Asset Manager for Incapacity/Death

Investing / Others
1

i’m currently pondering a good setup to prevent a not-so-great financial outcome in case of an incapacity or death.

status quo

mid 40s, fired, single/divorced, one [teenie] child

in place: a living will & a will (with a pro/trustee as the executor, at least until the heir is an adult)

missing

a sensible “vorsorgeauftrag”

main subject here is the wealth management part. i probably wouldn’t mind if e.g. KESB would manage the daily care stuff, including everyday finance, as it can be a burden for family members - plus KESB would probably get their opinions in terms of my preferences etc. anyways.

asset manager

my idea would be to write down a simplified+adjusted version of my investment strategy that could be executed with some knowledge/experience. it’s obviously a low-cost approach and not supposed to be “destroyed” by expensive etf’s/funds, brokers/banks or managers.

there is a family member who could probably do it. i don’t know, yet, if they’d want to, plus i’d still like to know if it’s even an option to let someone else do it [in an inexpensive way]. e.g. do certain trustees act as asset managers without the help of bankers? or are there professional asset managers who manage portfolios based on simple instructions without charging percentages [of wealth]?

i’ll seek professional advice soon, but maybe some of you have some answers, opinions, own experience etc. :slight_smile:

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2

It used to be possible to have anyone named to take care of your finances in case you are incapacitated, but I suspect this is no longer true, given the heavy regulations a wealth or asset manager has to fulfill these days. I assume it’s still possible if there is no pay or other compensation for the named manager (e.g. a family member). But, why not leave it with KESB? I am aware their public reputation in general isn’t great, but if you setup your instructions properly (i.e. legally binding), and simple enough for basically anyone to understand, then that should work and be somewhat cost efficient. You really have to work on the simple enough there though, otherwise I assume KESB will delegate it to an expensive third party.

Given the age of your child (and I understand heir), you only have a few years at risk before you can nominate your child to take care, so your best bet is simply to financially educate your child properly.

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