If We Die Will Adsense, Clickbank, etc. Continue to Send Us Cheques?

It is time we write our will so if we die, then someone can take over and continue our journey. Of course your name will be changed otherwise cheque will be bounced.

Nice one Ray... Me? I have a big insurance policy. If I die, I don't think they'll care about my online activities.

TomG.

Funny you posted this, I have a file with accounts and passwords today, currently working on a simple document on running my various businesses for partenrs/dependents to step in.

Jeff

Hi Ray,

Go right around the Wife and leave your online business information with your kids. ( if there are children & if they are of age to take on this reponsibilty).

Ken

Well, here's a business opportunity for someone very organized ! A WSO in how to pass it forward when your time is up! It will come, I hope later than sooner .

I have a safe deposit box in both mine and my wife's names. She has a key and knows that if I die, she needs to open it. Inside the box, I've left an envelope with "If I'm dead" written on it that contains detailed instructions of what to do with my business if I'm no longer around.

The box also contains my will, life insurance policy info, account numbers and locations of bank and brokerage accounts, etc. It may seem a bit morbid, but I sleep better knowing that if I don't wake up my family's financial future is still secure.

Of course, any time you make yourself more valuable dead than alive, you're taking a risk.

Very true!

Another point to think about -- wills go into probate and often take a while to be taken care of. You don't want your business to be stuck and possibly die while you're waiting for things to get moving.

If you're being paid via direct deposit, the companies paying you will continue to pay you because they'll have no idea you're dead.

As long as your sites are still up, the hosting is still paid for, and you're still generating traffic, you'll keep getting paid.

A lot of people have bank accounts set up as "POD" (pay on death) and list someone else's name on there. This person would have automatic access to your accounts when you die WITHOUT the will and WITHOUT going through probate, if I understand correctly.

It's just like setting up the titles to your vehicles as "TOD" (title on death) so they will pass directly to someone else WITHOUT the will and WITHOUT going through probate.

Jill

Every website I use is on a 16GB USB stick, with RoboForm2Go loaded on it. All anyone has to do is take my stick, plug it in any machine. RoboForm2Go automatically loads from the USB drive, then they enter the master password to access the IDs/Passwords to all my sites. If my master password is in a will, then they have the key to the "kingdom" as it is. It's backed up, and the list of IDs/passwords can be printed off.

If credit cards keep getting renewed then hosting, AR, other services will keep billing.

The bigger question is - who's got a family member that wants to, or has been trained to run their IM business. That's the $1M question.

While many of us are trying to set up our business on autopilot, that can't be 100% of the issue. Who sends the broadcast to your list to explain the change in ownership? Who explains to JVs the change, etc. Who takes over support? Who responds to emails?

Some sort of flowchart, or document explaining how all the pieces of your business fit together would be key to having someone "run the business".

I've thought many times about the memberships I belong to, the software I own, etc. that I know are run by one person. Does he/she have a backup person trained? I'm not comfortable having critical elements of my business reliant on one person staying healthy, not taking vacations, not selling his/her business, not getting out of IM and walking away midstream.

This topic is too scary. I think I'll read another thread, quickly.

Mark

Never think of this. I better be teaching my children on how to continue the business when I pass on to heaven

I've thought a lot about this as well, and found services like DeathSwitch that send you emails at a set interval, and when you don't respond it assumes you're dead and emails your passwords and other info to someone else. I'm hesitant to try this for many reasons, but it is one possible solution.

A will is probably the best way, or just have someone (spouse, parents, etc) who has access to your information and instructions upon your death. I think it's the best way to do it, and if they can run your business after your passing that's even better.

As mentioned, it is best to have all business activities in a business name rather than your personal name. Problems can easily arise with collections from PayPal or continuation of AdSense accounts if not in a business name. I've structured an LLC so that it's easy to bring on new members or to transfer membership upon a member's death.

I'd caution about putting too much business detail in a will. I believe wills become public documents when probated and I'm sure there is some stuff you'd want to keep private.

Several have mentioned having folders and instructions for their business activities. I've been accumulating that sort of stuff, along with passwords, contacts, strategies/plans, etc in documents and putting them on a thumb drive. In this form it is simple to make updates/changes as things change.

It's helpful to read what others have done to prepare for such circumstances, too. Regardless of how much planning is done, something will be left out or forgotten. Sharing what you've done, or plan to do, helps all of us.

This stuff is all part of treating a business as a business and also taking care of your family.

Peace