Updated: Jan 17
Approximately 60 million people are network marketers across the globe. That’s a huge statistic! Figures also show that in 2017, network marketing sales hit a record $189 billion.
With so many people working within this industry, and with so much money floating around, we thought it would be a good idea to dedicate a whole blog post to how it works when it comes to estate planning.
Network marketing is becoming more and more attractive as it offers people a chance to start a small business with an established brand, and business model. Plus, they usually have flexible schedules which is a huge bonus for those with busy lives or children. Network marketers are able to take advantage of established products which they can sell, and use the business’s advertising materials to promote them.
They earn their income by selling the products, and recruiting other sellers whose sales provide them with extra earnings.
If you are a network marketer, you have probably wondered what happens to your earnings and business when you pass away? Well, when you hit certain promotions within your company, your income becomes “Willable” i.e. you can include it in your Will! So how do you include it in your Will? Similarly to your other digital assets or online banking, you should never include your logins in your Will as it can become a public document following probate. Any instructions, confidential details and information to access your business should be included in a letter of wishes. You should also store any helpful documents with your Will in order to simplify things for your loved ones when the times comes.
Don’t forget to include where the income from your business goes! It’s all well and good having access to your business, but it’s useless without access to its earnings. It may be an online bank account, PayPal, or payment card. Again, the details should be included in an accompanying letter of wishes.
If you’re a network marketer and are trying to get your estate plan in order, get in touch today.