any other assets that form part of your estate. The Will and Death Certificate should be all that is necessary for the Executor's to manage your estate, passwords etc are not essential.

OR

You could blow it all on fast ladies and booze

[PeteC]

OR.....being Thailand maybe best for heirs to navigate the passwords and fund transfer apparatus before the DOD is registered? That is if the deceased's intent is clear and not complicated. Pete

[chopsticks]

Some banks, lawyers, financial institutions offer a 'free' or discounted will-making service.

Of course, there's no free lunch and they will probably list themselves as an executor so they can cream off some generous commission payments when the deceased's estate is dealt with.

A will is not absolutely essential if the country's default laws of who inherits what match your own wishes.

[hhfarang]

I also have wills in the U.S. and in Thailand both for my wife and for myself (you never know). It's the smart thing to do.