What would happen to your business if you died today?
Look, we know you don’t want to touch this subject with a ten-foot pole, but it’s time to get real and responsible. If you died today, would your family know how to handle your business loose-ends?
Here are ten documents you need before you die.
1. List of passwords:
Create a list of passwords and login information for all the websites you use.
2. List of online friends:
Leave names and email addresses for all your online friends and important contacts.
3. List of business contacts:
Create a list of your business suppliers, product representatives, mentors or advisers and anyone else key to your business.
4. List of your bank accounts:
Create a document with information for each bank account.
5. List of business information:
Make a folder of legal business paperwork, such as your seller’s permit, business registration and any other business documents your family may need.
6. Website instructions:
If you have website or use a hosting site like Etsy or Ebay, create a document with your login and basic user instructions in case your family needs to navigate the site to wrap up orders or answer emails.
7. A will:
If you don’t have a will, see your attorney and get one now.
8. Proof of ownership:
If you own any property or tangible items, like a vehicle, in your name only, create a folder with proof of ownership of each item.
9. Life insurance and 401K policies:
If you have a life insurance policy or retirement accounts, create a document with contact information for your insurance or retirement representatives and any account numbers, and keep them along with your policies.
10. Durable health forms:
A durable healthcare power of attorney lists your wishes should you be seriously injured or ill and allows your spouse or designated family member to make medical decisions on your behalf.
Be honest: have you thought about readying these business documents before this post? Open up in the comments.