What if you passed away suddenly?

45 replies
I'm not trying to be morbid. I got to thinking that I need to do some preemptive planning.

If you're like me, you have business bank accounts, a PayPal account or two, a hosting provider, autoresponder service, etc. I also have clients that have paid for hosting a year in advance. Some pay me month-to-month. I almost forgot about my part-time VA at oDesk. You get the idea.

I know that many of you have good size Internet operations underway. So, what have done for an orderly business transition that you can not participate in?

Your insights are appreciated.

Joe Mobley
#passed #planning #suddenly
  • Profile picture of the author WillR
    You really need to have someone you know and trust who has some understanding of what you are up to and would know what to do in such a circumstance. It is definitely worth thinking about. No harm in preparing for the worst, especially when you have family etc that rely on your income.
    {{ DiscussionBoard.errors[4150684].message }}
  • Profile picture of the author Vincenzo Oliva
    I'm not sure what would happen but I'm not dying to find out ;-)
    {{ DiscussionBoard.errors[4150688].message }}
    • Profile picture of the author rsseosolution
      Banned
      [DELETED]
      {{ DiscussionBoard.errors[4152387].message }}
      • Profile picture of the author Qamar
        Originally Posted by rsseosolution View Post

        i will live up to 100 years. so no planning as such..
        Sure? What IF it's only 100 minutes?
        Signature
        I help Thought Leaders, Coaches and Consultants
        Explode Their High Ticket Sales EXPONENTIALLY with just ONE CALL CLOSING.

        Want Me To Help You? click ==> High Ticket Closer.

        or

        Do You Want to become a High Ticket Closer Like Me and work from anywhere around the world?
        Click Here to Apply Now
        {{ DiscussionBoard.errors[4152494].message }}
      • Profile picture of the author Henry White
        Originally Posted by rsseosolution View Post

        i will live up to 100 years. so no planning as such..
        LOL! And if the tin-foil hat crowd is right about 12/21/2012 and Lrrr of Omicron Persei 8 returns to wipe out the planet over the abrupt cancellation of 'Caprica' and/or 'Stargate Universe' it won't matter because we'll all be dead! Right?

        Not sure which cancelled Zoey is going to piss off the Emporer; maybe both.
        {{ DiscussionBoard.errors[4152594].message }}
    • Profile picture of the author skibbz
      Originally Posted by Vincenzo Oliva View Post

      I'm not sure what would happen but I'm not dying to find out ;-)
      hahaha this is funny, it would be wise to document all of your hosting account, bank/paypal account info documented and submitted to your lawyer for safekeeping and create a will for your kids.

      This is in the even that you have a substancial income from your internet business
      {{ DiscussionBoard.errors[4155568].message }}
  • Profile picture of the author DireStraits
    Originally Posted by Joe Mobley View Post

    I'm not trying to be morbid. I got to thinking that I need to do some preemptive planning.

    If you're like me, you have business bank accounts, a PayPal account or two, a hosting provider, autoresponder service, etc. I also have clients that have paid for hosting a year in advance. Some pay me month-to-month. I almost forgot about my part-time VA at oDesk. You get the idea.

    I know that many of you have good size Internet operations underway. So, what have done for an orderly business transition that you can not participate in?

    Your insights are appreciated.

    Joe Mobley
    I seem to recall a previous thread, earlier this year or perhaps back end of last, in which this same question was asked. The answers were quite insightful and interesting.

    I have to say, though, rather ashamedly (and perhaps selfishly??), that I haven't yet done a thing that'd assist toward the smooth transitioning of my business to another family member or indeed anyone else. I'll look into this before too long though, I expect, because it's a shame to imagine everything going downhill and stagnating unnecessarily after channelling so much effort into things.

    My brother is pretty technologically competent, however, and I think if he was able to gain access to my email accounts and so on, he'd be able to retrieve my passwords for various services and websites and would know exactly how to keep things going (should he feel inclined to do so).
    {{ DiscussionBoard.errors[4150697].message }}
  • Profile picture of the author KateHunter
    Firstly if you use PC, a great help would be to have all your passwords in roboform and backed up in html format. Then you need a manual that documents all the working parts of your business with your roboform masterpassword.
    After that, what to do if none of your relatives or friends know how to manage your business?
    {{ DiscussionBoard.errors[4150964].message }}
    • Profile picture of the author hardraysnight
      Originally Posted by KateHunter View Post

      Firstly if you use PC, a great help would be to have all your passwords in roboform and backed up in html format. Then you need a manual that documents all the working parts of your business with your roboform masterpassword.
      After that, what to do if none of your relatives or friends know how to manage your business?
      I am not worrying.

      I am confident there are many seats left in internet heaven.

      But you mere mortals have a righty to be concerned, internet hell is advertising for no vacancy signs.
      {{ DiscussionBoard.errors[4151034].message }}
  • Profile picture of the author 4Frankie
    Interesting subject and something you never think about. Good idea to find somebody in immediate family and train them how you do things or write a manual but that would take a bit of time. Certainly food for thought.
    {{ DiscussionBoard.errors[4151123].message }}
  • Profile picture of the author travlinguy
    I've got it perfectly planned out with an extremely vague will. That way it will be probated for 30+ years and my heirs will claw each other to pieces.
    {{ DiscussionBoard.errors[4151142].message }}
    • Profile picture of the author TLCarroll
      Originally Posted by travlinguy View Post

      I've got it perfectly planned out with an extremely vague will. That way it will be probated for 30+ years and my heirs will claw each other to pieces.
      LMAO

      That is just so wrong.



      I plan on spending everything so there's nothing to "will" to anyone.
      Signature
      The Revolution is in progress since Spring of 2007!
      "I only want to do it once, by myself, for free and never touch it again...EVER...then I'll retire."

      Watch this sig for updates!
      {{ DiscussionBoard.errors[4152332].message }}
  • Profile picture of the author jerytohn
    This is a very good question ... something I have asked myself many times. I always wondered whether the expired exact match domains (the good ones) that I managed to buy up were due to people who owned them had passed on and wondered if the same thing will happen to my collection of websites and domains ...
    Signature

    Good Day People! This is my fav search engine: Google

    {{ DiscussionBoard.errors[4152348].message }}
  • Profile picture of the author CoverGraphix
    I can think about it, and get all worked up, but the truth is once I am dead, it will finally not be my problem anymore.

    Sure, I get things in order for the loved ones I leave behind, but we are all stressing so much these days, that we plan to even stress beyond the grave.
    {{ DiscussionBoard.errors[4152405].message }}
  • Profile picture of the author Frank Ayres
    I havent done anything as i asked my wife and she said she wouldnt want the business if i died.

    So didnt see much point in doing anything, she would just shut down my bank and paypal accounts and that would be the end
    Signature

    {{ DiscussionBoard.errors[4152447].message }}
  • Profile picture of the author jokarl
    Im sure there are lots of money and domains bein lost when people die and in the future it will increase a lot. Best advice is to write down all information and put it in banksafe och somewhere safe where relatives can find all the information if the worst should happend. Also if you earn good money now, buy a really good life insurance to make sure your family is safe if you die.
    {{ DiscussionBoard.errors[4152527].message }}
  • Profile picture of the author Caspir
    Well its a part of life, everyone has to die. Life is also reality which you have to face and to live here you have to do something where you were doing, so never think about that, New one will came and will take your place.
    {{ DiscussionBoard.errors[4152684].message }}
    • There's an interesting story on this topic about the Raven.com domain. It's posted in many places around the Web; search on "raven domain theft widow."

      Basically Raven.com was registered long, long ago for a small business. The owner died. His widow continued to use email on the domain and the registration did not lapse.

      Someone, however, hijacked the domain and Sedo ended up selling it for $3,500. This is for a domain that could have been worth as much as $200K at that time.

      fLufF
      --
      Signature
      Fiverr is looking for freelance writers for its blog. Details here.
      Love microjobs? Work when you want and get paid in cash the same day!
      {{ DiscussionBoard.errors[4153436].message }}
  • Profile picture of the author Alex Copeland
    I would like to think my kids would take over the work I have built up so far but it all depends I guess...

    Ultimately I want more and more of my business to be passive as times goes on so that apart from the people who know me personally (and would hopefully miss me!) you wouldn't even notice I was gone in a business sense and the money and business would continue to roll on for a long time after...

    As for the technicality behind it such as bank accounts etc, my Wife learnt my pin codes and passwords a LOOOONNNGG time ago to make sure she could spend it lol
    Signature

    Unleash Your Awesome - Pocket Ace Promotion

    {{ DiscussionBoard.errors[4153465].message }}
  • Profile picture of the author Brian E Adams
    I've been discussing this topic with a friend. He's concerned about the business going down in the event he is hospitalized or dies. His wife would want the income to continue. For now he can only rely on friends and try to get organized.

    He's considering writing an ebook on how to prepare your IM business for this event. He's still thinking about it. Would there be an appetite for this book?

    Also if there were a service that would be engaged to pick-up this pieces for a business that would be great. There would be huge liability however.

    This is a business opportunity of a grand scale. How can you provide a continuity service or life insurance for the IM crowd?
    Signature
    WebinarMax - The Ultimate Webinar Replay Service
    {{ DiscussionBoard.errors[4153882].message }}
  • Profile picture of the author michaelgrisso
    It's funny I came across this, because we were just talking about it the other day. All my passwords, websites, and online financial information are in my head. I guess the smart thing to do would be to go have a "Will" drawn up with all the information.
    {{ DiscussionBoard.errors[4154079].message }}
  • Profile picture of the author goldengallows
    I would make the owners of adultwork.com very rich indeed lol!
    {{ DiscussionBoard.errors[4154167].message }}
  • Profile picture of the author SteveJohnson
    A will prepared by a competent attorney is essential - if only so that you can make sure who doesn't get a slice of the pie
    Signature

    The 2nd Amendment, 1789 - The Original Homeland Security.

    Gun control means never having to say, "I missed you."

    {{ DiscussionBoard.errors[4154529].message }}
  • Profile picture of the author John Romaine
    Do they cash Clickbank cheques in heaven?
    Signature

    BS free SEO services, training and advice - SEO Point

    {{ DiscussionBoard.errors[4154621].message }}
    • Profile picture of the author Cyberkntsean
      Originally Posted by ramone_johnny View Post

      Do they cash Clickbank cheques in heaven?
      It depends on what 'products' you plan to promote... you know the devil is in the details...
      {{ DiscussionBoard.errors[4157507].message }}
  • Profile picture of the author Rose Anderson
    Ramone...only with 2 forms of photo ID.
    {{ DiscussionBoard.errors[4154653].message }}
  • Profile picture of the author blillard
    The answer to that question is easy man. The kids, the kids, the kids. Put that in your will pass that money to them way before your gone, I mean like tomorrow. Anyone here that owns an online business the is remotely on auto-pilot and money will keep rolling after your gone, then you need to think your seeds now. Hell show them the ropes at a young age so when that day comes jr can take seo like a champ, or ppc is second nature. This not a hobby it is a business like anything else. Pass the knowledge and business down because believe it or not we are gifted few and elite of entrepreneurs because we know how to turn money out on or butts while others scratch their heads like WTF are you doing for a living. So share that gift with your children, who cares if they hate it now they'll thank you for it later when ALL THE WORLD KNOWS IS THE INTERNET. Just my two cents. Do it to play with the lambos and benzes, but live it to provide for the children and future so on
    {{ DiscussionBoard.errors[4154685].message }}
  • Profile picture of the author premiumplr
    Well if were to drop dead today, my online business would die with me.

    Although I've made suitable arrangements (life insurance, will, etc) for my outside investments there is no one in my life that would be capable or willing to take up the online portion. I've often thought about who I would like to train but it's difficult to train someone for a task that they may or may not have to do at some point in the distant or not so distant future.
    {{ DiscussionBoard.errors[4154798].message }}
  • Profile picture of the author Rose Anderson
    Even if they don't want to take over and run the business; your family needs to know how to get into your paypal account and transfer funds into the bank, etc. It's a sad thought that you'd have money sitting in an account and your family not know how to get it.
    {{ DiscussionBoard.errors[4154924].message }}
  • Profile picture of the author Michael Johnson
    I would be happy knowing that all of my internet businesses have been passed down to my loved ones
    {{ DiscussionBoard.errors[4155145].message }}
    • Profile picture of the author Fafa
      I'm doing all of this for the kids, and there kids kids, and there kids, kids,kids and so on..I wouldn't want them to get burn by corporate america out there
      {{ DiscussionBoard.errors[4155410].message }}
  • Profile picture of the author Serenity090
    According to Law Of Attraction you Should Avoid Such Questions...
    Signature

    Love the Humanity...:)

    {{ DiscussionBoard.errors[4155538].message }}
    • Profile picture of the author Joe Mobley
      That kind of foolish and unwise thinking would leave my clients without domains, websites, hosting, and money that they entrusted to me.

      It would leave the people that I care for without the benefits that I would like to pass on to them.

      It would allow a government agency to decide how my assets to be divided.

      Good grief! I deserve better that that. My clients deserve better than that.

      Law of Attraction =
      Forest Gump listens to a Bob Procter tape and creates a WSO.

      Originally Posted by Serenity090 View Post

      According to Law Of Attraction you Should Avoid Such Questions...
      Signature

      .

      Follow Me on Twitter: @daVinciJoe
      {{ DiscussionBoard.errors[4157090].message }}
  • Profile picture of the author Lori Kelly
    You do not want to have to go through probate. The estate/probate laws vary state to state.

    Do an revocable living trust. Now. If you have not planned, do it as soon as possible. Although it certainly pays to have a good estate lawyer draw up a will and a trust, you can do it yourself. You can put your assets into the trust now and as a revocable trust, you can make changes during your lifetime. Title your vehicles, your assets, etc. in the name of the trust.

    I worked for estate planning attorneys for years. I am not an attorney. Rather, a paralegal with 20 years experience. If I can help anyone, please let me know. I'd be happy to help you, no obligation, no fee. After experiencing a death in my family, I know how difficult it is to distribute assets, funeral arrangements, etc. It sucks to say the least. I have helped friends with this issue and the ones who died intestate, without a will, OMG. The problems that arose were endless.
    Signature
    Learn Website Tips, How to Do Keyword Research, & How to Write Killer Content.
    Stop Wasting Time.
    Start Living Your Dream.
    Click Here NOW to Get Your Hands on
    One of the Most Valuable Ebooks Ever!

    {{ DiscussionBoard.errors[4157207].message }}
    • Profile picture of the author Joe Mobley
      Thank you Lori,

      What part of Texas? I lived in Dallas-Fort Worth until January of this year.

      Joe Mobley



      Originally Posted by Lori Kelly View Post

      You do not want to have to go through probate. The estate/probate laws vary state to state.

      Do an revocable living trust. Now. If you have not planned, do it as soon as possible. Although it certainly pays to have a good estate lawyer draw up a will and a trust, you can do it yourself. You can put your assets into the trust now and as a revocable trust, you can make changes during your lifetime. Title your vehicles, your assets, etc. in the name of the trust.

      I worked for estate planning attorneys for years. I am not an attorney. Rather, a paralegal with 20 years experience. If I can help anyone, please let me know. I'd be happy to help you, no obligation, no fee. After experiencing a death in my family, I know how difficult it is to distribute assets, funeral arrangements, etc. It sucks to say the least. I have helped friends with this issue and the ones who died intestate, without a will, OMG. The problems that arose were endless.
      Signature

      .

      Follow Me on Twitter: @daVinciJoe
      {{ DiscussionBoard.errors[4157283].message }}
      • Profile picture of the author Lori Kelly
        Originally Posted by Joe Mobley View Post

        Thank you Lori,
        What part of Texas? I lived in Dallas-Fort Worth until January of this year.
        Joe Mobley

        You're welcome, Joe.
        I live in the hill country, near Marble Falls. I hope you moved to an area cooler than the 100+ temps we have had for weeks now.
        Signature
        Learn Website Tips, How to Do Keyword Research, & How to Write Killer Content.
        Stop Wasting Time.
        Start Living Your Dream.
        Click Here NOW to Get Your Hands on
        One of the Most Valuable Ebooks Ever!

        {{ DiscussionBoard.errors[4160207].message }}
    • Profile picture of the author Jill Carpenter
      I came into this world with nothing, and plan to go back out the same way.

      Can't take it with ya. Well, unless you are an Egyptian, but even then your tomb gets robbed and put in a museum and well...

      I do not expect anything from my folks or relatives when they go, and I give things while I'm alive.

      Use it or lose it.

      I would rather spend time teaching someone to fish while I am alive then worrying about giving them some fish when I am dead.

      No one in my family is into IM, so my online identity will fade away.

      If I thought someone might have some interest, I might change things down the road. But for now it is no concern.
      Signature

      "May I have ten thousand marbles, please?"

      {{ DiscussionBoard.errors[4157290].message }}
  • Profile picture of the author Ducksauce
    OK, what about suggestions how to do it?

    Writing a manual in .txt doc may be good, with comments and update it every 3 months. God for you as well. Would you encrypt it and host it on a cloud? Say you gave it to your closest brother, and his wife or house got robbed, so many tings out of your control.

    Any suggestions.
    Signature

    I love life an everything in it. Don't worry, be happy.

    {{ DiscussionBoard.errors[4157316].message }}
  • Profile picture of the author Leanne King
    I use a software program that backs ups to a flash drive that details everything my servers, my products, domain names, affiliate programs etc so my executor knows what stuff I have.

    I also have a will and an enduring power of attorney (in the event that I lose capacity).
    {{ DiscussionBoard.errors[4157377].message }}
  • Profile picture of the author Ducksauce
    Leanne King, Do you mind telling us which program, or PM if not allowed here.
    Signature

    I love life an everything in it. Don't worry, be happy.

    {{ DiscussionBoard.errors[4157533].message }}
  • I have already had a will drawn up that leaves everything to my 8 year old Tortoiseshell cat, Shorty McGee.

    She writes much better than I do anyway, so my clients will actually benefit.

    Patrick
    Signature
    PatrickBrianONeill.com
    {{ DiscussionBoard.errors[4157824].message }}
  • Profile picture of the author copymarketing
    Interesting discussion. Well. I think the best bet is to have one or more reliable family members as business partners.
    {{ DiscussionBoard.errors[4157925].message }}
  • Profile picture of the author Claire Sharp
    Expect the unexpected. All you have to do is train somebody from your immediate family about what you want them to know so that if in case you're gone, he/she will probably be the one to continue your venture. How's that?
    {{ DiscussionBoard.errors[4158660].message }}
  • Profile picture of the author renegadetmj
    How's this for an idea? Set up a not-for-profit organisation that people can bequeath their online existence to. Any revenue that trickles in after they die is then used for charitable causes. A small amount each day from thousands of otherwise long forgotten posts/hubs/lenses etc etc could really add up.
    {{ DiscussionBoard.errors[4158953].message }}
  • Profile picture of the author nbajerseys
    It's getting close...2012, you'd better get prepared. LOL!
    {{ DiscussionBoard.errors[4158971].message }}
  • Profile picture of the author harrymcclaire
    hahaha this is really interesting and funny some of the posts.

    but i did think of it before.

    probably you would want to establish everything nicely and make it neat and save all instructions to a file so if something were to happen to you ur family can open that file and follow ur instructions.

    or you can just share with ur family what u are doing and just save passwords all in a file.

    but actually i have no intention of staying online forever.
    though its a good start where its minimum start up and cost of maintaining.

    BUT have u seen any of the richest man on earth in forbes list earning from internet?

    hahah
    u get my point.
    Signature
    Photo Proof of results
    979 clicks, 177 sign ups, 2 sales
    = $133.08 of CB commissions!
    Within 1st day of blast!
    {{ DiscussionBoard.errors[4159368].message }}

Trending Topics