Page 2 of 3 FirstFirst 123 LastLast
Results 26 to 50 of 52
  1. #26
    Thailand Expat Pragmatic's Avatar
    Join Date
    Mar 2013
    Last Online
    @
    Location
    Last but who gives a shit.
    Posts
    13,316
    Quote Originally Posted by TizMe View Post
    Can a kid create a legal will?
    Only upon reaching the age of 15.

    Any capable person of 15 years-old and older, as mentioned in clause 25 of CCCT, can draft up a valid Will in Thailand.
    Inheritance and Wills - thailawonline

  2. #27
    R.I.P. Luigi's Avatar
    Join Date
    Dec 2014
    Last Online
    @
    Location
    Abuja
    Posts
    26,213
    Nope, needs to be 15. Suppose I should have hit enter a bit more so those points don't seem related.



    If the alien parent is the legal guardian of the child (they can also get Non-O visas and annual extensions of stay based on being so), they may be granted ownership of the land in the event of an untimely passing of the child, in which case it will need to be transferred to a Thai within one year.


    The easiest and securest way of doing what the OP appears to be looking for is the condo route. No BS, no Thais or Thai system bollocking around with it. It's ridiculously easy compared to the West. Takes about 3 days, and that's only because of the documents you need to get etc. In your name. Monthly rental income. Make a will and it goes directly to your kid.

  3. #28
    R.I.P. Luigi's Avatar
    Join Date
    Dec 2014
    Last Online
    @
    Location
    Abuja
    Posts
    26,213
    Prags got in a second before me.

  4. #29
    Thailand Expat

    Join Date
    Mar 2015
    Last Online
    @
    Posts
    15,541
    Quote Originally Posted by Luigi View Post
    Prags got in a second before me.
    Damn! That hurt, didn't it?

  5. #30
    R.I.P. Luigi's Avatar
    Join Date
    Dec 2014
    Last Online
    @
    Location
    Abuja
    Posts
    26,213
    ^ Mentalist Alert.

  6. #31
    Thailand Expat OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Yesterday @ 08:43 PM
    Location
    Where troubles melt like lemon drops
    Posts
    25,222
    Quote Originally Posted by Luigi View Post
    So the answer to the question is yes, but there are likely better options for the kid's future security.
    Toady's "special" digital currency" might be an option.

  7. #32
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    Duplicate post.
    Last edited by Listerman; 03-08-2018 at 04:19 AM.

  8. #33
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    Quote Originally Posted by Pragmatic View Post
    I'd just put it in the wife's name to save all the bother and hope she transfers the title as and when.
    Your braver / more trusting than me, and if it works for you and your wifey who am I too argue with that.

    Thanks for the link, it is interesting reading about how someone succeeded in a very similar situation to what I might be getting into in the near future, other peoples experiences are often invaluable.



    Quote Originally Posted by Luigi View Post
    Can put it fully into the kid's name but with a Thai adult as legal guardian for the land until they reach the age of 20.
    The land cannot be used as collateral, sold, anything like that without going before the courts and the courts ruling that it is in the child's best interest to do so. The courts are typically strong in their outcomes towards the best ruling for the child.
    and

    Quote Originally Posted by Luigi View Post
    The legal guardian doesn't have to be the Thai parent
    That sounds like it could be the perfect solution, with myself as the legal guardian.

    Quote Originally Posted by jamescollister View Post
    Listerman, forget the 30 year lease, 2 main reasons, any agreement between husband and wife may be voided at any time by either party.
    Plus your wife will need to pay tax on the rental value, as set by the land department, a lease is just a long term rental, taxed yearly.

    Nothing wrong with putting the land in a kids name.
    Thanks, I knew about the tax on the rental value aspect, which is presently 1.1% of the land departments valuation on the land at the time of commencing the lease, and I believe is paid yearly
    But I didn't know about the ability of either party to be able to void the agreement. It looks like something along the lines of heads we win tails you loose.


    Quote Originally Posted by jabir View Post
    Can't remember the details but I was advised something on those lines, with no mention of lulus; specifics to follow in due course.
    I would be interested to know more by PM if you prefer.


    Quote Originally Posted by Luigi View Post
    A Thai can leave Thai land to an alien in their will, but it has to be sold within one year.
    Correct.

    Quote Originally Posted by Luigi View Post

    Buying condos in decent locations that will generate monthly income to the tune of 6-12% p/a, while in your own name, and left to the kid in your will. Simple.
    Which, by complete coincidence, I'll probably have 2 or 3 for sale in the next few months, for mate's rates, me ol' buddy Listerman mate.
    If it were only that simple for me, believe you me I have investigated the condo route as it would seem as you suggest relatively stress free compared to what I am looking at. But as TIT, the opportunity has arisen for my wife to buy out her younger sister on a shared land plot, and because my Mrs does not have sufficient cash I have been approached to fill the funding gap [the younger sister needs the cash urgently to fund an upcoming 7/11, 10 year franchise lease renewal], but knowing how things work here I want to insure myself (as best I can) against the possibility of things going pear shaped in the future. Hence my suggestion to the Mrs about putting the whole lot in my sons name, and which she agrees with, but has had feedback from her family in Thailand suggesting this is not possible.

    The land parcel is in the centre of Thamuang (Kanchanaburi province) the total land plot is 1400 square metres (100 x 14 with roads on both the short sides) and the younger sister owns 600 square metres of it at present. After getting the younger sister off the Channote the idea is to build a house for her parents (which I would of course be paying for ), as their present house is in a right state. It would also have the added benefit of having somewhere decent to stay when we go there on holiday, instead of having to live like the locals.

    Finally would anyone care to recommend a reasonable solicitor in this locality who could initially advise on the land ownership aspects as discussed above, attend at the land office should the need arise, and finally to prepare all of the necessary documentation I would be required to provide to complete the process to conclusion.
    Last edited by Listerman; 03-08-2018 at 02:57 PM.

  9. #34
    Thailand Expat OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Yesterday @ 08:43 PM
    Location
    Where troubles melt like lemon drops
    Posts
    25,222
    Quote Originally Posted by Listerman View Post
    to fill the funding gap [the younger sister needs the cash urgently to fund an upcoming 7/11, 10 year franchise lease renewal
    Where have all her years of profits gone, obviously not into a saving scheme to pay for this known requirement on the horizon. Have you seen her accounts, the new lease, ......

    Thais are wise story tellers, all of which have "happy endings".

  10. #35
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    Quote Originally Posted by OhOh View Post
    Thais are wise story tellers, all of which have "happy endings".
    Absolutely agree with you there, I learn't very early on that Thailand is very much a buyer beware environment, and those who fail to carry out upfront checks are usually destined for an expensive learning opportunity.


    Quote Originally Posted by OhOh View Post
    Where have all her years of profits gone, obviously not into a saving scheme to pay for this known requirement on the horizon. Have you seen her accounts, the new lease, ......
    Long story, but here goes:

    My Mrs and her younger sister bought this piece of land approaching 7 years ago, and I know exactly what they paid for it. Taking inflation into account I am not intending to pay much more that her sister coughed up over 7 years ago for it.

    As you rightly question, they had been saving up diligently for the 7/11 franchise lease renewal cost (circa 4MB), but my wife's younger sisters husbands brother and sister decided to pawn some Chanotes [which had recently been transferred into their name by their elderly father, and also at the same time a fair quantity of family heirloom Au] at the first opportunity they had. One of the Channotes had their parents house sitting on it. So the old man gets onto my brother in law as quick as you like and begs him to come up with the cash to buy back the Channotes and Au from the pawnbroker and if he can do so the Channotes and Au are his for the taking. Hence they had to raid the 7/11 franchise lease renewal pot of money to be able to buy it all back.

    In reality he has got an absolute bargain on the Channote aspect alone, and has quite possibly only had to pay 20-25% of what they are really worth, the downside is it has drained their liquid assets significantly at a critical point in time for them, which they are now hoping to replenish by selling the shared share of the land parcel to my Mrs, and which they thought would be a simple and quick proposition until I became involved.

    The amusing thing about this whole situation, is that my Mrs younger sister was adamant about not selling her share of this land plot up until a couple of months ago [to the point of been really nasty about it to my Mrs during numerous phone conversations]. Having now recently found about the above information third hand from their mother (who cannot keep quite if her life depended on it, btw they don't know we know this information). Hence I am quite enjoying the delicious irony of letting them wriggle on the hook for as long as it takes for them to come down to my price.

  11. #36
    Thailand Expat David48atTD's Avatar
    Join Date
    Jan 2016
    Last Online
    @
    Location
    Palace Far from Worries
    Posts
    14,393
    Quote Originally Posted by OhOh View Post
    Where have all her years of profits gone, obviously not into a saving scheme to pay for this known requirement on the horizon. Have you seen her accounts, the new lease, ......
    Quote Originally Posted by Listerman View Post
    Absolutely agree with you there, I learn't very early on that Thailand is very much a buyer beware environment, and those who fail to carry out upfront checks are usually destined for an expensive learning opportunity.

    Quote Originally Posted by OhOh View Post
    Thais are wise story tellers, all of which have "happy endings".
    Quote Originally Posted by Listerman View Post
    Long story, but here goes:

    My Mrs and her younger sister bought this piece of land approaching 7 years ago, and I know exactly what they paid for it.
    Taking inflation into account I am not intending to pay much more that her sister coughed up over 7 years ago for it.

    As you rightly question, they had been saving up diligently for the 7/11 franchise lease renewal cost (circa 4MB), but my wife's younger sisters husbands brother and sister decided to pawn some Chanotes [which had recently been transferred into their name by their elderly father, and also at the same time a fair quantity of family heirloom Au] at the first opportunity they had.

    One of the Channotes had their parents house sitting on it. So the old man gets onto my brother in law as quick as you like and begs him to come up with the cash to buy back the Channotes and Au from the pawnbroker and if he can do so the Channotes and Au are his for the taking.
    Hence they had to raid the 7/11 franchise lease renewal pot of money to be able to buy it all back.


    In reality he has got an absolute bargain on the Channote aspect alone, and has quite possibly only had to pay 20-25% of what they are really worth, the downside is it has drained their liquid assets significantly at a critical point in time for them, which they are now hoping to replenish by selling the shared share of the land parcel to my Mrs, and which they thought would be a simple and quick proposition until I became involved.

    The amusing thing about this whole situation, is that my Mrs younger sister was adamant about not selling her share of this land plot up until a couple of months ago [to the point of been really nasty about it to my Mrs during numerous phone conversations].
    Having now recently found about the above information third hand from their mother (who cannot keep quite if her life depended on it, btw they don't know we know this information).
    Hence I am quite enjoying the delicious irony of letting them wriggle on the hook for as long as it takes for them to come down to my price.

    Listerman ... that's a real eye-opener of a post.

    Maybe, when you have time you can explain how the 7/11 business model works.

    BTW, good luck with transferring the Land Title thing. Something I have little experience dealing with.

  12. #37
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    David,

    My knowledge of running a 7/11 franchise in Thailand is very limited, and is based upon what I have found on the internet and what my Mrs younger sister told us in the early honeymoon period when they first got into it.

    After your initial 10 yr lease, you can only get one more 10 yr lease, then your out.

    The first one cost them 3MB (of which 1MB was a bank loan with an elder sister acting as the guarantor), but I would imagine this could cost more or less depending upon factors such as location and store size. The next renewal will cost them circa 4MB (adjusted due to inflation).

    What they got was a fully turn key 7/11 shop, that was stocked and ready to go on the Monday morning. 7/11 even found them the staff to man the store, but as staff turnover is high in these sort of jobs, from that point on they had to find their own staff.


    Interestingly not only do you have to buy everything you sell from 7/11, but you give them 50% of the profits on what you sell. If your turnover exceeds a set level then the 50/50 split on profit then moves a few % points in 7/11's favour!. All of the expenditure associated with running the shop comes out of your share of the profits, amongst other charges 7/11 will also hit you for the cost of audit inspections (both announced and unannounced) both of which are a frequent occurrence.

    As you would expect 7/11 monitor your sales levels closely, and if you are seen to be doing too well, you run the very real risk of another 7/11 shop opening within a stones throw of your location, and there is nothing you can do about it, hence why you will see a number of 7/11 shops in popular areas.

    7/11 sell this franchise on the illusion that you are a business owner, when in reality you are little more than a glorified manager working for 7/11, who is putting in long hours, and always looking over your shoulder for that next unannounced visit from the 7/11 audit team. There must be money to be earned from this, as it has allowed my Mrs younger sister and husband to service a large 100% 30 year mortgage on what was a new house in a moo ban development in BKK (they are mortgaged up to the hilt), and they have quite new a car (no doubt also on the never never).


    Forgot to mention previously that 7/11 have a substantial advertising operation, naturally which they state in the small print that 7/11 franchise operators are benefiting from, and hence have no choice but to contribute a percentage of their profits to this activity, and it is typically another 2 - 4% out of the operators profit margin depending on various factors which you as the franchise owner have no control over.
    Finally 7/11 do not franchise 100% of there locations, as a location that they know will do very well will be kept back for themselves to operate with their own staff.


    Back to the purpose of this thread. I consider the buyout of my Mrs sisters share of this shared plot to be just a waiting game, with time on my side. Of course I am taking serious flak from everyone including the Mrs for employing this strategy (did they really think I was going to pay the initial highly inflated asking price with no questions asked?), I politely told them it's nothing personal just business, after all who else would want to buy into a shared land plot (as you are limited in what you do with it without the permission of the other shareholder).
    Last edited by Listerman; 05-08-2018 at 02:35 AM. Reason: Addition of penultimate paragraph

  13. #38
    Thailand Expat David48atTD's Avatar
    Join Date
    Jan 2016
    Last Online
    @
    Location
    Palace Far from Worries
    Posts
    14,393
    ^ Great info ... thanks

  14. #39
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Listerman, civil and commercial code,

    Section 1469. Any agreement concluded between husband and wife during marriage may be avoided by either of them at any time during marriage or within one year from the day of dissolution of marriage; provided that the right of third persons acting in good faith are not affected thereby.

    Put the land in the kids name, if there is disagreement, you are being taken, you won't be the only one, been here a long time, seen scams regularly.

    Been married a long time here, 2 kids [born in Australia] all lands etc are in the wife's maid name, meaning everything is joint property, divorce means sell the lot, split 50/50, Amphor divorce, 20 minutes, make a deal.

    Thailand is not farang friendly, but the family court is kid friendly, if it is the child you worry about, the courts will back you up in a contested divorce.

    PS, had a disagreement with the outlaws [in laws] got stot at a few days later.;





    It's Thailand

  15. #40
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    Thanks Jim, its all good advice,

    Quote Originally Posted by jamescollister View Post

    Put the land in the kids name, if there is disagreement, you are being taken, you won't be the only one, been here a long time, seen scams regularly.
    100% agree with that, which I why I have asked the Mrs to get more information from her family members who say it is not possible, it will be interesting to see what they come up with as the youngest sibling is a recently qualified solicitor


    Quote Originally Posted by jamescollister View Post
    all lands etc are in the wife's maid name
    So your wife has a maid and it's all in her name, unorthodox solution but if it works for you

  16. #41
    R.I.P. Luigi's Avatar
    Join Date
    Dec 2014
    Last Online
    @
    Location
    Abuja
    Posts
    26,213
    Quote Originally Posted by Listerman View Post
    her family members who say it is not possible
    Rule 1:

    Don't listen to absolutely anything the family, or any locals for that matter, tell you.

    In fact, scrap the whole plan, Thai business, nothing to do with you. Put your money and investments elsewhere, in your own name. Leave them to it.

  17. #42
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Quote Originally Posted by Listerman View Post
    So your wife has a maid and it's all in her name, unorthodox solution but if it works for you
    Bad eyes and vodka, wife's maiden name, during a marriage land etc bought is deemed joint property, 50/50 split.
    When a farang is involved, he is supposed to sign away his rights to any land claims, wife , kids have my name in Australia, but wife kept her Thai name in Thailand, so I am entitled to my share.

    If divorce happened, we would have 1 year to sell and split the money.

  18. #43
    Thailand Expat David48atTD's Avatar
    Join Date
    Jan 2016
    Last Online
    @
    Location
    Palace Far from Worries
    Posts
    14,393
    Quote Originally Posted by jamescollister View Post
    Bad eyes and vodka, wife's maiden name, during a marriage land etc bought is deemed joint property, 50/50 split.
    When a farang is involved, he is supposed to sign away his rights to any land claims, wife , kids have my name in Australia, but wife kept her Thai name in Thailand, so I am entitled to my share.

    If divorce happened, we would have 1 year to sell and split the money.
    Mate, sounds a plan. I don't understand the finer details.

    I'll buy you a beer (or 10) and you can explain it in detail

  19. #44
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Quote Originally Posted by David48atTD View Post
    Mate, sounds a plan. I don't understand the finer details.

    I'll buy you a beer (or 10) and you can explain it in detail
    Nothing complex to it, if your wife, say buys a house, she uses her ID card for the title change.
    Now if your wife has taken your last name, alien husband, land office will require the alien to sign away any claim to the land, bad farang can not own land.

    Wife's ID card with her Thai name, no known farang husband, like every other Thai titles changed.
    Family law, divorce, is the same, Thai, Thai or farang Thai, the split is the same, rule of thumb 50/50 of assets, cars, money and land.

    There are rules/laws about property, assets owned by either spouse before marriage, but things bought after the marriage are normally classed as communal property.

    Legality of doing so, you the alien have broken no laws, you can give your wife as much money as you like and she can spend it.
    She has broken a minor law, you are supposed to tell a government official, any facts that maybe relevant, IE farang husband.

    So later down the track the land office becomes aware of the alien husband, 2 choices, sign away you claim to the land or sell it.
    Divorce, assets are divided 50/50 Amphor, contested, court divorce, up to the judge.

  20. #45
    Thailand Expat David48atTD's Avatar
    Join Date
    Jan 2016
    Last Online
    @
    Location
    Palace Far from Worries
    Posts
    14,393
    ^ Thanks Jim.

    My comment above was code for ...

    We should have a beer together one day when the opportunity arises

  21. #46
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Quote Originally Posted by David48atTD View Post
    ^ Thanks Jim.

    My comment above was code for ...

    We should have a beer together one day when the opportunity arises
    Welcome any time, come on over, as said before, have a bed for any weary traveler.

    Beer is a bonus.

  22. #47
    Thailand Expat OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Yesterday @ 08:43 PM
    Location
    Where troubles melt like lemon drops
    Posts
    25,222
    Quote Originally Posted by Listerman View Post
    7/11 will also hit you for the cost of audit inspections (both announced and unannounced) both of which are a frequent occurrence.
    As they have a shop audit regularly there will be copies available to the shop "manager". Ask to see them. To prove they need to sell the land share and they have the ability to recover the cash injection and carry on. Or are house/car/credit card commitments/improvements the reason?

    Quote Originally Posted by Listerman View Post
    did they really think I was going to pay the initial highly inflated asking price with no questions asked?
    Of course they did, you are questioning your wife's and her family's honesty.

    I am presuming the offered land share has a full chanot?


    Quote Originally Posted by jamescollister View Post
    during a marriage land etc bought is deemed joint property, 50/50 split.
    You seem to be suggesting that anything purchased, from a wedding band to a hotel, during a a marriage between a Thai/Thai or Thai/Foreigner becomes owned 50/50 by the two married partners irrespective of names on the contractual paperwork. That Thai marriage laws supersede commercial contracts including debts, any assets owned prior to the marriage remain the property of the individuals, yes?

    I am assuming the marriage starts from when the marriage is recorded at the Tessabahn and ends when the Tessabahn is informed of the divorce. Not any village marriage/party/showing friends and enemies how successful a Thai lady has become. Or one party to the marriage contract disappearing to a "friends" house, moving to Bangkok for an extended holiday or returning to their home country for any reason?

    Do assets "purchased" prior to the marriage include any sinsot paid to the wife's family for their village face value, any presents exchanged at the "ceremony", any party costs?

    Similarly if any joint assets are sold by one of the married couple during the marriage, with or without the other partners consent, the proceeds are split equally between the partners upon the completion of the sale?

    It may be useful for some to know.
    Last edited by OhOh; 08-08-2018 at 04:14 PM.
    A tray full of GOLD is not worth a moment in time.

  23. #48
    Thailand Expat OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Yesterday @ 08:43 PM
    Location
    Where troubles melt like lemon drops
    Posts
    25,222
    Quote Originally Posted by jamescollister View Post
    Welcome any time, come on over, as said before, have a bed for any weary traveler.

    Beer is a bonus.
    Do you have stay duration limits or plenty of space for extra beds? Do any others here have similar, "home stay" offers or possible "conditions" on who are eligible?

    Asking for a friend. One could manage a good holiday, away from the "rigours of life" and see Thailand in the raw.

  24. #49
    Member

    Join Date
    Sep 2012
    Last Online
    @
    Posts
    222
    Quote Originally Posted by OhOh View Post
    As they have a shop audit regularly there will be copies available to the shop "manager". Ask to see them. To prove they need to sell the land share and they have the ability to recover the cash injection and carry on.
    TBH I am not really worried by their financial situation, my only interest is in securing her share of the land parcel at a realistic price, for my sons future benefit.

    When they agreed to buy this land approaching 7 years ago, it subsequently turned out that the younger sister had to cobble together a combination of family loans and also a loan from Thai Farmer Bank [her parents have since paid this off in full to eliminate the ongoing interest payments], which to date she has only repaid a small fraction of the outstanding debt, and has now been effectively given a payment holiday on the rest. I strongly suspect that conversations are ongoing at present to allow this situation to continue even if she agrees to sell at my price. Due to the black hole they recently created in the 7/11 franchise renewal pot of money.


    Quote Originally Posted by OhOh View Post
    Of course they did, you are questioning your wife's and her family's honesty.
    Some time ago the Mrs obtained photocopies of the above family loan details [which her family failed to tell her about and which she found by sheer accident when looking for another Chanote in her parents house] hence after she translated it for me. We now both have intricate knowledge of who loaned what, and who got repaid and who has yet to be repaid. She is quietly pissed off with having worked so hard to pay her share off in full and upfront but then subsequently finding out that her younger sister has been let off of most of her debt obligation, but as TIT she has to bite her lip as she cannot really say what she is thinking to her siblings and parents (as that would not be showing respect and would cause loss of face etc). So yes I trust the Mrs, but lets just say her whole family have been and continue to be very economical with the truth.
    Incidentally my Mrs is insisting that it be put in my sons name if her sister agrees to sell with me as the acting guardian, and that tells me everything I need to know.


    Quote Originally Posted by OhOh View Post
    I am presuming the offered land share has a full chanot?
    Correct, I have seen the original, and also have a photocopy.

  25. #50
    Thailand Expat OhOh's Avatar
    Join Date
    Jul 2010
    Last Online
    Yesterday @ 08:43 PM
    Location
    Where troubles melt like lemon drops
    Posts
    25,222
    ^Thanks for the replies.

    ‘O what a tangled web we weave, When first we practise to deceive!’, eh.

    Some still consider Thais to be simple minded creatures.

Page 2 of 3 FirstFirst 123 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •