What if something happens...
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Thread: What if something happens...

  1. #1
    Hello,

    Here is something that has been bugging me for the last few months. What happens to the finance in the trading account if something terrible happened and the account owner is emotionally and/or physically incapable of managing it? Worse, when the owner is dead (touch wood!) . By email, correspondence is from my experience with the agents so far. All the information regarding the trading account is normally accessible when we log in. So as you can see, there is no hard copy mailing. How will your account be known about by your next-of-kin?

    Obviously, most people (I assumed), will notify our next-of-kin accordingly. That is nice and fine. What didn't need to? If that's the circumstance, what will happen to the finance?

    I guess this is something I need to ask the broker. It just that I'll would like to know the opinions from this forum.

    Thank you.

  2. #2
    Quote Originally Posted by ;
    Hi,

    This is something that has been bugging me for the last few months. What happens to this fund in the trading account when something terrible happened and the account owner is emotionally and/or physically incapable of handling it? Worse, once the owner is dead (touch wood!) . From my experience with the internet brokers so far, correspondence is generally by email. All the info regarding the trading account is normally accessible when we log into. So as you can see, there is no hard copy mailing. How will your next-of-kin know about your account?

    Obviously, most people (I presumed), will notify our next-of-kin accordingly. That is nice and fine. What about those who forgot or just didn't want to? If that's the case, what's going to happen to the fund?

    I suppose this is something I need to ask the agent. It just that I'll would like to know the opinions from this forum.

    Thank you.
    Do you think that you've a grand grand father with a big account and you do not know? Just joking, it is a Fantastic question

  3. #3
    Quote Originally Posted by ;
    Hello,

    This is something that has been bugging me for the last few months. What happens to the finance in the trading account when something terrible happened and the account owner is emotionally and/or physically incapable of handling it? Worse, when the owner is dead (touch wood!) . From my experience with the internet agents up to now, correspondence is generally by email. All of the info concerning the trading account is normally accessible when we log into. So as you can see, there's no hard copy mailing. How can your next-of-kin know about your account?

    Obviously, most people (I presumed), will inform our next-of-kin accordingly. That's nice and fine. What about those who forgot or just did not need to? If that's the case, what will happen to the finance?

    I suppose that is something I need to ask the broker. It just that I'll would like to know the opinions from that forum.

    Thank you.
    It is good to own representative but I didnt find in any broker that I was able to have one. I believe FX is too youthful marketplace that has been too much injuries like this. In my opinion it could be very hard to solve this except you are in the state in which the broker is.

  4. #4
    I have been asking this question to myself several times. . .What if I died or anything incorrect happens to me. . .How will others be able to make use of my accounts and draw the money from them, provided that I'm a real resident and all of my accounts are using US brokerages, possibly for stocks or even for forex. .

    If anyone have an answer, please inform me


    Thank you,

    Nader

  5. #5

  6. #6
    For those traders who've informed someone of their account, there should not be any problems, as far as I understand. In scenarios like this, it is likely only a case of proving the relationship (I hope!) . If legal issues do arise, it can be very messy once the claimant is not in precisely the exact same state as the broker (as pointed out by Tomecki).

    For all those traders who didn't inform anyone, then it is another story. This is particularly so for those who doesn't use stop loss. Imagine the dealer laying in coma in a hospital while his accounts is being reduced to a margin call situation over a period of time. What a waste! Talking about cutting reduction, I think we ought to look at stop reduction from this point of view.

    For all those inactive accounts without claimants, I guess after a very long period of time, our friendly brokers will be able to maintain the funds!

    Dof, I've started a research on my family tree for THE grand grand dad. When I find him, there might not be a need for me to exchange .

    Thank you.

  7. #7
    Quote Originally Posted by ;
    Dof, I've started a study in my family tree for THE grand grand father. When I find him, there may not be a demand for me to trade anymore .

    Thank you.
    Good luck

  8. #8
    Quote Originally Posted by ;
    Hello,

    This is something that's been bugging me for the past couple of months. What happens to the fund in the trading account when something terrible happened and the account owner is mentally and/or physically incapable of managing it? Worse, once the proprietor is dead (touch wood!) . From my experience with the brokers up to now, correspondence is by email. All the information concerning the trading account is normally available while we log into. So as you can see, there is no hard copy mailing. How can your next-of-kin understand about your account?

    Obviously, most of us (I presumed), will notify our next-of-kin accordingly. That's good and fine. What about those who forgot or just did not need to? If that's the circumstance, what will happen to the fund?

    I suppose this is something I need to ask the broker. It just that I will would love to be aware of the opinions from this forum.

    Thank you.
    You bring up an excellent point!!!!! ....

    I would be concerned especially for longterm position holders... I attempt to be flat regular, but say if you're in a long term profitable postion you kick the bucket... Who makes the decision whether when to close it. Worse still, we now get a major world event whilst your next of kin the broker are duking it out!! . That could imply 200 to 500 pips in direction!! . I guess another argument for using stops restricts!!! .

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