u make awesome money online and then u die...............

21 replies
strange title i know

but i was thinking the other day, what happens with the passive income u get? do u give ur paypal details to a loved one "just in case"? what happens if the cheques keep coming in? who gets them? anyone thought of this?
#awesome #die #make #money #online
  • Profile picture of the author sparrow
    Its like everything else about your estate, if you have loved ones you should be prepared to make sure they are taken care of

    I have my details laid out in case something should happen to me so my wife can pick up at least not holding the bag of not knowing what I was doing to support the family

    Ed

    Originally Posted by lazavas View Post

    strange title i know

    but i was thinking the other day, what happens with the passive income u get? do u give ur paypal details to a loved one "just in case"? what happens if the cheques keep coming in? who gets them? anyone thought of this?
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  • Profile picture of the author Imran Naseem
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    • Profile picture of the author lazavas
      Originally Posted by Imran Naseem View Post

      One of the most depressing threads in the history of the Warrior Forum.

      I am not even going to post a reply on here.

      Common sense would tell you everyone dies.
      no dont get me wrong here

      reason i say it is because i saw a video of a guy saying he will be making money even if he dies, it just got me thinking

      of course everyone dies, maybe i should have explained it better

      say for example u have ur paypal account and u are making really good money supporting the family, wouldnt u give ur username and password to ur wife for example "just in case"

      do u see what im saying? what happens if someone dies and then the money builds up but no way of accessing it

      i guess its a bit depressing but i think its something people might want to think about, its reality is it not?
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      • Profile picture of the author Sandi Valentine
        I think you're making an excellent point. My mother died two years ago, and it took us MONTHS to find all the banking information, login information, figure out her file system, etc. Luckily, my dad had a general idea, but it was still extremely difficult. Even things as simple as addresses and recipes....

        I recently had a c-section, and before going in I made sure that DH had my login information, email information, etc. He also has a general idea of how to keep things running, who to contact for back up writing, etc. if something were to happen to me.
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    • Profile picture of the author Susan Hope
      Originally Posted by Imran Naseem View Post

      One of the most depressing threads in the history of the Warrior Forum.

      I am not even going to post a reply on here.

      Common sense would tell you everyone dies.
      No direspect intended Imran, but I have to wonder, why did you post in this thread when you say you are not going to post a reply, why not simply ignore the thread?

      Surely this is a legitimate question that people might want to discuss with other people who are in the business?


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    • Profile picture of the author AndrewCavanagh
      Originally Posted by Imran Naseem View Post

      One of the most depressing threads in the history of the Warrior Forum.

      I am not even going to post a reply on here.

      Common sense would tell you everyone dies.
      This is actually very typical of modern western society where we seem to be terrified of death and no one wants to talk about it...despite the fact that it is an inevitable part of life.

      We try to keep old people as far from us as possible so we don't have to face the fact that we too will gradually degenerate and...die.

      We are all going to die.

      100 years ago this was a far more common topic of conversation as it is in other cultures where wisdom prevails.

      Not being able to accept death is a huge key that you need to work on the spiritual area of your life.

      We have perceptions based on our fairly long life spans but if you were objective you'd realize that not only will you die but that the earth, the sun, the whole solar system will eventually be gone.

      That is the reality of every part of the physical world...it's life is very much limited.

      Kindest regards,
      Andrew Cavanagh
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  • Profile picture of the author raphy652
    why do you care ... use your money while you are a live
    and if you have some one you love .... let them know your passes
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    • Profile picture of the author lazavas
      Originally Posted by raphy652 View Post

      why do you care ... use your money while you are a live
      and if you have some one you love .... let them know your passes
      thats what im saying! lol
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      • Profile picture of the author Corwinnx
        If you are in the US, you can use trust to ensure your spouse's protection of your business.

        You need an 'estate planner.' Try not to use a lawyer if you can help it, they'll set up your will to have to go through probate and they can write the will in a way that would force your heirs to use only that same laywer to do the probate. Last I checked, the cheapest rates they charged to probate an estate was $2,500 and that was at least five or more years ago.

        Instead, set your business up in a 'trust,' naming your spouse as the beneficiary and be sure to keep the records of all your login ID's and passwords with that trust.

        You may also want to designate a trustee assignment to someone who knows the business so that they can advise your heirs on the 'business itself' in the event of your passing.

        If your spouse is willing, the two of you should decide on an amount to set aside for a 'business coach' within your industry to come and crash course her on how to run it if she should have to.

        Hope that helps you some. And for the best asset protection guy I've ever heard of, Google the name "Lou Brown" or "Louis Brown". He's from Georgia and his asset protection plans are fortresses.

        There are other advantages to using trusts as well. Check out his site and you'll see what I mean.

        -Marcus Ramirez
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  • Profile picture of the author Ron Kerr
    Having had to deal with the death of a brother and my mother in recent years, I cannot stress strongly enough that in Australia at least, you must employ a lawyer if any significant assets (e.g. property, cash, shares) exist at the time of death.

    Too many people make false assumptions about estates and you may well find that a particular will is meaningless at law. If you wish to provide for your family and/or others after your demise then you must have a well drafted will.

    Having been involved in legal disputes over estates, I cannot stress strongly enough that you employ top-notch lawyers to protect your interests.

    PS - I am not a lawyer but have experienced wills being ignored at law because those drafting the documents were incompetent and/or the person giving instructions ignored valid legal advice.
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  • Profile picture of the author John Henderson
    Originally Posted by lazavas View Post

    but i was thinking the other day, what happens with the passive income u get? do u give ur paypal details to a loved one "just in case"? what happens if the cheques keep coming in? who gets them? anyone thought of this?
    Hey, lazavas -- there's some good advice on this subject in a thread I started shortly after I joined WF.... http://www.warriorforum.com/off-topi...ter-death.html
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    • Profile picture of the author lazavas
      Originally Posted by John Henderson View Post

      Hey, lazavas -- there's some good advice on this subject in a thread I started shortly after I joined WF.... http://www.warriorforum.com/off-topi...ter-death.html
      very interesting, thanks for that

      by the way im not planning to die! lol its just something i thought about the other day, just thought id start a thread and see what people think of it
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  • Profile picture of the author Glenn Newsome
    Well, I personally think that paypal passwords etc. is just a small part of the picture should you no longer be able to carry on whether it be passing away, becoming disabled, etc.
    I am sure that passive income will come in for a while, but with no further promotion it eventually will die off itself.
    Now, this is not such a big deal if the income is not much, but what if it is the sole means of support for a family.

    Also, there are many out there whose spouse just enjoy the fruits and many don't even know their way around a computer other than chat, etc. and wouldn't have a clue on what, where or why to begin or carry on. It's not a bad thing, just some spouses are not interested in online stuff.

    I think there needs to be a file for each thing you do that brings in money and maybe a short but precise description of what you do to make that money. Include any sites, passwords, etc.
    Keep a copy updated from time to time to include recent methods etc. Place in a safe place etc.
    If you have gotten to the position of hiring a person to help or a manager that actually knows a lot then this transition may be a bit easier. The spouse could keep them on with a salary etc. or a commission of sales etc. (of course you could leave a suggested salary etc. for them to start with or consider).


    An excellent situation to look at was Corey Rudhl who passed way too early in a car crash. But hey, apparently he left us doing what he loved and apparently in a car that cost a whole lot of affiliate sales (nice car).
    If I am correct, someone in his office took over to continue the business.

    Even giving instructions for the sale of your business would be a great help. Give as many details as possible here too and update this also.
    Just my 2 cents there,
    Glenn

    P.S. Your spouse could simply remarry another warrior
    Dang, didn't need to go there did I?:rolleyes:
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  • Profile picture of the author cashcow
    Yes, everyone does die, but most people think it is "years away" and never prepare for it!

    I think this thread makes a good point - if you don't take some steps now all your hard work could go down the drain if you should die. Why not let your family enjoy the fruits of your labor after you are gone?

    Of course, I haven't planned properly myself but my plan once I am making enough so my hubby doesn't have to work is that he will work with me at some level and get to know the basics of running my business.

    Now he might not want to run it if I die, but at least he will know how to keep paying the bills for hosting etc... that keep the websites up. I have a lot of "passive" income that would go on producing long after I was gone and he can sit back and collect it until it dries up.

    Hmmm.... perhaps I should not mention the part about it still bringing in money after I am gone to him just yet.....

    Lee
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  • Profile picture of the author TimRobinson
    I actually always wondered the same thing, no one knows my passwords and my family doesn't have a clue how to operate anything on the internet...

    If I died all this money could just keep piling up with no one to claim it :p
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  • Profile picture of the author DougBarger
    In this important matter if anyone doesn't have someone to list as "beneficiary" and still need to complete the form, feel free to use Doug Barger as long as you don't have any outstanding debts.

    I keed.
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  • Profile picture of the author getmorebuyers
    Make sure you save your username and passwords in a text file and put it in your will. It might sound funny, but no one knows what will happen tomorrow. Once your loved one has that information, they can access your account and transfer the money to your account. Also leave your account information and other pertinent information.
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    • Profile picture of the author Jeff Henshaw
      Death, when the deceased has an Internet business or Internet businesses is actually a major issue for the next of kin. I read a really eye opening piece on this subject somewhere, about a year ago. I wish that I could remember where.

      Now this post reflects what I read (and can remember) and applies mainly to the sole trader, that is the man or woman who operate their own (usually from home) business.

      If proper records are kept, including passwords and all other intricate details of ones business, then after death, the next of kin or executor of the will should have a more easy task of arranging the sale, transfer, or whatever is decided to do with the business(s). That's provided that that the Internet business owner tells someone where the information is located before he or she dies!

      Bear in mind, for example that next of kin, or their lawyers, may know nothing about computers or the Internet and even less about the finer detail of Internet marketing and everything (a big everything) that is associated with it. We take what we do for granted, but if one takes a step back and looks at all that is involved in even the most 'straightforward' Internet business operation, it would probably burst Einstein's mind if he came into it 'cold'.

      Just some of the issues that come to the fore are domain names, where are they located, when are they due for renewal, how to renew them? The executer of the will or next of kin may not know what a domain name is - and many people off line don't. Then to add to the confusion we have auto responder accounts, email provider(s) accounts, web host provider(s) accounts, advertising accounts, subscriptions to suppliers, income from subscribers and members, not to mention the all important obligations to clients and customers ... the list is endless.

      The biggest problem of all (for the next of kin) will be the actual money side of the equation. How does one draw earnings from the deceased's on line 'accounts'? -especially if one does not know the password(s) - and this presupposes that the next of kin know that such account(s) exist!

      The whole area is a mine field. I think probably because the online world is moving rapidly in directions that the traditional off line world (the real world) either cannot comprehend, or lags behind.

      This post carries the mind set of a person who lives in the UK. Those in other parts of the world, where the use of the Internet is more prevalent, in particular the USA and Canada, may find less difficulty in dealing with some of the above issues, but I felt that I should post this. As Internet marketers, we take what we do for granted, but sorting out our businesses after our death could be a heck of a nettle for someone to grasp, especially as we keep a lot of what we do 'in our heads'.

      Just my thoughts.

      Regards,
      Jeff Henshaw.
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  • Profile picture of the author lazavas
    so much info i didnt even know, i think its an interesting topic
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