🔥 Write part 2 letter to your loved ones – Passing The Torch

Step 3 of Passing The Torch:  Write part 2 letter to your loved ones

Hello!

When last we met, we talked about the importance of keeping all of your passwords in a safe place and went over the steps required for that.

Let’s now move to Step 3:

Write the second part of your letter to your loved ones.

In a nutshell:

All that work you did in gathering your passwords up into one single area…

… will be worthless unless it is used!

So you need to let your main loved one know about it in your letter.

Before we get there, however, you need to research the following:

• What are the financial requirements in your state/county regarding the passing of assets?
• Will you have a will or a trust laid out for your family?
• How do you want your assets dispersed?

True, the above goes ‘way beyond helping your loved ones run your business….

… but it would be supremely helpful for you and them if this is hammered out NOW… and not after you pass away.

Resources for this include:

• Estate Planning:  Wills, trusts and probates
• Forbes: Wills vs Trusts – which is better for retirees?
• AARP: What to do after a loved one dies

Got that?

Alrighty then, let’s now return to our topic.

Remember, your letter consists of:

• Reassure your loved ones of your devotion
• Share where your passwords are kept
• Ask them if they even want to keep your business going

You have already reassured your loved ones of your devotion…

Now it’s time to share where the passwords are kept.

We had earlier closed with:

To make it as easy as possible, I decided to make a single document that has all of my financial and personal information….”

Continue now with:

“On my computer in (fill in the directory) there is a special filed named (fill in your password file name).  The master password to access it is (fill in your master password).

In it, you will find my logins and passwords for all of our financial and household accounts.

Before you do anything….. please make sure to get dozens of original death certificates from the funeral home.   Everyone and their coffee cup will insist on seeing proof that I am deceased before considering releasing records or funds to you.  This is a necessary expense – do not be cost conscious here.  Better to have too many than to have too few.

Next, methodically contact all financial institutions to put the account in question… in your name only.  You’ll probably be asked to mail a copy of the death certificate.

Keep a record of all phone conversations!  And follow up often.  Its not unknown for banks to lose paperwork (said to say, but true).  Make photocopies of everything before sending it out.

I know this might seem daunting to you right now….

…. but remember, I am, and always will be, in your heart.  I will never be far away from you!  You’ve got this – our family is counting on you, and I know you will take superb care of it.

Remember…

I love you…

… now and forever.

Love,

Your Name

Realizing you have to go forward with your spouse…

… it’s a hero’s journey for your loved ones.

Make it as easy as possible for them to endure and see success.

Let’s pause for a moment and see where you are:

• You started your “I will always be in your heart” letter to your spouse/kids/family
• You gathered up all of your passwords in one file
• You wrote part II of your “I will always be in your heart” letter to your spouse/kids/family

Next will be:

Systematizing your business.

And this will be *huge*.

See you then!