IB does not send out monthly PAPER statement, what if some thing happens to you?

Come on guys.... This is a silly hypothetical.

Unless you have designated someone else to trade on your behalf, if something happens to you, the person stepping in would be committing a crime. And if you're dead, you will still need the will to be probated before the executor can take control.

So how will paper statements help anything?

You should keep a list of accounts (at least the firms) in a place for others to find, but everything after that requires legal process.
 

Come on guys.... This is a silly hypothetical.

Unless you have designated someone else to trade on your behalf, if something happens to you, the person stepping in would be committing a crime. And if you're dead, you will still need the will to be probated before the executor can take control.

So how will paper statements help anything?

You should keep a list of accounts (at least the firms) in a place for others to find, but everything after that requires legal process.



Do you trying to imply that there is absolutely no need to have an option to send out paper statement for any and all account holders for any one in the world (not just us)? IB is an international company, they have customers worldwide.

If what you said is correctly, why any other brokers, such as Man, etrade, Scott trade, etc, provide such (paid) paper statement option?
 
Quote from dabao91:



Do you trying to imply that there is absolutely no need to have an option to send out paper statement for any and all account holders for any one in the world (not just us)? IB is an international company, they have customers worldwide.

If what you said is correctly, why any other brokers, such as Man, etrade, Scott trade, etc, provide such (paid) paper statement option?
More...

Not at all, just that to tie it to succession contingencies is incorrect.

If you're willing to pay for it, IB prof svcs can probably come up with a solution. Give them a ring at 866 694 2757.
 
Seriously, how long would your account need to stay dormant before the state took it over?
I know a guy that paid for a safe deposit box every month, but because he didn't access it in a 2 year period, they sold/destroyed the contents including his deed. He wanted his payment for the box back because it was MT, they told him to pound sand because the space was taken.
I'm sure you guys have heard about the couple that had the BRK.A shares they assumed were worth 1.5 mil, only to find that the state had sold them at $175,000 years before because they didn't send back the proxy.
 

Seriously, how long would your account need to stay dormant before the state took it over?
I know a guy that paid for a safe deposit box every month, but because he didn't access it in a 2 year period, they sold/destroyed the contents. He wanted his payment for the box back because it was MT, they told him to pound sand because the space was taken.
I'm sure you guys have heard about the couple that had the BRK.A shares they assumed were worth 1.5 mil, only to find that the state had sold them at $175,000 years before because they didn't send back the proxy.


Would PAPER statement sent out by broker to the account owner help to prevent the situation happen? Is it an insurance, just in case?
 
Quote from sellingrich:

Seriously, how long would your account need to stay dormant before the state took it over?
I know a guy that paid for a safe deposit box every month, but because he didn't access it in a 2 year period, they sold/destroyed the contents including his deed. He wanted his payment for the box back because it was MT, they told him to pound sand because the space was taken.
I'm sure you guys have heard about the couple that had the BRK.A shares they assumed were worth 1.5 mil, only to find that the state had sold them at $175,000 years before because they didn't send back the proxy.
More...

Sending out a paper statement does not change anything w.r.t. to abandoned property laws. It varies by state, but I believe the minimum is 3 yrs...

Also, on the safe deposit box -- MT's law must be in the minority. In most states any activity, including payment of fees, resets the clock.

Actually I just researched MT's statute specifically as it applies to safe deposit boxes. As of 1997, it's 5 years after expiration of the lease or rental period, so, it should not be abandoned if your friend has been paying the rental fees. I don't know about pre-1997.

http://data.opi.mt.gov/bills/mca/70/9/70-9-804.htm
 
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