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Small Business Succession: The “If Brandon Dies” Document

by | Mar 23, 2020 | Real Estate Investing | 2 comments

If you own your own small business (or businesses), and you died today, would your spouse/significant others/family know where or how to locate the vital information they may need to transfer any wealth you have accumulated?  That’s the Question. And the solution is…the “If Brandon Dies” Document.

Here is a brief outline of the “If Brandon Dies” Document:

1) How are Properties titled – Which entity (Personally, LLC)

2)  Bank Accounts – I have 15 bank accounts (bear in mind, we have several LLC’s and I have 4 kids).  Along with your bank accounts, perhaps list any stock/mutual funds accounts you may have. and by the way…if you have no real estate, and all your money is tied up into the stock market…you have possibly just lost 1/3 of your wealth and retirement in 1 week. That is probably sobering, but, a good reason to invest in real estate in the future.

3) Passwords – for anything and everything, online banking, apps, sites you use, health insurance, etc.

4) Computer/Ipad Passwords – what is the password or pin to get into your computer?

5) Where are your checkbooks located?

6) Accountant/Bookkeeper – who they are and how to reach them.

7) Attorney who Prepared your wills/how to contact them – If you haven’t had a will drawn up, now is a perfect time. No better time than the present. If you have…document who drafted it.

8) Where to find your business operating agreements.

9) Life Insurance – Who is your contact person for it

10) Website Usernames/Passwords – if your spouse is going to pick up the torch and you use a website for your marketing…please put on the passwords sheet.

11) Old Tax returns – I have no idea what these may be needed for, but nonetheless, they made my list of something Annie may need.

12) Wills and Power of Attorneys – the physical documents should I become incapacitated.

Guys, I know this type of talk rubs some people the wrong way. I believe we owe it to our spouses and families to do the best we can to protect them with smart measures.

Take care and talk soon,

Brandon

PS. Do you already have a document like this? If so, what have you included that I didn’t? I’m all ears and it would allow us to have some conversation going here so that others can add it to theirs.  Thanks!

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