Wills in Cambodia

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pczz
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Wills in Cambodia

Post by pczz » Fri Feb 08, 2019 10:19 am

I have been struggling with this issue for a while now and i have not found any hard and fast rules on who gets the cash in your bank and anything else you own if you kick the bucket in KoW.
I asked a lawyer I know, who has always been reasonably priced and was quoted $800 for a will, which they keep safe for you. That was a bit of a shock because in good old england you can do one yourself and just get it witniesed using a standard form or banks and mortgage companies sometimes do it for free as it makes their lives easier.

I am not interested in paying $800 because i dont have 4huge assets here.
So 2 questions
1) does anyone know how wills actually work here? Is there such a thing as probate, any official requirements etc. Can you do it yourself or is it technical?
2) in the abscence of any better solution would anyone be interested in forming a group if I could pursuade said lawyer to do the necessary for a more reasonable sum as a bulk deal (around $200-$250 given its got to be translated and witnessed). That would be for a simple will leaving all your assets in Cambodia to a single person, maybe your wife or children at home or whatever. Would anyone one be interested
explorer
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Re: Wills in Cambodia

Post by explorer » Fri Feb 08, 2019 11:21 am

Why dont you do it in your home country?
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davegorman
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Re: Wills in Cambodia

Post by davegorman » Fri Feb 08, 2019 11:25 am

I think that Call Kim would be able to sort this out.
[Mod edit: you are fucking awesome]
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PSD-Kiwi
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Re: Wills in Cambodia

Post by PSD-Kiwi » Fri Feb 08, 2019 2:04 pm

There's a detailed thread on this topic, wills work a little differently here. I'll try and dig up the thread for you.

Oh, and $800 is way too expensive!
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timmydownawell
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Re: Wills in Cambodia

Post by timmydownawell » Fri Feb 08, 2019 2:25 pm

The one linked at the bottom of the page?
topic21011.html
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Re: Wills in Cambodia

Post by TWY » Fri Feb 08, 2019 10:59 pm

When I looked into this I was advised the following:

1. Need a will in the country you hold assets. Financial assets, real estate assets, personal property, business interests, government benefits.

2. If you trust your partner or are able to take the financial risk..... the easiest thing is to simply have all assets in Cambodia in her name. When you die nothing will change for those assets. Depending on your country of origin you may have tax implications on the transfer of assets to her. In USA there is a $14K limit to "gifts" in a year to another person. Any amount over that you have to pay a 20% tax. This amount is also to be kept track of and applied against the estate limit in terms of your estate tax when you die.

3. If you own a strata title for a condo/apt/flat then you should have a Cambodia will to ensure the proper transfer of that property to whomever you wish to transfer it to. You would also want to include this in the will of your country of origin.

4. In your will in your country of origin you can leave whatever you'd like to your Cambodia partner/wife/etc. Just needs to be spelled out for the executor of the estate. You may also wish to designate how you'd like it to be carried out. So if your leaving say 100K to someone in Cambodia but wish for it to be paid out gradually, your will must specify. Likewise if you'd like it paid out at your time of death, your will must specify. In the US, consider the use of a trust if you would like your assets to be managed for the benefit of someone else and paid out over time (whether wife, kids, etc).

Hope that helps.
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PSD-Kiwi
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Re: Wills in Cambodia

Post by PSD-Kiwi » Fri Feb 08, 2019 11:20 pm

timmydownawell wrote:
Fri Feb 08, 2019 2:25 pm
The one linked at the bottom of the page?
topic21011.html
Nope, that's not the one...I can't seem to find it, must have been on K440, I posted a detailed account of the types of wills in Cambodia and the process of getting one.
pczz
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Re: Wills in Cambodia

Post by pczz » Sat Feb 09, 2019 12:52 am

explorer wrote:
Fri Feb 08, 2019 11:21 am
Why dont you do it in your home country?
Because it may not be legal in Cambodia. Under international law your assets are supposed to be disposed off under the law of the country in which you die, not the country in which you live, as I understand it. Cambodian law on many things is different to back home. How many witnesses you need, how they witness, whether they can be related to the decesaed or not, and that sjust in what constitutes alegal layout. if you wnated to use a UK will here you would need tohave it trnaslated by probably the ministry of foreign affairs and if it did not comply with cambodian rukles it would be expensive toilet paper
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Re: Wills in Cambodia

Post by Element6 » Sun Feb 10, 2019 8:07 am

I was quoted $2000 by one of the large, well known law firms and there was an additional $1000 (I think that was the price) to have it notarized. I have been told by several well informed people that an un-notarized will is easier to challenge
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Re: Wills in Cambodia

Post by pczz » Mon Feb 11, 2019 5:27 pm

Element6 wrote:
Sun Feb 10, 2019 8:07 am
I was quoted $2000 by one of the large, well known law firms and there was an additional $1000 (I think that was the price) to have it notarized. I have been told by several well informed people that an un-notarized will is easier to challenge
I use Cambodia notaries in Canadia tower. very good. and resonable prices for most things. On eof the partners wives was trained at the sorbonne and speaks fluent english and french. Getting a birth certificate translated and stamped by Minisitry of foreign affairs was about $70. getting a khmer criminal record check in englsih from ministry of interior was about $100
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