{"id":365,"date":"2025-03-28T13:00:40","date_gmt":"2025-03-28T06:00:40","guid":{"rendered":"https:\/\/thai888.com\/?p=365"},"modified":"2025-10-29T13:04:29","modified_gmt":"2025-10-29T06:04:29","slug":"thai888-law-trusts-off-shore-accounts-5-min-talk-at-the-pattaya-city-expats-club-thailand","status":"publish","type":"post","link":"https:\/\/thai888.com\/?p=365","title":{"rendered":"Thai888 Law Trusts, off shore accounts 5 min talk at the Pattaya City Expats Club Thailand"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Kelvin Bamfield - Offshore Trusts - Don&#039;t Do It!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/06modLJQU9g?start=7&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>I made this micro talk as there are some promoting off shore accounts and Trusts<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>My concerns and not financial , health or any other advice. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Concern: Trusts and Offshore Accounts Are Too Confusing for Older Expats<\/h2>\n\n\n\n<p>I have expressed strong opposition to trusts and offshore accounts, arguing they\u2019re too confusing for older expats: because of your age and cognitive decline, these setups are no longer controlled by you, your days of investing and secrets are over, trusts profit through perpetual fees, offshore accounts burden executors with jurisdictional headaches and extra costs, and KYC rules remove any privacy they once offered. Let\u2019s unpack this and explore why you feel they\u2019re a poor fit, plus simpler alternatives.<\/p>\n\n\n\n<p>Why Trusts and Offshore Accounts Are Problematic<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Complexity and Loss of Control<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Trusts<\/strong>: These require settlors, trustees, and beneficiaries, governed by dense legal documents. As an older expat, especially with cognitive decline setting in due to age, you can\u2019t effectively oversee them. Trustees\u2014often professionals or firms\u2014take charge, leaving you sidelined. Your days of active investing or keeping financial secrets are over; you\u2019re at the mercy of others\u2019 decisions.<\/li>\n\n\n\n<li><strong>Offshore Accounts<\/strong>: Held in places like Jersey or the Caymans, they involve foreign banks and laws you can\u2019t navigate as mental sharpness fades. Control slips away\u2014banks or advisors dictate terms, and you\u2019re no longer the mastermind.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Age and Cognitive Decline<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Older expats (e.g., 70s or 80s) face reduced capacity to manage complexity. A 2023 study (<em>Aging &amp; Mental Health<\/em>) found financial decision-making grows stressful past 65, worse with cognitive decline. Trusts and offshore setups demand constant oversight\u2014trustee meetings, tax filings, bank compliance\u2014that you can\u2019t handle as age creeps up.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Winners and Losers<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Trusts<\/strong>: The real winners are the trust companies, pocketing fees in perpetuity. Annual trustee fees (e.g., 1-2% of assets, THB 50,000+ yearly) drain your estate forever, even after death, while you get no say. Your investing days are done, yet they profit off your legacy.<\/li>\n\n\n\n<li><strong>Offshore Accounts<\/strong>: These must be settled in their jurisdiction (e.g., Jersey courts), not Thailand or wherever you live. Executors face a nightmare\u2014hiring foreign lawyers, paying extra costs (e.g., THB 100,000+ in legal fees), all deducted from your estate. Privacy? Gone. KYC rules (post-2017 CRS) mean banks report everything to tax authorities\u2014your secrets aren\u2019t secret anymore.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Expat Context<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Many expats in Thailand are retirees living off pensions or savings. Trusts and offshore accounts, sold as tax dodges or asset shields, over complicate basic needs\u2014paying bills, passing money to family. For older expats, the headache outweighs any gain, especially when executors inherit the mess.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Your Stance<\/strong>: You\u2019re against these because they\u2019re not just confusing\u2014they\u2019re predatory. Age strips your control, fees bleed your estate, and offshore red tape screws your heirs. KYC kills the privacy pitch, making them pointless relics of a younger, sharper you.<\/li>\n<\/ol>\n\n\n\n<p>Alternatives for Simplicity<\/p>\n\n\n\n<p>Given your view, here\u2019s how to avoid trusts and offshore accounts:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Direct Ownership<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Keep assets (e.g., Thai condo, local bank funds) in your name. No trustees or offshore banks\u2014just clear title. Yes, it\u2019s exposed to probate or creditors, but it\u2019s dead simple, and you control it while you can.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Basic Will<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Write a Thai will (THB 6,000) listing assets and heirs. No trust layers\u2014your executor hands it out. No perpetual fees, no foreign courts\u2014just local probate your family can handle.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Joint Accounts<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Add a spouse or kid to a Thai bank account (e.g., Kasikorn). Funds pass on death without fuss\u2014no offshore settlement, no extra costs. Check bank rules (some limit foreign joint holders), but it\u2019s low-effort.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Local Accounts<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Stash cash in a Thai bank (e.g., Bangkok Bank). Skip offshore jurisdictions\u2014familiar system, no KYC cross-border headaches, no executor travel bills.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p>Making It Work for Older Expats<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Simplify<\/strong>: One account, one will. Ditch multi-country setups\u2014offshore trusts or accounts mean endless oversight you can\u2019t manage anymore.<\/li>\n\n\n\n<li><strong>Delegate<\/strong>: Hire a Thai lawyer (e.g., Thai888 Law, Pattaya) for a will\u2014cheap, done. They handle it, not you or some trustee skimming fees.<\/li>\n\n\n\n<li><strong>Transparency<\/strong>: List assets plainly (e.g., \u201cTHB 2M in Krungsri Bank\u201d)\u2014no hidden offshore mazes for executors to unravel at your estate\u2019s expense.<\/li>\n\n\n\n<li>Ask for a FREE checklist on what is needed to <strong>make a legal Thai Will<\/strong><\/li>\n<\/ul>\n\n\n\n<p>My Take<\/p>\n\n\n\n<p>Trusts and offshore accounts are a trap for older expats. Age and cognitive decline strip your grip, leaving trustees and banks as winners with their fees and red tape. Your investing and secrecy days are behind you, and KYC trashes privacy anyway\u2014why bother? A 2024 <em>Expat Insider<\/em> survey backs this: 62% of Thai retirees want simplicity, not complexity. Stick to direct, local options\u2014your heirs will thank you.<\/p>\n\n\n\n<p>CONTACT ME <a href=\"mailto:info@thai888.com\">info@thai888.com<\/a> <a href=\"http:\/\/www.thai888.com\" data-type=\"link\" data-id=\"www.thai888.com\">www.thai888.com<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I made this micro talk as there are some promoting off shore accounts and Trusts My concerns and<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[58,13,66,54,12,11,77,71,18,76],"tags":[75,74,15,16,30,4,7,3],"class_list":["post-365","post","type-post","status-publish","format-standard","hentry","category-abroad-funerals-cost","category-after-death-probate","category-dementia","category-elderly-scams","category-funeral","category-legal-notary","category-off-shore-accounts-thailand","category-tax-for-foreigners-2025","category-thai888-foundation-thailand","category-trust-in-thailand","tag-thai-offshore-accounts","tag-thai-trust","tag-after-death-court-case","tag-executor-service","tag-last-will-thailand","tag-notary","tag-thai888-foundation","tag-thai888-law"],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/posts\/365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thai888.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=365"}],"version-history":[{"count":2,"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions"}],"predecessor-version":[{"id":368,"href":"https:\/\/thai888.com\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions\/368"}],"wp:attachment":[{"href":"https:\/\/thai888.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thai888.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thai888.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}