In this final installment let’s look at a Will versus a Trust.  Because of Prince’s death and the family drama unfolding due to a lack of a will – as of this post’s date there are over 100 people claiming to be his long lost child – I pulled up Michael Jackson’s Will. What jumped out about his will was its simplicity – it was 5 pages long. What I have learned is he did a trust based estate plan instead of a will based estate plan.

What is the difference?  I’m not a lawyer so this is a gross over-simplification. Once you file a will – your executor(s), benefactors and heirs (and their address) and the details of what they get – it becomes a matter of public record.  Anyone can go to the local probate court where you filed your will and see it.  Creating a Revocable Living Trust is a way to keep your final wishes private since it does not need to be filed with a probate court.

This is what Michael Jackson did, he created the Michael Jackson Family Trust in which he named 3 executors.  His “will”, is a “Pour Over Will” which was the publicly filed document that stated all  his assets are moved to the “trust”.

I’ve been watching the tragedy unfold around Prince’s death.  The lack of a will is going to take time to settle, but I believe the worse tragedy is his legacy is at risk of being lost. His fans will remember him and his music.  But he could have set up his estate such that he could have continued to support the organizations he supported from now to perpetuity. Milton S. Hershey and his wife had no children, their legacy lives on through not only the town founded by their company but also the Hershey School supported through the Milton Hershey School Trust he established prior to his death.

We all write for different reasons, but I believe the root of all those reasons is the same: we write to leave our mark on the world.  Protect your legacy, look into estate planning with a reputable attorney and insure your legacy will live on.

Please note: I am not an attorney, so any information in this post is for general purposes only and should not be considered as specific legal advice.     

Even before doing the research for this post, I kept a document that is an exhibit in my will that has all my passwords and instructions on what to do for each site: Facebook, Twitter, LinkedIn etc…    The problem is sharing your password is a violation of many of these sites Terms of Service.  This is where a digital inheritance comes into place.

Digital Inheritance

In July 2014 the Uniform Fiduciary Access to Digital Assets Act (UFADAA) was approved by the Uniform Law Commission. August of the same year, Delaware became the first state to ratify their constitution to allow heirs the right to digital assets. More states are following suit.  This Act is necessary because of situations where people have died and their loved ones were not allowed to access their email or social media accounts. In fact with proof of death, the accounts were closed and all data lost. Under this act, who you name in your will can get access to all your digital accounts. Some social media sites, such as Facebook, allow for accounts to become a memorialized account upon proof of death so data is not lost. It is best to research each social media site you are on and validate their terms of service in the event of a customer’s death.

Even if your state does not have Digital Inheritance laws, I would still plan to account for your digital assets as if it did. Eventually all states will catch up to our digital world.  Besides the more specific you can be in a will/trust document regarding your digital assets the easier on your loved ones. You may not specifically name a digital heir, but your executor can ensure your heirs have access to your digital assets.

Digital Assets

Websites can be bought and sold like a business.  As writers many of us will have blogs, websites to account for in our estates. You may have a Facebook Page that earns you some income.  If your website or any fan social media site has monetary value, it will need to be treated like you would any property in your will or trust. Leave instructions on what to do with these sites.

What are other possible digital assets?

• iTunes Library
• Kindle Library
• Video Games
• Anything else?

Discussing the above with your estate planning attorney will be critical to your plan and ensuring that your loved ones encounter little difficulty either taking over websites & social media accounts or closing them down.

Please note: I am not an attorney, so any information in this post is for general purposes only and should not be considered as specific legal advice.               

Create a Will

If you don’t have a will, create one ASAP.  It does not matter if you aren’t married and have no children, you need a will.  Look up the laws in your respective state, but some states allow for handwritten wills, which is a holographic will – I would just have it signed by  witness and have it notarized.  Or you can use LegalZoom.comwhich has packages as low as $70 and up to $200.  An Attorney can do some estate planning including a will for you; if you have the means to employ an attorney look up one that specializes in Estate Planning within the state you reside in.

What is a Literary Executor?

As I’ve recently learned you can more than 1 executor in your will.  A general executor will have responsibility over settling your estate, but  a literary executor would have full authority over your literary property.  Depending on how you lay it out in your will, this person could finish any unfinished manuscripts, enter contracts with publishers, and collecting royalties.  Under the copyright act this person can have the right to terminate any contracts you entered in while living.

Here are some people who named a literary executor:

• Oscar Wilde named Robert Baldwin Ross a fellow writer and known lover of Oscar.
• Albert Einstein named Otto Nathan, professor of economics at Princeton University and friend of Albert
• J.R.R. Tolkien named is youngest son Christopher Tolkien,who is still living and managing his father’s literary assets
• Friedrich Nietzsche named his sister Elizabeth who notoriously committed fraud by completing and editing his incomplete manuscript “Will to Power” by making it line up with Nazi Ideology.

Albert Paine was a close friend of Mark Twain and his biographer. He published 5 works regarding Twain’s life.

Questions to Ask Yourself

If you do not name a literary executor, your general executor will have full authority over your intellectual property and literary assets.  Here are some questions to ask yourself in regards to setting up a literary Executor (as found on CopyLaw.com):

• Will the Literary Executor have the sole and exclusive right to make all decisions regarding appropriate publication, republication, sale, license or other exploitation of your work? Or, should she merely be appointed as an advisor to the General Executor? 

• Will the Literary Executor be responsible for preparing unfinished or unpublished manuscripts for publication and seeing those works through publication? 

• Will the Literary Executor have the right to terminate copyright licenses? 

• Will she have the power to destroy any letters or papers she believes should be destroyed? 

• In return for her services, will the Literary Executor receive a fee or commission for her services? What is fair compensation? What about reimbursement for expenses? Will the Literary Executor be required to maintain a separate bank account for such monies? 

• Will the Literary Executor have the sole right to sue for infringement of copyights? 

• Will the Literary Executor have the authority to pay attorneys, agents, subagents and others? 

• In the event the Literary Executor is unwilling or unable to perform her duties, what are the provisions for appointing her successor? Or, will the General Executor assume those duties?

Hopefully these questions will help you in selecting a literary executor, if not I hope it helps you in discussion with your estate planning  or intellectual property attorney.

You may not be a famous or rich writer and you may feel planning for your literary assets after death is necessary; but here are a few writers who only became famous after death:

• Edgar Allan Poe
• Emily Dickinson
• Franz Kafka
• Anne Frank
• Henry Thoreau

Setting up a literary executor and protecting  your intellectual property will protect your legacy.

Please note: I am not an attorney, so any information in this post is for general purposes only and should not be considered as specific legal advice.                 

Toilet Paper

I had a closet full of toilet paper; enough to survive for an extended amount of time during a zombie apocalypse. Every trip to Target always includes purchase of toilet paper – because you can never have too much. I drink over 100 ounces of water per day. I didn’t think twice about it while running to the bathroom at work.  I’ve gone through my stock pile quickly while working from home. The result, I’m upping my toilet paper budget.  But its good because I’m saving money on gas and make-up.

Make-Up

Something that completely slipped my mind, I don’t put on make-up or perfume to work from home.  My make up brushes are collecting dust and almost mock me as I pass them to get to the toilet – every hour!  This is a definite plus; it makes getting dressed for lunch with friends fun again. I do occasionally spray on some perfume, because I love and collect perfume.

Heat

I did think about this prior, but my workspace is in my fabulous but very chilly basement.  I don’t like being cold.  And going to a job, I let the temp drop 10+ degrees while working.  This one I’m getting lucky on because I heat my house with oil and oil is at a lowest it’s been since I live in my house.  However, I don’t keep the heat on all day, because of the oil heat my electric bill is low even in the winter so I bought an electric heater for the basement.  But if it’s too cold, working at my dining room table suffices. Eventually I will put in a fireplace insert in my basement fireplace.

The only time I’ve suffered from cabin fever was the first 2 weeks because I was the sickest I’ve been in a decade.  But I do get out to the gym 5 days during the week and grocery store runs.  As meeting with potential clients ramps up I’ll be out more.  For now, I’m enjoying the write life, the solitude and the hustle!

There are several reasons why you may choose to blog: hobby, connect with family/friends or you are a writer. The foremost reason may be to help you to further your career or business. Here’s how blogging can help you:

Shows you have an ability to write

I’m an engineer. Engineers are notorious for not being able to write well. Having a blog helps me dispel that myth about engineers. Also with today’s technology and texting, putting together a complete sentence is becoming a rare thing. If you aren’t a good writer, the blogosphere is the place to increase your skills.

You become a ROCK-STAR in your area of influence

With the blog you actually build a community. The more discussion you have, you begin to look like an expert.Resumes are flat. Research shows that more than 20% of resumes contain flat out lies. But on a blog you can show how smart you are in your profession. If you are a small business owner, let’s say a plumber with a business; then blogging plumbing tips can make you the go-to plumber for homeowners following your blog.

Demonstrate independent thought

Very few hiring managers want to higher yes-men. Having a blog shows you have courage to voice an opinion.

In getting started with blogging you have two options here. If you’re still unsure about blogging and just want to try it out I recommend using any of the free blogging services out there.

Here’s a couple of free blogging platforms:

• WordPress.com-  http://wordpress.com/
• Blogger- http://www.blogger.com/

Your blog address which is the same as the web address will not be unique as if you purchased from . But you do not have to pay for any hosting or download any software. There is no maintenance involved.

If you are serious about blogging or just want to start a website for your business, you can purchase your web domain name. Then you should select a hosting service in many times you can use the same company that you bought your domain name from. WordPress.org is the number one blogging platform. You can also use TypePad or any other service that you find. Most hosting services will help you download whatever platform you want.

Here’s a comparison between Self-hosted WordPress and the free version:

The key to building readership is to blog often. How often you blog will depend on the audience that you are seeking. Most working professionals won’t want to read more than once a day. I have found at least weekly will suffice for working professionals.

For more information regarding blogging I recommend checking out http://www.problogger.net; which is a site run by Darren Rowse. Darren is a prolific blogger out of Australia, who built a successful photography site with over 100,000 readers. He started Problogger.net to help new bloggers out.

]]> http://laurindabellinger.com/3-reasons-why-you-should-be-blogging/feed/ 0 115 http://laurindabellinger.com/starting-the-write-life/ http://laurindabellinger.com/starting-the-write-life/#respond Sun, 24 Jan 2016 23:48:26 +0000 http://laurindabellinger.com/?p=83 The original goal was to reach early retirement age of 52, leave Corporate America and write full time. I’m a few years shy of that age.  Circumstances changed on my current job that forced me to a decision: look for a new job or make the leap now to become a writer. I knew I was at that point of either staying thus becoming enslaved to steady pay check or take a leap of faith.  5 years from now, I’ll need a new car, my health may not be the same.  The risk is greater to stay. I am in the position of not having any dependents, so the risk is mine to take. I’m taking it.

How does one prepare for the Write life after being in corporate america for 20 plus years?

Embrace with the emotional change

I did blog post in 2011 “Planning the Funeral While Preparing to Give Birth” It walks through the emotions of walking away from something that was once the goal and preparing for the new.  A few weeks ago, I shared with my friends and family about my decision to leave my current job and launch a writing career.  The encouragement was most welcomed. Yet I’m still dealing with the juxtaposition of excitement and fear. It’s OK to feel this way.  As I settle into a new normal, which I’m excited about, the fear will dissipate. I am planning the new normal, but I’m also taking it one day at a time.

Do a financial evaluation

I am not out of debt.  But my house is worth more than I owe – this is a good thing.  When I looked at all my assets, I can liquidate everything and be out of debt.  Now I don’t want to lose my house. My only outstanding debt is mortgage, student loans and minor medical bills to which I have an HSA to take care of.  It’s the first time in my life I have a positive net worth. I do have some savings but not the ideal 6 months or more of expenses saved up. I’ve decided to accept that risk.

I also do a budget for the entire year. For the past 5 years, I’ve known what it takes minimum to keep the lights on and maintain the home.  In fact the last 5 years, all my pay raises have allowed me to do is save more for retirement and enjoy a few more luxuries.  I know I can survive on half my salary if I cut out the extra perks.  What I need to survive is my financial goal for the year as a freelance writer. This has helped with the fear, because trying to maintain my 6 figure income with writing is daunting to start.  Keep in mind, you may have to pay for a few extra things like Health Insurance if you aren’t covered by a spouse’s insurance.

Make a plan

I have a few bullet points jotted down in my planner and in OneNote. Keep it simple.  This is not a 20 page business case for your writing career. I have laid out what I want to accomplish in 3 months, 6 months, 1, 3 and 5 years.  Some are writing goals and others are practical business goals: start a website, sign up for Upwork, get a writing client etc.

Get a writing coach

Best decision I made was to seek out another successful ghostwriter and PAY for coaching. I started blogging in 2009.  This has opened doors to network with fellow writers.  Network and connect with writers.  Be willing to invest in your business (it will be a write-off).  I’m still figuring out the tax situation, but I got a year to figure it out.  I’ll write about it when I do!

She is giving me inside tips on starting a business as a writer as well as tips on writing. It is money well spent.

Join a Writer’s Group or two

I’m an introvert! Part of what I am looking forward to is NOT having lots of meetings, facilitating discussions with leadership and talking a LOT.  But we still need a peer group and interaction with people. Meetup offers a wide variety writing groups. I’ve joined 3 so I that once I week I’m socializing with writers.

As I write this, I’m entering my last week on the job.  I’m excited to transition to this career.  I’m looking forward to sharing the journey with you.

In 2011, a documentary movie came out called “Dreams of a Life” about Joyce Vincent, who died in her North London apartment in 2003 but wasn’t discovered for nearly 3 years later.  Film maker, Carol Morley became intrigued by the headline that read “WOMAN DEAD IN FLAT FOR 3 YEARS.” How could someone die and nobody miss her?

I watched this movie horrified that a vivacious beautiful young woman, could disappear in the 21st century and nobody miss her.  It really is a symptom of our First World culture – 5000 Facebook friends but zero true connections. Not only did she not have any real relationships at the time of her death, Joyce didn’t leave a journal or a photograph. Carol Morley had to put ads in the local papers requesting anyone who knew Joyce to contact her.

The story of Joyce’s life became about her death.  After watching this film, my resolve to leave a legacy grew to help other’s leave a legacy.  You have a story to tell, weather you are in high school or 80 years old.  You story is being created and should be documented.  Whether you journal in a diary or do it online via Facebook – leave a written account of your story. There are apps available to take all your Facebook posts and turn them into a printed books.

Your story not only is something to pass on to your family, it helps define the times we live in. Historians study the art, the books and JOURNALS of the people living in a certain period to define that period.

Tips for starting a journal

Start documenting major Events in your life

This is another way of saying, don’t take on the burden of writing every day if you don’t want to.  But writing about the day you graduated college, got married, birth of your children and anything newsworthy that happened is worth putting pen to paper. Share how it affected you those around you.  Major events in my life:  Mt. St. Helens 1980 eruption, the Space Shuttle Challenger Disaster in 1986, the Gulf War, MSU Men’s Basketball National Championship  – you get the point.

The Good, the Bad, the Ugly

After the habit of writing about major events, expand to writing about what most would consider the more mundane things of life: the failed project, the promotion, the death of a loved one, the new puppy or your child’s first day of school.

Turn it up

After a few years of above, if you like journalling turn up the horsepower on your writing.  Look at the narrative, look for ways and practice with different styles of writing.  You may choose to write about your profession. Take classes to help your writing.  If you think you have something worth publishing, reach out to a writing coach or ghostwriter to polish your prose.

What is your story? Begin today.

Why would I use this platform?

With Twitter, I like posting leadership quotes and getting inspirational quotes. It’s a networking platform so I’ve connected with other entrepreneurs, program managers, leaders and writers.  I also use it for entertainment – watching the Twitter feed of #AmericanIdol during the show is hilarious.  Facebook is the place I connect with family and friends that are too far away to see often; because the posts are longer, I also use it to practice my writing voice.  With this in mind, I don’t have thousands of Facebook friends. I don’t network on Facebook, through my personal account.  It’s a decision I’ve made. Because I’ve made conscious decisions regarding all my social media accounts, it’s kept me from wasting time on ridiculous political debates, embarrassing posts venting about work or connecting with people that I don’t know.

How much time am I going to commit?

If you don’t decide the time, you’ll waste endless hours surfing sites.  Outside of my blog, I don’t do more than an hour a day – total. It may be 4, 15 minutes blocks through-out the day.

From these two questions, you can form a framework to begin engaging in social media. As you learn each platform, how and why you use it can change. I did a blog post on weather or not to blog.  You can read that here.

My prediction, in a few years good digital citizenship will become important factor in hiring decisions.  A great book to read is “lol…OMG” by Matt Ivestor.  He details some of the biggest mistakes college students have made online when they thought they were just having fun.

I do recommend getting online and building your digital identity. Not being online may have employers wondering why. Even worse,  your friends can be posting pictures and comments about you without you knowing it.  In a workshop I held, I had everyone Google their name.   One participant discovered that he had the same name as a recently convicted rapist! Others who didn’t think they would find anything found comments they made on Yelp or Amazon through reviews.  Some of those comments were poorly written (writing in anger is never good) and painted a picture that was not representative of who they were. It’s really hard to NOT have a digital identity, so don’t kid yourself, get online and manage it.

But with today’s technology why would someone need to hire a ghostwriter?  There’s Dragon Dictation, so why can’t someone just speak their book?  Well, writing is NOT simply speech written down on paper.  With a speech you can hear the inflections of a person’s voice and people don’t speak in complete, grammatically correct sentences. Speakers use pauses and intonation, writers use grammar. Speakers pronounce, writers spell.

Ghostwriters write many celebrity autobiographies, because the celebrity doesn’t have the skills or the time to pen the book himself or herself.  But if you are not a celebrity, you could still use the skills of a ghostwriter.  If you are:

• An executive about to launch a consulting career and a book would be a great calling card
• A business owner who wants to blog about their business but doesn’t have time
• A speaker wanting to add an income stream from ‘back of the room’ sales by having a book to sale
• A working professional or small business owner with ideas to move your particular profession forward but just can’t find the time to write

These individuals can benefit from hiring a ghostwriter to get book written with minimal time investment and a financial investment.  You may be capable of writing but if you don’t have the time, you have to weigh your time availability to write a book against the speed in which you want the book done.  A ghostwriter can have a draft of a 50,000 word manuscript done within 2 months – a complete (edited) 50,000 word manuscript done in 3 months, with minimal time investment by you.  Costs will vary GREATLY by ghostwriter. But that’s a topic for another post.