Inheritable Income for Your Family One of the attributes of the AMWAY Sales & Marketing Plan is the ability of IBOs to build and establish a substantial business, and then pass it on to their heirs as part of their estate. This is best accomplished by working with one’s own solicitor to assure that the transfer of the Independant Business complies with the owner’s wishes and with the laws that govern inheritance in the respective country, as well as AMWAY’s requirements for transfer of an Independant Business. The specific information can be obtained by contacting AMWAY directly and we will be glad to assist you and your solicitor with the details.
The benefits of an AMWAY Independent Business can be passed on to the heirs of the original IBO only if someone has been prepared and authorised to assume the position of the original IBO. In short, an Independent Business can only be passed on to another IBO. AMWAY has no legal obligation to continue paying Performance Bonuses, 4% Leadership Bonuses, or higher award bonuses to anyone other than an AMWAY IBO. This means either the heir(s) or the administrator of the estate must already be, or must become, an AMWAY IBO if the estate is to continue to receive the benefits of that Independent Business.
It is obvious, therefore, that the original IBO must make proper arrangements during their lifetime for the orderly and legal transfers of ownership of their Independent Business to their heirs. This is either by preparing the heirs to assume responsibility, or by providing for an executor of the estate who is an IBO, preferably a Platinum IBO. Or, alternatively by authorising the executor to retain the services of an IBO, preferably a Platinum IBO, to manage the AMWAY business during the administration of the estate.
Unless a surviving spouse and/or the heirs of the deceased IBO takes steps to take over the Independant Business and operate it, the Independant Business will be moved up the line of sponsorship to the next qualified sponsor. This is to ensure that downline IBOs will continue to receive proper service, training and motivation. AMWAY will wait no longer than six months for the survivors to take appropriate steps before it moves the Independant Business up the line of sponsorship to the next qualified sponsor.
In the event that the deceased IBO leaves no surviving spouse and leaves no Will under which his Independant Business is bequeathed to his/her heirs, that Independant Business may be passed to the administrate appointed under the laws that govern inheritance in the respective country.
It is true that an AMWAY business has some unique features, nevertheless, for purposes of preparing a Will, it should be treated in the same manner as any other business. It is recommended that your legal advisor be made aware of the nature of an AMWAY business. The bequest of an AMWAY Independant Business is more beneficial when the recipient has knowledge of and an interest in the business and is familiar with the manner in which it should be operated.