My drinkng buddy mentioned yesterday that he believes any $ remaining in a Taiwan bank account after one dies is taken by the bank, if no family is around to collect it. Is this really the case?
Theoretically, could I get ahold of his bank ATM card upon his death, with his previously written agreement, after he passes and remove any monies, or would this be theft?
You can write a will (I have one) that lists who your successors can be. For example if you have no successors, it can be donated to your university or some charity.
Alternative you can put everything in a crypto wallet. When you pass away, it becomes permanently lost. No government or anyone will be able to access it.
Also good idea to put your assets in a country without inheritance tax. Canada, Singapore, Hong Kong and few other places have no inheritance tax.
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There was a write up a few years back that’s posted somewhere about who gets what after death and what the proper procedure is. And, no, it’s not the Banks, unless the money is just left there untouched for a given period of time (unclaimed monies etc).
Thanks for the responses. I think I’ll just tell him to write up a simple Will.
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Can anyone recommend a way to get an official will drawn up in Taiwan?