Bequeathing deposits in Cambodian banks?

Doc67 · Post by **Doc67** » Sat Nov 21, 2020 12:32 pm

It is beginning to look like another reason to move on to somewhere new.

phuketrichard · Post by **phuketrichard** » Sat Nov 21, 2020 12:47 pm

Doc67 wrote: ↑Sat Nov 21, 2020 12:32 pm It is beginning to look like another reason to move on to somewhere new.

why?? just keep ur money in a hole in ur backyard

atst · Post by **atst** » Sat Nov 21, 2020 1:18 pm

Doc67 wrote: ↑Sat Nov 21, 2020 12:32 pm It is beginning to look like another reason to move on to somewhere new.

If the interest rates were not so high I suspect we wouldn't have so much in bank's here to worry about, you would just leave it at home and transfer as needed.
This is another reason the Will is worth the money, you wouldn't be earning anything near 6-8% back home.
I'm talking from a retired person point of view, I suppose if working here getting a wage it may be different

armchairlawyer · Post by **armchairlawyer** » Sat Nov 21, 2020 4:26 pm

atst wrote: ↑Sat Nov 21, 2020 1:18 pm
Doc67 wrote: ↑Sat Nov 21, 2020 12:32 pm It is beginning to look like another reason to move on to somewhere new.
If the interest rates were not so high I suspect we wouldn't have so much in bank's here to worry about, you would just leave it at home and transfer as needed.
This is another reason the Will is worth the money, you wouldn't be earning anything near 6-8% back home.
I'm talking from a retired person point of view, I suppose if working here getting a wage it may be different

There lies the problem. In order to get 6%+ you need to open fixed term deposits and each time they expire and you refresh, they come with a different number. Risky.

atst · Post by **atst** » Sat Nov 21, 2020 4:31 pm

Same bank account same bank, these are deposits linked to a bank account, don't look into it to much
No bank account No term deposits

daeum_tnaot · Post by **daeum_tnaot** » Tue Nov 24, 2020 2:50 pm

armchairlawyer wrote: ↑Sat Nov 21, 2020 11:21 am
atst wrote: ↑Sat Nov 21, 2020 10:51 am Just to add I cannot understand why any bank would not follow the instructions on a notorized Will,
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.

Yeah, basically I agree, it's another rule of law problem. The underlying motive is that the bank wants to keep the money and in Cambodia it would be very difficult to force them to turn it over.

samrong01 · Post by **samrong01** » Wed Nov 25, 2020 7:27 am

phuketrichard wrote: ↑Sat Nov 21, 2020 10:55 am
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.
am NOT sure about Cambodia BUT
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 Cambodia the police are not so efficient. They will not do anything to inform banks or anyone else about the death. However having a notarized will is not the end of the process. You must bring the SEALED will to court to apply for probate. The court will open the will. After that the process is a little hazy but basically you have to wait for about six months in case anyone wants to dispute the will. After probate the court will issue documents to pass the funds to the beneficiary. In the event that there is no will and the bank becomes aware of the death the funds pass to the government.

Doc67 · Post by **Doc67** » Fri Nov 27, 2020 9:52 am

samrong01 wrote: ↑Wed Nov 25, 2020 7:27 am
phuketrichard wrote: ↑Sat Nov 21, 2020 10:55 am
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.
am NOT sure about Cambodia BUT
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 Cambodia the police are not so efficient. They will not do anything to inform banks or anyone else about the death. However having a notarized will is not the end of the process. You must bring the SEALED will to court to apply for probate. The court will open the will. After that the process is a little hazy but basically you have to wait for about six months in case anyone wants to dispute the will. After probate the court will issue documents to pass the funds to the beneficiary. In the event that there is no will and the bank becomes aware of the death the funds pass to the government.

Seriously? They just give it to the government? And then what, the money is gone?

samrong01 · Post by **samrong01** » Sat Nov 28, 2020 7:05 am

Doc67 wrote: ↑Fri Nov 27, 2020 9:52 am
samrong01 wrote: ↑Wed Nov 25, 2020 7:27 am
phuketrichard wrote: ↑Sat Nov 21, 2020 10:55 am
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.
am NOT sure about Cambodia BUT
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 Cambodia the police are not so efficient. They will not do anything to inform banks or anyone else about the death. However having a notarized will is not the end of the process. You must bring the SEALED will to court to apply for probate. The court will open the will. After that the process is a little hazy but basically you have to wait for about six months in case anyone wants to dispute the will. After probate the court will issue documents to pass the funds to the beneficiary. In the event that there is no will and the bank becomes aware of the death the funds pass to the government.
Seriously? They just give it to the government? And then what, the money is gone?

Ok its a bit more complicated but if you have no provable marriage or children in Cambodia thats what happens. Ideally its best to die with no assets so no need for a will.

phuketrichard · Post by **phuketrichard** » Sat Nov 28, 2020 7:19 am

samrong01 wrote: ↑Wed Nov 25, 2020 7:27 am
phuketrichard wrote: ↑Sat Nov 21, 2020 10:55 am
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.
am NOT sure about Cambodia BUT
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 Cambodia the police are not so efficient. They will not do anything to inform banks or anyone else about the death. However having a notarized will is not the end of the process. You must bring the SEALED will to court to apply for probate. The court will open the will. After that the process is a little hazy but basically you have to wait for about six months in case anyone wants to dispute the will. After probate the court will issue documents to pass the funds to the beneficiary. In the event that there is no will and the bank becomes aware of the death the funds pass to the government.

and you know all this how?
have you been around someone who has had their barang husband, bf die?

So no sealed will, the bank just keeps the $$$, going to piss off lots of people..

BS

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