What Happens to your Online Forex Trading Account when you Die ~ forex news trading book
Death is inevitable yet it is uncertain when it comes. A lot of Kenyans have invested in the online forex market and a good number of them receive their daily bread from online forex trading. But what really happens to our investment as forex traders when we die? Who takes away the trading capital in our forex accounts when we die? Could it be the forex broker? Probably, I’m not certain.
The truth of the matter is that when we die, unless we brought somebody to the knowledge of our forex investment and returns therein, there is no way to know who actually takes away our forex trading capital. As Kenyans we work hard in all our endeavors and it is a sad fact that when we die everything we’ve done to make our online forex accounts profitable and the entire forex capital therein remains with some other person. Even if the forex broker provides us with some little assurance that our families may claim on our behalf, there is just no mechanism to make sure that everything in our online forex account reach those that we prefer when we die.
There are a million and one ways through which any Kenyan can meet his or her death. Terrorist attacks are on the rise, road carnage is spiraling up and even stray bullets once a while picks on the innocent. Unless you are diagnosed with a terminal illness like cancer, no Kenyan ever gives much thought to the advantage of writing and leaving back a will. Most Kenyans die intestate hence depriving their dependents the enjoyment of their investment whether it derives from the online forex market or any other source.
Below are some of the things that any Kenyan engaged in online forex trading can do to minimize the dangers of losing everything in their forex accounts when they die.
Withdraw the profits you make in online forex trading
Unless your forex trading account is so small, there is really no need for any Kenyan to put all their money in the online forex trading account. As a successful online forex trader, you will make profits through winner trades and it is important that you withdraw your profits to improve your standard of living. Do not let the money you are not using to trade forex to lie idly with your forex broker in your online forex trading account.
Every Kenyan with a sizable forex account and with a successful forex trading history should therefore withdraw the profits they gain from online forex trading. This withdrawal could happen at the end of every month or as frequently as you may agree with your forex broker. Only your trading capital should be available in your forex trading account.
With an unexpected death, the effect of a sudden death will not deprive entirely your Kenyan family or any other dependents from enjoying your investment in the online forex market. The process of proving death of any Kenyan to an online forex broker based in London or New York can be tedious and a discouragement. There are legal issues involved such as getting probate. The cost of recovering the forex investment could in the end be higher than the amount in the online forex account. You see, online forex brokers don’t provide certificates like share certificates issued by listed companies. With a share certificate it is easier to ascertain the benefit or loss of going after the investment. This form of certainty is not available in an online forex trading setup.
Inform a family member or a close friend of your online forex investment
The dangers of being secretive is that you go into your grave with a lot of information. In a way it affects your legacy negatively because you leave nothing for those that come after you. Your absence is no longer felt and even if others might term your departure as a terrible loss, they really don’t mean it. All Kenyans engaged in online forex trading must inform a close family member or friend of their investment. It becomes easy to know where to start from if some information is left behind. Let a family member know the online forex broker you are using, the amount of forex capital in your forex account and how long you have been trading in the forex market. This is a simple safeguard requiring no legal formality. It simply involves opening up to a trusted family member or Kenyan friend. Open up to avoid the dangers of living your entire forex investment to the moles.
Write a will
A will should be written by every Kenyan. The agony you cause your family and dependents when you die without leaving a will are far greater than the agony caused by your death. Make a will and let it speak for you after you are gone. The will keeps your authority, it controls the excesses of greed by dishonest family members, keeps the family united and positively impacts on your legacy. Include your online forex trading account in the will. Give the details of your forex broker. You could even provide your forex trading name and account password in the will. Keep the will with a lawyer or someone you trust. It will be a life well lived.
Safety measures are necessary because we are never sure of when we may breathe our last. Every Kenyan with an investment in the online forex market should adopt one of the above safety measures. They are all simple things to do and involve little or no money. The concept of being too secretive is born out of individualism and personal greed. You will not trade forex in your grave.
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