Here's a question my sister asked me that I've not pondered - "What happens to that money you have in Cambodia if you die?"
The Branch Manager at CMK answered an email with - "Make your sister the co-owner of your accounts."
Since I can't talk my sister into going to Cambodia to do that he replied "Talk to our lawyer and make a will."
Now that sounds simple, but as they say "The devil is in the details."
The basic issue being the "automatic" transfer of the money to America.
Does anyone have any ideas about this?
If you're dead you're excused from assisting.
MFI Deposits and Death
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
Pretty certain MFI regulation is the same as banks - after 10 years of 'dormancy' - the funds go to the National Bank of Cambodia, never to be seen again. So also anyone in your will doesn't have forever to claim those funds either.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
If nobody gives a toss about your whereabouts for 10 years they deserve fuck all!
pew, pew, pew, pew!
Very true, but also getting a will processed in Cambodia without "greasing the wheels" is likely to take longer than 10 years!YaTingPom wrote:If nobody gives a toss about your whereabouts for 10 years they deserve fuck all!
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
Thank you gentlemen for your interest in my dilemma - safe to assume none of you are dead.
Thank you Kiwi for your link, interesting read. The closing quotation was of particular concern,
“You really need to take a worldwide view of what’s going to happen when you die.”
It brings to mind something Thrifty said in another thread, " If I change companies sick of carrying large sums in cash."
I read an implication that it is difficult to transfer money from one financial institution to another and if it is difficult to do
within Phnom Penh while you're sitting in front of them how difficult would it be to transfer the money half way around the world,
after you're dead?
If you're married to a Cambodian this isn't an issue. Are there any MFI investors here aside from those married to a Cambodian
who have satisfied themselves with this eventuality? Not the eventuality of death (that's another topic) but the disposition of money.
Spigzy,"getting a will processed in Cambodia without 'greasing the wheels' is likely to take longer than 10 years!"
Therein lies the crux of the problem.
Thank you Kiwi for your link, interesting read. The closing quotation was of particular concern,
“You really need to take a worldwide view of what’s going to happen when you die.”
It brings to mind something Thrifty said in another thread, " If I change companies sick of carrying large sums in cash."
I read an implication that it is difficult to transfer money from one financial institution to another and if it is difficult to do
within Phnom Penh while you're sitting in front of them how difficult would it be to transfer the money half way around the world,
after you're dead?
If you're married to a Cambodian this isn't an issue. Are there any MFI investors here aside from those married to a Cambodian
who have satisfied themselves with this eventuality? Not the eventuality of death (that's another topic) but the disposition of money.
Spigzy,"getting a will processed in Cambodia without 'greasing the wheels' is likely to take longer than 10 years!"
Therein lies the crux of the problem.
SHiVer wrote:Here's a question my sister asked me that I've not pondered - "What happens to that money you have in Cambodia if you die?"
The Branch Manager at CMK answered an email with - "Make your sister the co-owner of your accounts."
Since I can't talk my sister into going to Cambodia to do that he replied "Talk to our lawyer and make a will."
Now that sounds simple, but as they say "The devil is in the details."
The basic issue being the "automatic" transfer of the money to America.
Does anyone have any ideas about this?
If you're dead you're excused from assisting.
I had a meeting with my local Provincial Manager from ABA on this issue 2 weeks ago, he stated that even if your will is written in another country it is accepted here, but you have to go through the Court system which takes about 3 months (Probate?). Assume MFI is the same.
Over the last 2 weeks all my 3 MFI deposits matured, all were happy to pay out in cash which I wasn't keen on due to the amounts. Prasac wrote me a cheque, HKL did an online to transfer to my Aceleda account ($5), as did Amret, but it was hard work to arrange this. Went to Aceleda and got a Bank cheque, deposited that with ABA, after it cleared yesterday at 3.00pm went in to arrange transfer out of Cambodia yesterday at 3.30pm, should be transferring out today as it was too late yesterday. It's taken me about 6 hours at the MFI's and and Banks to arrange this.
I think you're pushing shit up hill to think that when your deposits mature they will/can be automatically be sent to the USA. Especially from a MFI
MFI and Cambodian banks are not linked in any way. In fact they've only just allowed interchangeable cheques.
It takes me a minimum of 1 hour to withdraw interest from any MFI and that's not because of the huge amounts of money. They are just slooooow!
Had a friend die here a few years ago. "Family" came over and had access to bank account (Candadia) within a week. He didn't have a will and they didn't have any power of attorney. Just needed a death certificate. It's a pretty simple process.
It takes me a minimum of 1 hour to withdraw interest from any MFI and that's not because of the huge amounts of money. They are just slooooow!
Had a friend die here a few years ago. "Family" came over and had access to bank account (Candadia) within a week. He didn't have a will and they didn't have any power of attorney. Just needed a death certificate. It's a pretty simple process.
pew, pew, pew, pew!
Thank you gentlemen for your information, I'll have to mull it over. Thank youThrifty for your opinion -
"I think you're pushing shit up hill to think that when your deposits mature they will/can be automatically be sent to the USA. Especially from a MFI"
For some reason your analogy reminded me of my marriage. Though a long time ago still not warm memories.
"I think you're pushing shit up hill to think that when your deposits mature they will/can be automatically be sent to the USA. Especially from a MFI"
For some reason your analogy reminded me of my marriage. Though a long time ago still not warm memories.
Well well, it's human nature to inspire a good idea by responding to a bad idea.
YaTingPom - "Had a friend die here a few years ago. 'Family' came over and had access to bank account (Candadia) within a week.
He didn't have a will and they didn't have any power of attorney. Just needed a death certificate. It's a pretty simple process."
My sister, who is younger than me, has put off retiring till next spring, when she'll be free to travel. With a Cambodian will and death certificate in hand
I would trust she would have little trouble accessing my accounts were she at the manager's desk. She's more the "Danube boat cruise" type but
I'll ask her if she's up for an essentially "paid for" trip to the wilds of Phnom Penh.
Thank you YaTingPom - the simple way is most often the best way.
YaTingPom - "Had a friend die here a few years ago. 'Family' came over and had access to bank account (Candadia) within a week.
He didn't have a will and they didn't have any power of attorney. Just needed a death certificate. It's a pretty simple process."
My sister, who is younger than me, has put off retiring till next spring, when she'll be free to travel. With a Cambodian will and death certificate in hand
I would trust she would have little trouble accessing my accounts were she at the manager's desk. She's more the "Danube boat cruise" type but
I'll ask her if she's up for an essentially "paid for" trip to the wilds of Phnom Penh.
Thank you YaTingPom - the simple way is most often the best way.
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