Bequeathing deposits in Cambodian banks?
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- Expatriate
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Bequeathing deposits in Cambodian banks?
Has anyone set-up the required legal documents to bequeath any deposits held in Cambodian banks? I know of several expats, myself included, who have nothing in place. I assume it's difficult meaning expensive and time consuming for your surviving spouse or family especially if overseas to lay claim without said documentation? I'll post any info I find from other sources as an fyi on here.
Re: Bequeathing deposits in Cambodian banks?
We simply have my wife's name on the account here in Cambodia. I don't have anything from a lawyer that says so, but given she currently can withdraw money from the account - If something happens to me, the money in the account is hers. I've intentionally kept the rest of our assets outside of Cambodia and have a will (with a law firm from my home country) that specifies how to distribute my assets.
If your trying to arrange for someone else to inherit the money (ie not in Cambodia) and its a substantial amount, then I'd definitely contact one of the better law firms in PP that might have someone that specializes in estate planning. Expect to pay a few thousand dollars for their services.
If your trying to arrange for someone else to inherit the money (ie not in Cambodia) and its a substantial amount, then I'd definitely contact one of the better law firms in PP that might have someone that specializes in estate planning. Expect to pay a few thousand dollars for their services.
Re: Bequeathing deposits in Cambodian banks?
Search Will's on here
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)
- armchairlawyer
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Re: Bequeathing deposits in Cambodian banks?
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.
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.
- armchairlawyer
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Re: Bequeathing deposits in Cambodian banks?
Whether you die in or out of the country is irrelevant btw.
Re: Bequeathing deposits in Cambodian banks?
Acleda Bank advised me that it is possible to name a person who gets the money in the event of your death. This person only needs to show the death certificate. I checked with other banks and also Prasac but they do not have this option.
- armchairlawyer
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Re: Bequeathing deposits in Cambodian banks?
That 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.
Re: Bequeathing deposits in Cambodian banks?
But 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.
Don't forget this is Cambodia what people say and what actually happens are two different things
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)
- pissontheroof
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Re: Bequeathing deposits in Cambodian banks?
I am going to go try to add my minor child to my ABA account for when he turns 18 and see if they will let me .
I know i won’t be around then . Also have to register him at the embassy so he can get my govt life ins.
I guess that won’t be easy either with the mother out of the picture , $1000 for notarization is not worth it .
I know i won’t be around then . Also have to register him at the embassy so he can get my govt life ins.
I guess that won’t be easy either with the mother out of the picture , $1000 for notarization is not worth it .
พิซออนเดอรูฟ
- armchairlawyer
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Re: Bequeathing deposits in Cambodian banks?
Possibly, 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.
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