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FIB - Scams 101 - Ye Olde Archives
Posted By: eshannon In Response To: When do you plan to die? (R Hagel)
Friday, 11 February 2005, at 3:42 p.m.
> Hey all,
> Here's an article I wrote for my newsletter recently. I received a lot of
> positive responses, so thought I would share it here. I've removed all
> links and even my email address, just so you know this isn't a "drive
> by" article. Then again, I've been coming here since late 1999, so
> that's an awful long time to be just driving by. Cops are gonna pick me up
> for loitering sooner or later.
> Anyhoo ....
> ============
> Silly question, isn't it?
> After all, who actually sits down and plans out a day and time for their
> death? Maybe a couple suicidal folks and a few of Dr. Kevorkian's patients
> might be able to tell you their death date without hesitation. But other
> than that, most of us don't know when we're going to kick the bucket.
> Sure, we like to assume that the Grim Reaper will come knocking at our
> door years and years and years from now. We assume that we still have a
> long, full life ahead of us.
> But how do we know? Heck, my life could end right now as a type this:
> sudden heart attack, or electrical shock, or earthquake, or armed robbers
> busting down my door. You never know.
> Now here's the thing: if I met my untimely demise right now, I wouldn't be
> ready. Or perhaps more appropriately, my loved ones wouldn't be prepared
> to take over my business.
> You see, I haven't yet taken the time to sit down and put on paper
> everything I do to earn money. If I died today, no one would know how to
> access my Paypal account and take the money out. No one would know how to
> send a note to my mailing lists. No one would know how to access any of my
> websites.
Great post.
Can I add one thing? Add your spouse/sibling/whoever to your business bank account (if you trust them enough). Reason being that if you have a sole prop and you die, the bank won't let anyone else just assume the account. It dies with you, which would make all those auto debits a pain to set up again.
I used to be a bank manager, so I saw first hand how difficult this is.
> I'm not invincible. Yet apparently -- at least with regards to my business
> -- I'm living like I'll live forever.
> Oh sure, even if I never told anyone how to access my accounts, the world
> wouldn't end. But wouldn't it be nice for my customers to know why I'm not
> replying to their emails? And even more important, wouldn't it be nice to
> provide my loved ones with the passive income my business currently
> provides?
> You bet.
> I kind of feel like a schmuck for not having done this sooner.
> So here's my list of things I need to write down and give to my loved
> ones. Since I just started thinking about this recently, I'm probably
> missing some things from the list. Feel free to post to this thread when
> you think of stuff to add to the list.
> Please note: these are business affairs only...
> ++ Getting My (Business) Affairs in Order List ++
> -- Get copies of all legal documents and business documents and put them
> in one place, with instructions leading my family to the original
> documents. This includes things like DBA forms, incorporation forms, tax
> stuff, receipts, etc.
> -- Give login info to all my online accounts, such as Paypal. Include
> instructions regarding how to take money out (via transfers or via debit
> card).
> -- Give details about all my bank accounts.
> -- Sit down and teach someone exactly what I DO, so that if my family
> wants to continue my business after I'm gone (even if that just means
> selling off my assets), they can.
> -- Write down all my website URL's, passwords and usernames for: my
> websites, mailing lists, places like Clickbank, Google AdWords account and
> other PPC accounts, GoDaddy account, eBay account, email accounts... Etc.
> -- Write down a list of colleagues to notify, and the best way to notify
> them (e.g., provide email addresses or phone numbers for some of my closer
> friends and joint venture partners).
> -- Make a complete list of all my websites, domain names, products and
> other assets. May even include instructions on what to do with these items
> (e.g., how to let a domain name expire OR how to sell the domain name).
> That's my list off the top of my head. Care to add to the list? Post your
> ideas here. And then don't forget to make your own list so your loved ones
> are ready to take over your business in the event of your *gulp* untimely
> demise.
> ===================
> Cheers,
> Rebecca "Becky" Hagel
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