Bequeathing deposits in Cambodian banks?

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Re: Bequeathing deposits in Cambodian banks?

Post by GMJS-CEO »

Why not get a joint bank account?
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Re: Bequeathing deposits in Cambodian banks?

Post by Doc67 »

I'm going to see a lawyer, and quickly.
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Re: Bequeathing deposits in Cambodian banks?

Post by daeum_tnaot »

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.
Thanks for sharing your knowledge. I think the issue of the court handling the will was discussed before in the last thread on this subject. I am wondering if there are any hidden costs associated with this part of the process? I've never dealt with a court in Cambodia but there are usually rumors that you have to pay to get anything done. So it would be important to factor in that the will will cost a certain amount, and the court action will also cost... ??
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Re: Bequeathing deposits in Cambodian banks?

Post by samrong01 »

daeum_tnaot wrote: Tue Dec 01, 2020 1:05 pm
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.
Thanks for sharing your knowledge. I think the issue of the court handling the will was discussed before in the last thread on this subject. I am wondering if there are any hidden costs associated with this part of the process? I've never dealt with a court in Cambodia but there are usually rumors that you have to pay to get anything done. So it would be important to factor in that the will will cost a certain amount, and the court action will also cost... ??
Oh yes believe me it will cost. The final cost is unpredictable. I know from bitter experience. I was told that $20,000 would be plenty to cover costs. In the end I paid $120,000 (but not for a will case).
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Re: Bequeathing deposits in Cambodian banks?

Post by ergosemper »

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 am quite sure it is illegal to make a transfer on the app using an account's access credentials when the account's true owner is no longer alive. This is irrespective of any verbal or written instructions given by the account owner before death occurred. This is also especially true with using the card if the card holder is already dead. Banks generally consider this as fraud and will almost always press charges. Police and courts are unlikely to welcome claims of "he told me to do it."
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Re: Bequeathing deposits in Cambodian banks?

Post by armchairlawyer »

ergosemper wrote: Sun Jan 03, 2021 2:53 pm
I am quite sure it is illegal to make a transfer on the app using an account's access credentials when the account's true owner is no longer alive. This is irrespective of any verbal or written instructions given by the account owner before death occurred. This is also especially true with using the card if the card holder is already dead. Banks generally consider this as fraud and will almost always press charges. Police and courts are unlikely to welcome claims of "he told me to do it."
Would you care to share your reasons for coming to that conclusion?
I'm confident it is not illegal under UK or US laws. The bank may well have grounds for declining the payment but that does not make the payment request a crime if the deceased had authorised it. Crime requires dishonesty and that would be lacking here.
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Re: Bequeathing deposits in Cambodian banks?

Post by khmerhamster »

Of course it is illegal. How does the bank know that you are the only heir nor indeed will distribute money to appropriate parties. It could open them up to severe legal issues.
There is a process... Unsurprisingly it doesn't involve scanning the deceased index finger to access their online banking.

https://www.rochelegal.co.uk/news/can-y ... s-account/
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Re: Bequeathing deposits in Cambodian banks?

Post by armchairlawyer »

khmerhamster wrote: Sun Jan 03, 2021 4:04 pm Of course it is illegal. How does the bank know that you are the only heir nor indeed will distribute money to appropriate parties. It could open them up to severe legal issues.
There is a process... Unsurprisingly it doesn't involve scanning the deceased index finger to access their online banking.

https://www.rochelegal.co.uk/news/can-y ... s-account/
If you are in the UK, you don't need to resort to these kinds of measures because you can make a simple Will very easily and cheaply (and you don't need to make another one each time you open a new bank account) and Probate can be obtained likewise. It usually doesn't even matter too much if you don't make a Will, things can still be sorted fairly rapidly and cheaply. As your link says, you don't even need to get Probate if the estate is small.

BUT - big but - this thread is about deposits in Cambodian banks, so it is a whole different ball game, this thread explains the various serious problems that can arise. So, one needs to be a bit creative here.
You'd make a good prosecutor btw, just tell the judge and jury "Of course it's illegal". Rumpole wouldn't stand a chance!
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Re: Bequeathing deposits in Cambodian banks?

Post by armchairlawyer »

khmerhamster wrote: Sun Jan 03, 2021 4:04 pm Of course it is illegal. How does the bank know that you are the only heir nor indeed will distribute money to appropriate parties. It could open them up to severe legal issues.
There is a process... Unsurprisingly it doesn't involve scanning the deceased index finger to access their online banking.

https://www.rochelegal.co.uk/news/can-y ... s-account/
I think we are at cross-purposes on this one. I agree that the bank would not want to pay if they knew about the death and they would have a civil claim to get the money returned if they did pay. But that does not make the actions of the deceased''s wife illegal as in criminal.
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Re: Bequeathing deposits in Cambodian banks?

Post by khmerhamster »

Willfully misrepresenting or purposefully withholding information for the purposes of transacting on an account of which you are not a party is fraud. And illegal, it really is irrelevant if you believe that you are in the right.

You raised up illegality in UK or US. I was replying to that.
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