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What Happens to your IM Business When you Die

Discussion in 'BlackHat Lounge' started by umerjutt00, Feb 27, 2016.

  1. umerjutt00

    umerjutt00 Jr. VIP Jr. VIP

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    Just a random thought I had yesterday: What will happen to all your websites and whole IM business if you die? Do you have given a text file with all username/pass and related info to your wife, kids, parents? or something like that :)
     
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  2. Aty

    Aty Jr. VIP Jr. VIP

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    Domains will expire a year later and that's it. No big deal.
     
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  3. asap1

    asap1 BANNED BANNED Jr. VIP

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    I plan on putting my info somewhere and the location will only be revealed when I die.
     
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  4. umerjutt00

    umerjutt00 Jr. VIP Jr. VIP

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    Like you will include that location in your will and give it to your lawyer?
     
  5. charbel

    charbel Senior Member

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    No, he will include that location in his will and give it to CEO Sam.
     
  6. Floopa75

    Floopa75 Jr. VIP Jr. VIP

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    Nothing happens..

    Just like my earnings
     
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  7. MonsterMag

    MonsterMag Power Member

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    I had something like that... it's hard to keep up with everything though.
    Thanks for the reminder. I guess I will set up a 'Last Will' kinda letter where I list the important accounts and how to reach keypeople like hoster, programmer etc.
    I was trying to teach someone close to me how to manage/take over everything should I be gone tomorrow (can happen anytime) but he lacks endurance, interest and understanding.
     
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  8. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    It should be part of your Estate Planning, as your business is obviously part of your estate.
    When you make a Will decide if your assets should be sold and proceeds then pass onto your beneficiaries or will the business pass onto a partner.
    You need to take proper legal advice as there are Tax implications and other considerations to be thought about, such as, Marital status and the location your business is based and your primary residence.
    http://lmgtfy.com/?q=business+succession+planning+checklist
     
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  9. Zwielicht

    Zwielicht Moderator Staff Member Moderator Jr. VIP

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    When I die, this kitten will inherit my business.
    [​IMG]
     
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  10. safex

    safex Jr. VIP Jr. VIP

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    So far No one in family to handle my duties. Just like Mr.Perfecker (RIP) a Reputable member of BHW, who died and his son told us that he will or might not be able to manage his IM business.
    So I think Our IM biz can be alive till we live, It dies with us.
     
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  11. bigbrothers

    bigbrothers Regular Member

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    No one likes to think about illness or death; however they are a fact of life and can strike at any time.

    Many of us make arrangements that will ensure our families are financially secure should we die prematurely or become ill, but less think about the consequences for our businesses.

    The solution is, Key person protection.

    Key person protection can provide cover for us and can do two things,

    - Protect our business against the loss of a key person by providing funds to replace them
    - Protect income so that our family continues to be financially secure - BB
     
  12. TWdesigns69

    TWdesigns69 Regular Member

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    I used to think about this from time to time too. I like @MonsterMag's idea.