Someone recently asked: If a person dies in an accident, will the investments in the various accounts be properly transferred to their loved ones?
I’ve encountered similar situations before and inquired about some more materials, so I’ll summarize them here.
1, bank accounts and A-share accounts are relatively simple, after completing the relevant procedures, you can go to the local people’s bank to inquire, and then through the procedures for legal transfer.
Well, borrowing someone else’s ID to open a bunch of accounts for the new party is a bit more troublesome, as you’ll understand. The other bizarre situation is that if A borrowed B’s ID card to set up a bank card and A shares account, but B suddenly died, B’s family went to the People’s Bank of China to check the assets found to be reasonable and legal to transfer. The new party is recommended to have a plan.
2, all kinds of financial management APP such as Alipay, WeChat, etc., can only take the supporting materials to a house to find customer service. If you’re not, you’ll be able to find a way to get your money back.
3, public and regular private funds can also be checked theoretically, but it may be more troublesome. The actual fact is that you can’t be sure that you’re going to be able to find the best way to get the most out of your money.
4, outside the various types of assets is very troublesome, even if their loved ones probably know where the assets are, to return to the difficulty is also comparable to 25,000 miles long march. A friend of mine had investments in U.S. stocks and Hong Kong stocks before he died, as well as a local bank card, but he couldn’t get the money back after several years. It’s not that they don’t give it to me, but it’s just that the procedures are too complicated. If the relatives don’t know about the investment, then there is no place to check.
5, Bitcoin and other virtual currencies, the password does not recognize the person. If you don’t give a clear explanation, the money is gone.
This problem is fine for the average person, as more than 90% of their assets are in the house anyway. But for investors with a certain level of sophistication, it’s quite realistic, probably in A shares, Hong Kong shares, U.S. shares, public offerings, private equity, all kinds of financial investment apps, virtual currencies, the probability that the family simply can’t figure out what it is.
In fact, the above is me, except that there are no virtual currencies. I’m sure many of you are in a similar situation, or could face this situation in the future as well.
I have come up with a solution and currently do so myself.
Write a document every once in a while, let’s say every six months, with a clear description of where the investments are and how they are withdrawn. But it does not contain passwords or specific amounts.
The documents are sent to family members for their records, and the passwords are usually memorized by them. The documents can also be backed up with a trusted buddy.
This way, if there are any emergencies, I’m sure they’ll be able to handle them.
I just took a look at the list, and currently I have half a page of A4 paper. Not a lot of money, and a pretty well diversified investment! I’ve always been afraid of trouble, but only when it comes to investment.
Recent Comments