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