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In a forum dedicated to starting and running an eBay business, this is a bit of an odd question, but it came up while Himself and I were working on our Estate Planning. In the whole who-gets-what category, the houses, cars, money etc. is divvied up quite easily. The question of the hour was “what to do with “all the junk?” Now, I’m new in the business and only have a truckload or two to dispose of. What about those of you, like J&R, with huge loads of stuff?
In the event of your death/disability/desire to retire, what’s your exit plan?
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While alive, I’d look into holding an auction or selling it to another reseller. In the event of death, I really have no say past what is said in the will. I’ve joked with my 8 year old that it will all be his problem one day — mostly related to the house in general.
In terms of estate planning I would just have a section where you outline what is expected for the business inventory. I would also sit down and discuss this with my heirs so they all know what is expected and where to find the information related to key business accounts like eBay, Paypal and my business related bank accounts. That way in the event of unexpected death, the store can be closed and all business assets can be reached.
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Jay – I was thinking in terms of death or getting too old to want to continue = retire.
If I die, the business will die too because my husband has less than zero interest. He would then just be pissed at me leaving him to deal with “all my junk.” (You have may noticed a theme on the naming front here! LOL) If we both die, my family is going to be going through everything with a WTF? mindset.
If I ever get too old to want to continue with the business, at a doddering 96 years old for example, what do I do with my successful eBay business that has tens of thousands of items?
It’s a bit of a forward-thinking question, but my husband and I believe in the Death Drawer principle: having a drawer filled with all our information in case of our death, such as our Wills, funeral plans, insurance, etc. Disposal of all our assets are in the Wills. Do I consider my business an asset, or just part of my physical estate to be disposed of to some lucky future Trash Elves?
Shortandstout: great point. Having the closure of the business included in my Settlement of Affairs is an excellent idea. Somebody needs to know how to close the store and settle the accounts for eBay and PayPal.
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If you love your family and want to save them a lot of grief and trouble and expense don’t think for a minute that a will is enough. Get a trust. I used to thinks trusts were only for the rich, but they are for anyone. That way when you die, or become incapacitated–whatever you wish–your assets just automatically belong to your benefactor/s. A will still needs to go through probate, a trust does not. A will is easier to contest than a trust. A trust can include anything or everything you own and you can still have a will within it that defines who gets what. And a trust does not get taxed like a will. My brother and I were ever so thankful when after our Mom died and our Dad was incapicatated then died with Alzheimer’s that they had a trust. We were able to seamlessly take over his assets, sell his home, and place him in a wonderful nearby care facility. It cost over 60K per year and fortunately he passed away shortly before he ran out of funds. We never had to waste a dime on lawyers, probate, or taxes, which helped so much with an otherwise stressful time of life. My brother handled all the bills and I handled all his medical care. It worked out in the best possible way.
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