Skip McGrath gets right to the point with this article from his weekly newsletter/blog. The Subject –  As we get older, planning for funeral expenses becomes more important –and there are special issues for self-employed folks and hobbyists like us – for example – when you pass, will your business or collection be sold, or will your spouse or friend take over running it and maintaining it?

The editors at AllEngelhard.com  have recently published one of their suggested readings called Heir on the Safe Side.  It is a good and informative article – One which everyone should think about in advance.  They point out that you should entrust someone to know not only what you have, but where it is located, what it is generally worth, and which items are rare and those that are not.

Take a small eBay store for example. What happens?  Does it still continue to operate without someone shutting it down?  Who should be  notified? Do have your family just close the store or have them place the store in vacation mode until things are straightened out and important information is released about your passing and are gone?  You would not want you heirs to lose all the important work, time and dedication that you have put into it over the years.  It is a huge burden for a grieving family!

In most cases the enterprise keeps on running buying, selling and servicing.  However, not very effectively because notifications will have to be made to both current and future customers.  Having the store placed in a vacation mode with all the items hidden from being sold is a terrific solution and allows time for your family to discuss options.

Skip’s advise for three biggest topics are as follows:

Get Final Expenses or Pre Need Insurance – This provides the monetary funds so no one will go broke.

Write Down a Detailed Plan for Your Funeral – Knowing this helps the planning of how much it will take.

Tell a Loved One Where to Find the Paperwork – This is the biggest one of all and makes your final passage go with ease.

Read his informative article in full detail for additional information too lengthy for this post.

Skip’s Final Note

Since everyone’s situation is different and he does not have any exact wisdom to offer.  However, he suggests there are two people you need to consult with – A business broker or friend who knows what you have been doing and your tax person, who can a special touch of value to your decisions.

On a more personal note, this is a daunting task but very satisfying when completed.

I personally know an individual who has taken the time and has recently completed her detailed notebook for each of her children.  Talk about a smooth transition for her Heirs – this was it!

Photo Credit: Pexels

Source: Financial Planning for Your Funeral | Amazon Seller Resources and Tools