Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 30.08.2011, 21:54
Guest
 
Posts: n/a
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Can't do that here (unless the kids agree), or you aren't Swiss.

Tom
Our solicitor clearly thinks differently and we've signed all the papers to that effect. If I pop my clogs first, 100% will go to OH, and vice-versa. Kids know about it, approve but have never been required to formally say so.
Reply With Quote
  #22  
Old 30.08.2011, 21:55
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Tom,

On a numbered account the bank would only learn about the death if somebody told them.

They usually hold all mail, so unless you know of the existence of the account the bank won't tell you.

FWIW in 1994 as a B permit holder I was given a choice in the wording on a salary account at UBS, it's possibly something you can ask for, if you would like that option.
Reply With Quote
  #23  
Old 30.08.2011, 22:00
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
Our solicitor clearly thinks differently and we've signed all the papers to that effect. If I pop my clogs first, 100% will go to OH, and vice-versa. Kids know about it, approve but have never been required to formally say so.
If the other partner with a POA clears out the account, nobody will know & there is little the children could do in practice.
In any case most cash cards in CH have 5000 a day limits, the partner just needs the pin no, unless of course there is a huge amount of money in the account!
Reply With Quote
  #24  
Old 30.08.2011, 22:02
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,511
Groaned at 2,578 Times in 1,840 Posts
Thanked 39,649 Times in 18,688 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
Our solicitor clearly thinks differently and we've signed all the papers to that effect. If I pop my clogs first, 100% will go to OH, and vice-versa. Kids know about it, approve but have never been required to formally say so.
Well, my girlfriend's lawyer differs again (and we were discussing her sister's status with him regarding her separated husband yesterday). But, you have more than one passport, so perhaps that matters?

Tom
Reply With Quote
  #25  
Old 30.08.2011, 22:04
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,511
Groaned at 2,578 Times in 1,840 Posts
Thanked 39,649 Times in 18,688 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
If the other partner with a POA clears out the account, nobody will know & there is little the children could do in practice.
Unless they do it within 5 years of death (or is it ten in CH?). Then it's not valid.

Tom
Reply With Quote
  #26  
Old 30.08.2011, 22:05
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Well, my girlfriend's lawyer differs again (and we were discussing her sister's status with him regarding her separated husband yesterday). But, you have more than one passport, so perhaps that matters?

Tom
It's quite possible for a British person living in CH to choose their assets be disposed by a will under English law. However a house in CH will ALWAYS follow the CH system
Reply With Quote
This user would like to thank fatmanfilms for this useful post:
  #27  
Old 30.08.2011, 22:12
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Unless they do it within 5 years of death (or is it ten in CH?). Then it's not valid.

Tom
I was assuming they would do it within a few minutes,

FWIW the power of attorney only needs to be signed by the account holder, the specimen signatures can be given after the death. I.E. the person with the power of attorney does not need to know of the existence of the account or that they have a POA, but after death they will be given a letter by the lawyer iof the deceased..

If someone wants a secret account, telling the current wife might not be in their best interest! There is always a reason for secrecy & people may happily pay the price.
Reply With Quote
  #28  
Old 30.08.2011, 22:35
tom tulpe's Avatar
Forum Veteran
 
Join Date: Jul 2011
Location: Horgen
Posts: 1,182
Groaned at 21 Times in 19 Posts
Thanked 1,409 Times in 646 Posts
tom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
Our solicitor clearly thinks differently and we've signed all the papers to that effect. If I pop my clogs first, 100% will go to OH, and vice-versa. Kids know about it, approve but have never been required to formally say so.
Was your solicitor English? Because from what I remember about Swiss inheritance law, the various rules on the reserved part and the compulsory parts for spouses and children (la quotité disponible - that means that children will get 75% of what they would get were you to die without a will [intestate] and the only thing you can do about this is to grant your spouse a life estate [usufruit] over what the kids get) still apply to any succession governed by Swiss law. So unless you have validly opted out (jurisdiction clause - you cannot do that if you're Swiss and living in Switzerland, or for real estate in Switzerland), these rules will apply regardless.

I also hope that the "papers" were signed outside Switzerland in a jurisdictions where signing a paper before witnesses is sufficient, because in Switzerland, a will has to be either in the "public" form (i.e. made before the "officier public", usually a notary), or be handwritten, except in very exceptional circumstances. If there is more than one signatory to the will (pacte successoral), then this must be in the "public" form.

Please do speak to a notaire.
Reply With Quote
  #29  
Old 30.08.2011, 22:39
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,511
Groaned at 2,578 Times in 1,840 Posts
Thanked 39,649 Times in 18,688 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
the only thing you can do about this is to grant your spouse a life estate [usufruit] over what the kids get
Ummm, but the kids (and/or other inheritors) must AGREE to the usofrutto! (first hand experience here).

Tom
Reply With Quote
  #30  
Old 30.08.2011, 22:42
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,511
Groaned at 2,578 Times in 1,840 Posts
Thanked 39,649 Times in 18,688 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
I was assuming they would do it within a few minutes,

FWIW the power of attorney only needs to be signed by the account holder, the specimen signatures can be given after the death. I.E. the person with the power of attorney does not need to know of the existence of the account or that they have a POA, but after death they will be given a letter by the lawyer iof the deceased..

If someone wants a secret account, telling the current wife might not be in their best interest! There is always a reason for secrecy & people may happily pay the price.
Acts performed disposing of property within the ultimate 5-10 years of life (depending on the country), are not legally valid.

Tom
Reply With Quote
  #31  
Old 30.08.2011, 22:55
tom tulpe's Avatar
Forum Veteran
 
Join Date: Jul 2011
Location: Horgen
Posts: 1,182
Groaned at 21 Times in 19 Posts
Thanked 1,409 Times in 646 Posts
tom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond reputetom tulpe has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Ummm, but the kids (and/or other inheritors) must AGREE to the usofrutto! (first hand experience here).
Didn't that change in 2001? My understanding of Art. 473 C.Civ. as it stands now is that no agreement is required (but that if the surviving spouse marries again, the life estate ends).
Reply With Quote
  #32  
Old 30.08.2011, 23:00
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Acts performed disposing of property within the ultimate 5-10 years of life (depending on the country), are not legally valid.

Tom
Spending money on a daily basis could dispose of a huge amount of 'property', once it's gone it's gone....

Your assuming that anybody will even have knowledge of the transactions, if it's a secret account without statements sent then it's out of view.

If somebody decides to spend their fortune, rather than give it to their children are you really saying all the hookers, casinos etc have to refund ?
Reply With Quote
  #33  
Old 30.08.2011, 23:03
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,511
Groaned at 2,578 Times in 1,840 Posts
Thanked 39,649 Times in 18,688 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Spending money on a daily basis could dispose of a huge amount of 'property', once it's gone it's gone....

Your assuming that anybody will even have knowledge of the transactions, if it's a secret account without statements sent then it's out of view.

If somebody decides to spend their fortune, rather than give it to their children are you really saying all the hookers, casinos etc have to refund ?
Probably not, but major gifts (artworks or property, in our case), yes.

Tom
Reply With Quote
  #34  
Old 30.08.2011, 23:14
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Foreigners with Swiss Bank Accounts

Quote:
View Post
Probably not, but major gifts (artworks or property, in our case), yes.

Tom
However debts & mortgages may be increased, so a final value of a huge estate could be near zero, if that was really somebodies wish.
Reply With Quote
This user would like to thank fatmanfilms for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Guarantee of funds in Swiss Bank Accounts NatsBrit Finance/banking/taxation 33 19.04.2016 09:28
Swiss bank accounts - monthly limit and overdraw jarod_w Finance/banking/taxation 21 24.07.2011 17:20
Bank Accounts LPA1975 Finance/banking/taxation 38 16.09.2010 19:14
Swiss bank accounts for americans Kristofolo Finance/banking/taxation 31 04.08.2009 19:50


All times are GMT +2. The time now is 11:26.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0