What if you passed away suddenly?

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.

I'm not sure what would happen but I'm not dying to find out ;-)

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).

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?

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.

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.

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 ...

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.

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

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.

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.

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

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?

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.

I would make the owners of adultwork.com very rich indeed lol!

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

Do they cash Clickbank cheques in heaven?

Ramone...only with 2 forms of photo ID.

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

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.

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.

I would be happy knowing that all of my internet businesses have been passed down to my loved ones

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

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.

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.

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).

Leanne King, Do you mind telling us which program, or PM if not allowed here.

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

Interesting discussion. Well. I think the best bet is to have one or more reliable family members as business partners.

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?

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.

It's getting close...2012, you'd better get prepared. LOL!

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.