Bequeathing deposits in Cambodian banks?
Re: Bequeathing deposits in Cambodian banks?
If you had a proper notorised will with a sole bequest of the contents of your accounts in Prasac to one person, son - British and clearly identified in said will, are you saying that Prasac could find fault with that?armchairlawyer wrote: ↑Fri Nov 20, 2020 2:42 pm The simplest way is to set up joint accounts but you need to trust your wife/gf. It violates the important principle of ensuring you are worth more alive than dead!
If you have online banking, you can leave the log in info with your intended beneficiary, and if you prefer you can encode the details - leaving the code with a friend. Of course this could come unstuck if the bank knows of your demise and freezes the account.
If you make a Will, it must be notarised (and this is expensive). Also the exact banks and account numbers must be specified. Which means if these change, you must refresh your Will. Banks tend to be picky about paying out on Wills so the joint account method is the best.
I don't care about my ABA account, he will have the PIN number and can just drain the cash out. But the Prasac one will be a problem.
This issue has been at the back of my mind for quite a while and it's time it got resolved.
Re: Bequeathing deposits in Cambodian banks?
Yep you must have forgotten see below, I don't know how to add the linkarmchairlawyer wrote: ↑Sat Nov 21, 2020 10:13 amPossibly, but bear in mind what I said in an earlier post about the precise account numbers.atst wrote: ↑Sat Nov 21, 2020 8:57 amBut not much cheaper if you have money in more than one bank plus other assets. $1000 gets you a notarised willarmchairlawyer wrote: ↑Sat Nov 21, 2020 8:10 amThat would be excellent.
Canadia told me five years ago that they would make such an arrangement but it would cost $500. Still much cheaper than a notarised Will, however.
Have you had one done for $1000? Just curious.
I think Wills work well with other assets, but bank accounts not so much.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
Re: Bequeathing deposits in Cambodian banks?
Just to add I cannot understand why any bank would not follow the instructions on a notorized Will,
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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Re: Bequeathing deposits in Cambodian banks?
armchairlawyer wrote: ↑Fri Nov 20, 2020 2:42 pm The simplest way is to set up joint accounts but you need to trust your wife/gf. It violates the important principle of ensuring you are worth more alive than dead!
If you have online banking, you can leave the log in info with your intended beneficiary, and if you prefer you can encode the details - leaving the code with a friend. Of course this could come unstuck if the bank knows of your demise and freezes the account.
If you make a Will, it must be notarised (and this is expensive). Also the exact banks and account numbers must be specified. Which means if these change, you must refresh your Will. Banks tend to be picky about paying out on Wills so the joint account method is the best.
am NOT sure about Cambodia BUT....I don't care about my ABA account, he will have the PIN number and can just drain the cash out. But the Prasac one will be a problem.
if you die in Thailand,when the police arrive to the death, before ur body is taken away, they will cease ur bank books, atm cards, cash ( if whomever ur living with is stupid)
and inform the bank to freeze ur account. IT than takes time to get the embassy letter ( for the us) and have ur will read that they will release ur $$
What is it in Cambodia when you die?
so better to have a joint account...
FYI<<< in Thailand thats a problem as you need show 800,000 in YOUR account, ( joint accounts not accepted) for ur extension. You dont have this problem in Cambodia
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
Re: Bequeathing deposits in Cambodian banks?
Can you make a joint account with the other person not Cambodian and not in Cambodia, I would think not.
They would need some sort of ID
They would need some sort of ID
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Re: Bequeathing deposits in Cambodian banks?
gosh yes, that's a hard one - why would they be difficult and try to find some fiidly little excuse so they could keep the money?
Actually what happens is they ask for documents, you bring them, then they ask for more docs, you bring them, and they ask for more docs.... Each time it gets harder to satisfy them. They never actually refuse.
That said, you should be ok if the account numbers are all still the same.
Last edited by armchairlawyer on Sat Nov 21, 2020 12:15 pm, edited 1 time in total.
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Re: Bequeathing deposits in Cambodian banks?
Re Prasac - no specific comment on them but see my reply to atst in general terms.Doc67 wrote: ↑Sat Nov 21, 2020 10:38 amIf you had a proper notorised will with a sole bequest of the contents of your accounts in Prasac to one person, son - British and clearly identified in said will, are you saying that Prasac could find fault with that?armchairlawyer wrote: ↑Fri Nov 20, 2020 2:42 pm The simplest way is to set up joint accounts but you need to trust your wife/gf. It violates the important principle of ensuring you are worth more alive than dead!
If you have online banking, you can leave the log in info with your intended beneficiary, and if you prefer you can encode the details - leaving the code with a friend. Of course this could come unstuck if the bank knows of your demise and freezes the account.
If you make a Will, it must be notarised (and this is expensive). Also the exact banks and account numbers must be specified. Which means if these change, you must refresh your Will. Banks tend to be picky about paying out on Wills so the joint account method is the best.
I don't care about my ABA account, he will have the PIN number and can just drain the cash out. But the Prasac one will be a problem.
This issue has been at the back of my mind for quite a while and it's time it got resolved.
Re ABA - Drain the cash out in Cambodia or elsewhere? Besides Richard's point about the account possibly getting frozen, it could become a criminal case because he's using a deceased person's card.
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Re: Bequeathing deposits in Cambodian banks?
Every customer needs ID. They would also need to physically show up when you open (or convert) the account.
Foreign customers usually need to show more than ID - house lease, certificate of residence etc (not all banks of course, esp. ABA).
Re: Bequeathing deposits in Cambodian banks?
Yeah, frozen accounts. Quite likely.armchairlawyer wrote: ↑Sat Nov 21, 2020 11:27 amRe Prasac - no specific comment on them but see my reply to atst in general terms.Doc67 wrote: ↑Sat Nov 21, 2020 10:38 amIf you had a proper notorised will with a sole bequest of the contents of your accounts in Prasac to one person, son - British and clearly identified in said will, are you saying that Prasac could find fault with that?armchairlawyer wrote: ↑Fri Nov 20, 2020 2:42 pm The simplest way is to set up joint accounts but you need to trust your wife/gf. It violates the important principle of ensuring you are worth more alive than dead!
If you have online banking, you can leave the log in info with your intended beneficiary, and if you prefer you can encode the details - leaving the code with a friend. Of course this could come unstuck if the bank knows of your demise and freezes the account.
If you make a Will, it must be notarised (and this is expensive). Also the exact banks and account numbers must be specified. Which means if these change, you must refresh your Will. Banks tend to be picky about paying out on Wills so the joint account method is the best.
I don't care about my ABA account, he will have the PIN number and can just drain the cash out. But the Prasac one will be a problem.
This issue has been at the back of my mind for quite a while and it's time it got resolved.
Re ABA - Drain the cash out in Cambodia or elsewhere? Besides Richard's point about the account possibly getting frozen, it could become a criminal case because he's using a deceased person's card.
And I can see their document request game being a nightmare.
I think I'm going to go for the full notarised one. As ATST said in the other 'Wills' thread, it's the best that you can do and once done I can stop worrying about it.
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Re: Bequeathing deposits in Cambodian banks?
^ Unfortunately having a notarized Will does not stop the document request game but it will improve the chances of success. Personally I would go for the other methods but if your beneficiary is not in Cambodia, you have less options.
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