No one wants to talk about death. I totally get it. But as Benjamin Franklin famously said "In this world nothing can be said to be certain, except death and taxes."
So for business owners, including online business owners, it is important to do some planning to protect the value of the business. Some planning in advance will also save your grieving family members from additional expenses, hassle and paperwork.
One of the inspirations for writing this article originally was a CBC article featuring my friend Dianne Taylor. Dianne's grief was compounded when her spouse Tim died suddenly and had not been aware that his RRSP designation was still in favour of his mother, not his spouse. The laws of Nova Scotia did not help her recover their retirement savings.
If you think that you don't need to worry about your estate planning because you will be dead, think about your family. They will be...