What if I get hit by a bus?

[heech]

I know... if I had an early demise, you'd be sad, Megan Fox would be sad.

But more importantly, what about my LLC + fund? What's standard arrangement for things like this? I would like to make sure all open positions are liquidated as soon as possible. Is there a way of making this happen? How can I make sure my investors are probably informed, and that there's an orderly wind-down of the fund + return of assets (including those of my estate!)?

My understanding is that a "power of attorney" only lasts while you're alive. What arrangement should I make for *after* that point?

 

[Now is Now]

It will depend on how well the bus hits you...

In the mean time set up a written instruction to your brokers ..." in the event there is no activity within a 48 hour trading period close all existing positions"...something to that affect.

The executor,whether personally or court appointed, will look after the clients.

Have a good rest and come back as Livermore....




NiN

 

[heech]

Quote from Now is Now:

It will depend on how well the bus hits you...

In the mean time set up a written instruction to your brokers ..." in the event there is no activity within a 48 hour trading period close all existing positions"...something to that affect.

The executor,whether personally or court appointed, will look after the clients.

Have a good rest and come back as Livermore....




NiN

There must be something formal I have to submit...? I have to imagine my brokers wouldn't be wild about the idea of "monitoring" my account to see whether trading activity has occurred.

I also have a third party admin firm for the firm, but they don't really see my trading activity, nor are they signatories on the futures account... so not sure how they'd know either.

 

[tomahawk]

Couldn't you just leave instructions with a trusted loved one (wife, parent, .... Megan Fox, etc. ) to take care of the immediate concern of logging into your accounts and closing positions? Leave the instructions in a safe deposit box in a sealed envelope marked "Only to be opened upon me, (your name here), being hit by a bus".

 

[Smart Money]

And buy some life insurance on yourself to be distributed evenly to your customers to help cover losses caused by the delay.

 

[heech]

Quote from tomahawk:

Couldn't you just leave instructions with a trusted loved one (wife, parent, .... Megan Fox, etc. ) to take care of the immediate concern of logging into your accounts and closing positions? Leave the instructions in a safe deposit box in a sealed envelope marked "Only to be opened upon me, (your name here), being hit by a bus".

I want to get away from the assumption that they can pose as me in any way (which is what you're suggesting). It *might* work, or it might not... falls apart if she needs to call the broker and liquidate positions that are traded on the floor, for example.

I'm really looking for something a little more iron-clad and actually, well, legal.

And besides, Megan Fox no longer likes it when I send her envelopes. Go figure.

 

[LEAPup]

The answer:
Emergency contingency plan. Written, and takes place as soon as the custodian of the assets learns of your death.

Btw, you did not ask a dumb question. You'd be surprised at some of the RIA's I know who manage over $100M, and have ZERO emergency contingency plan.

Last, once you get this in place, have it put in your ADV II so your Clients can sleep a little easier.

 

[peilthetraveler]

Quote from heech:

I know... if I had an early demise, you'd be sad, Megan Fox would be sad.

But more importantly, what about my LLC + fund? What's standard arrangement for things like this?

God doesnt allow you to take it with you, so no need to do anything.

 

[LEAPup]

Op, I did a little "legwork" for you today. What you need is actually called a "disaster plan."
It isn't hard to get this into place, and once you do, your Clients will be better off.

(Lol, I actually read the language of my ADV II, and spoke with a lawyer who owes me more than one.)

Best wishes, and stay away from the damn buses! Lol!

 

[heech]

Quote from LEAPup:

Op, I did a little "legwork" for you today. What you need is actually called a "disaster plan."
It isn't hard to get this into place, and once you do, your Clients will be better off.

(Lol, I actually read the language of my ADV II, and spoke with a lawyer who owes me more than one.)

Best wishes, and stay away from the damn buses! Lol!

I actually did get hit by a bus today... I didn't get a close look at the license plate, but I do have CL imprinted on my forehead.

Thank you for your advice, btw! I don't file an ADV II, but at least now I know the specific terminology I should be using. I've already had some superficial discussions about disaster planning with folks, but I was mostly thinking about disaster for the fund... not myself personally.