Plan B in event of "Worst Case Scenario"

[CondomKing]

My wife was recently very ill, she's recovered now, but it got me to thinking. If anything happened to her, like death, for example, what would I do?

 

You know, I'm older than her by 20 years so I've never given this possibility much thought. I've always pictured myself in extreme old age with a loving, caring somewhat elderly wife feeding me Tom Kha Gai as I blissfully fade out of conscousness on the balcony of my home, having been happily retired for many years in Northern Thailand.

That's, I guess, the "best case scenario", but what if it doesn't work out that way? What if she goes first?

 

For those of us with heavy financial/emotional involvement in Thailand, what would you do? If you have kids growing up in the village, or a business that your wife or G/F is running for you?

 

For starters the property in the village that we own and all of the improvements to it and the house which sits on it are in the missus name. She has told me that she filed some papers with the local lawyer leaving it to me and her niece should anything happen to her. We are also at this time building a new house on her mom's land which everyone has been referring to as my house. Well, without my wife there why would I want to spend any time at all in the village? Her family are nice people, but I really have absolutely nothing at all in common with them, except for her. None of her relatives, including the brothers who work for us, speaks a word of English. I guess that would be a "walkaway". No worries, but it would be a bit of a financial disaster, if the "worst case" occurred anytime soon.

 

I also own a business here which the wife operates for me. That's too complicated to even go into right now. Anyway, maybe, there's enough here to start a discussion and exchange a few "Plan B" ideas.

[Guest]

She has told me that she filed some papers with the local lawyer leaving it to me

 

If it is important that some of the assets are for you then ask your wife to give you a copy of the document and let it to be translated!

 

None of her relatives, including the brothers who work for us, speaks a word of English.

 

So you don't speak thai? Why not?

 

We are also at this time building a new house on her mom's land which everyone has been referring to as my house.

Referring?!? And what can you proove with this?

 

but it would be a bit of a financial disaster

Really?

 

I also own a business here which the wife operates for me.

Is it really your business?

 

IMO, you are really in a high risk situation and should try to get out as soon as possible.

 

Her family are nice people,

The best family can turn to hell if it comes to heritage!

 

I don't know anything about thailand or your situation but:

 

do you have a pension?

do you have a reserve on a bank?

can your wife make a life insurance with you as beneficiary?

 

I hope that you will find a plan B.

 

Best regards

[dddave]

 

 

There was a compelling post/story on the "STICKMANBANGKOK" site last year describing exactly the scenario you just laid out, which actually occurred to the writer. It was sad and disturbing reading as relations with his wife's family members deteriorated dramaticaly after her death. I highly recomend your reading it. If you can't find it, I'm sure an e-mail to Stickman will turn it up.

 

David

[CondomKing]

Yes, of course, you're right about the paper work situation and I will get a copy and have it translated. (This would pertain to the house that we bought last year and are now renovating, same village, around the corner from Mom.)

 

However, on the other hand, the reality of village life is that if push came to shove and it ever became confrontational I doubt if I'd wind up with a single baht for any asset that I might be entitled to on paper.

 

Who could I possible sell it to except someone who already lives in the village? I know already that my wife's family would not be able to pay me for a house they might already be using and if I wasn't willing to live there, what do you think would happen then? I'm just being a realist.

 

The new house we are now building is on my wife's family land and that is something that I am building for her family to live in. Yes, it's a face thing and that would definitely be a walkaway.

 

Like I said, they are very nice people, but they have no money and it's just not likely that it would work out amicable for all concerned for me to sell the recently acquired property to a neighbor down the road and then throw my former inlaws into the street. (Brother who drinks too much, but is harmless, and ting tong wife live there to watch the property.) No, it just wouldn't work like that. I guess, now that I think of it, there may not be a "Plan B". ::

 

No, I do not speak Thai well enough to sustain a meaningful conversation with anyone, especially in Northern Dialect. Sure, I can say "pass the salt", "when do we eat" and "please stop playing with the dog" and I can understand most everything that is said in the dialect, but that's about it.

Combination of too busy, too lazy and too easy to use Mrs. CK as the official translator.

 

As far as the business, yes, I am the majority shareholder. It's a US business registered in Thailand under the Treaty of Amnety. Not worried about the company, just who would run it if she wasn't there.

 

Since you asked I will tell you that I am entitled to a small pension when I retire a few years from now.

 

The life insurance thing is a good idea and my wife has mentioned it many times, just not sure how collectable it is in Thailand and the premiums seemed high and the payoff was low (by comparison with Western life insurance benefits.)

 

To sum up I'm not really looking for a nuts and bolts Plan B for my situation. Just curious to see how others feel about any similar situation they might be in.

 

I'm well aware of what I would stand to lose if anything happened to Mrs. CK, first and foremost a great wife!!! I do keep an eye on Thailand expenses, and a rough guess as to what land purchase, 2nd house renovation and new house construction will cost is under 3M Baht.

 

When all is said and done we will have two great houses in the villlage. One for everybody else and one for me & the wife, they are a noisy bunch!

[CondomKing]

Yes, I remember that story. It was a fucking nightmare! I think the guy had to arm himself and then he burned down the house when he left. Not my situation at all, and as I said, I wouldn't be interested in hanging around, just not my style. ::

[Zaad]

I must honestly tell you that I have no plan 'B'.

I'm very close to her family but I think I'd leave and go back to Europe since I'm still young, but would definitely keep contact with them and return every now and then. And perhaps retire here as well once securing my financial situation.

 

I just pray such things won't happen any time soon.

[Guest]

plan B for worst case scenario:

 

the land i bought was never thought to be my land, it's hers. i only have to take care that it will go to her neview so that nobody can sell it. and as it looks like the boy will anyhow be the one who will work the land when he's old enough (he's not much of a scholar, but loves farming).

what the hell would i want with a plot of farmland in the middle of nowhere anyhow?

 

i have independent financial security plans for me. not much, but there will be no entanglement.

 

 

and plan B if something happens to me:

 

the land is in her name only, she will always be able to have a small but sufficient income from that.

my dad will transfer the funds of my life insurance to her in case (and no, i don't worry that she's gonna murder me for that, she could have done so years ago ).

 

 

it made life a lot easier for me that i know that i have managed to set her up for life now. i have a priviledged passport - i could always find a way to survive well enough with that, she doesn't have that.

[think_too_mut]

CondomKing said:

Yes, I remember that story. It was a fucking nightmare! I think the guy had to arm himself and then he burned down the house when he left. Not my situation at all, and as I said, I wouldn't be interested in hanging around, just not my style. ::

 

That story was discussed here and overall consensus was - it was a writeup. I was among those who maintained it was a total fiction.

Even Stickman said he was not sure whether the story was true or not.

[think_too_mut]

>Anyway, maybe, there's enough here to start a discussion and exchange a few "Plan B" ideas.

 

Not nice to say, but in the case that she goes first, all invested in there (land and a small house) stay with her family. I would not even think of trying to get something.

 

Her mother would keep on receiving her 5K a month.

How often I would go there to see them, not sure, especially after some time. Would not deny my daughter to see them and even spend holidays there while she is young. On visits I would probably reapir and improve some small things in the house.

That asuming the tragedy happens while we are out of Thailand.

 

If it happened today (while she is in BKK and me in Japan), the same as above plus: what with the baby. I would listen to the professionals what's best for her and do it that way. If the baby stays with the family (not indefinitelly) they would receive more funds to cope with cost.

 

I (only) suspect there would be some attemts to piggy back on the baby but it would not work.

[thai3]

 

 

Was it the one where the guy torched the house? -that was fiction, very good though and makes you think about what situations might arise with no mrs-peter