I know, it’s not the easiest thing to think about, but we don’t live forever, and to expect our family or business partners to know what to do with the business after we pass can be detrimental to your business’s future. Sure, you’ve probably secured the family with a will, life insurance, etc., but you need to secure your business as well to make sure those who are carrying on for you not only know what they’re doing, but they know what your overall focus is as well.
One of the biggest tips I give all of my clients is to create a spreadsheet with every password to everything you need to sign in to. That’s all your social media-Facebook, Twitter, etc.-your email, websites, encrypted software, even the code to your phone, and update it as needed. Facebook has over 30 million accounts that belong to the deceased-think about that! What if you don’t want your social media to exist any longer after you’ve passed? You have to give that right over to someone, which should be listed in your will. *It may not be popular now, but the future predicts people will begin defining their social media needs in their wills.
Make a spreadsheet that is password protected with every password affiliated platform you are on with its coordinating login information. Conversely, if you work with clients that use login information, you may want to make a spreadsheet for that as well. Some businesses create login’s for their clients, of which they’re not always either privy of or do not have direct access to. In case of death, the person you appoint to care for your clients will easily be able to continue working for your clients seamlessly, or at least give that client their login information to be used by someone else.
Of course, for those of us with children, we want to give all of our children equal rights to our things, but that doesn’t always translate well when it comes to a business. It’s important to bequeath your business to a child that understands your business, or to your business partner (with a stipulation that your half of the profits, and future profits are either divided among your children, or a trust is created to protect your assets).
No matter the profit margin of your business-being a small business or a medium sized business- you should speak to a wills and trust attorney, or an estate attorney to discuss what the best option is for your business’s future; whether it will carry on without you, or die with you, and how to prepare for both.
*If this subject interests you, and you would like more information on how to secure your business’s future and its assets, contact me for referrals on some of the best attorneys in the DMV area.