What happens when we die?
Hi everyone,
No, this is not an existential question, it is a real one and something that we should all think about. I found an older blog post by Wendy and it got me thinking. Succession planning - have you done it? Should something happen to you, do you have plans in place for ensuring that the income that is generated through your blogs is part of your estate?
Somebody suggested having your WA business set up under a corporation, since when you pass away, the corporation will continue and therefore that revenue stream will then become part of your estate for your beneficiaries. If any of you are like me, you are doing this with the thought of your families as well so that there is a legacy you can leave.
Just something to think about. Have any of you planned ahead for this beyond your regular will? Are the passwords and names of businesses/affiliate links etc. listed somewhere safe with all information?
Okay, not the happiest post, but a very practical one for sure. Would love to hear your thoughts.
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Thoughts to inspire action! Must take this advice under advisement and work on a solution for my family.
The crazy thing about it is that you don't have to be an "Old Fart" like me to belly up. You may get into a car accident or something like that. When the 'Ole Boy Upstairs says it's time to go, then it's time to go. You need to have your website business in order so it can carry on. Great Post.
You are so right, Larry. Sitting in an ICU room for 3 weeks with my husband a couple of years ago, really hit home that it can happen to any of us, at any time. Thankfully, my husband received the gift of life in the form of shiny new (actually old!) lungs and he is still with us. Either way, it makes you realize that we won't all be here forever, but our children can still benefit from what we have set up here.
It is definitely a good thought! It does not have to viewed as a negative one, but just something that is a part of life, and as sad as it is it sometimes is a journey that is made far too early in years. I know I have everything written down! I think it is wise to do so. Who knows maybe someone will desire to pick up the mantle!
It's something that none of us want to think about but it is a reality. I have a book that has all my important information in as well as some of the items in my house and where they should go. It just prevents issues afterwards. I told the kids I must live long enough to get them as much grief as they gave me in their teen age years though. :-)
I'm going to go in about 55 to 65 years so I got some time to go but running theme darn jack hammers is whats going to get me to live that long.
Great post, thanks.
Cali
I think about it every day now that i am getting older.
The wife and I did deal with this last year after I almost died, that was a reality check for sure.
Thanks for posting this important topic.
Good point. Never really though about this. Is that a personal photo that you shared with us? It looks very sorrowful. I hope you are in good spirits.
It is indeed a personal photo of me holding my father's hand. He is in long term care, Alzheimers and Parkinsons and he just keeps on keeping on! Thank you for asking. Sarah
Thank you for sharing this. Must be very hard for you. Your father is a very strong individual indeed :)
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Funny I was thinking about this just the other day. I will definately put a plan in place after I start seeing some income. Thanks
I hope people understand I just posted it as a public service announcement, NOT to be morbid, but I suspect there are a few people who pass away and no provisions have been made for passive income streams. Thanks for commenting, Dawna. Sarah
I know that recently some of the social media websites have a procedure in place now for people that pass away and have accounts.
Ah yes, but Facebook isn't necessarily paying people out! You're right though, they did put this in place. https://www.facebook.com/help/contact/651319028315841