Welcome to WebmasterWorld Guest from 23.22.36.191

Forum Moderators: buckworks & webwork

Message Too Old, No Replies

Are Your Kids Going to Inherit Your Domains?

Have you done any domain estate planning?

   
4:50 pm on Jul 12, 2013 (gmt 0)

WebmasterWorld Administrator webwork is a WebmasterWorld Top Contributor of All Time 10+ Year Member



Food for thought: Have you made plans for passing onto your family / your heirs your domain wealth?

What have you done?

Me, I haven't done jack yet. My kids know about my portfolio. My daughter has her eyes on it. (She's into digital marketing.)

I wonder, if I don't spell things out, will my kids fight?

How do I decide to whack things up? "You get the cash. You get the domains.'?

Anyone work this out yet? No? You gonna live forever? You gonna pick where and when you exit this . . domain?
6:54 pm on Jul 12, 2013 (gmt 0)

WebmasterWorld Administrator lifeinasia is a WebmasterWorld Top Contributor of All Time 5+ Year Member Top Contributors Of The Month



Have you made plans for passing on ... your domain wealth?


Not just the wealth, but the control. You go belly up and none of your heirs has the passwords to your accounts, it's probably going to be a nightmare to straighten out.

And for a lot of people, dealing with domain names is probably going to be way down on the priority list after the owner's death. By the time they get around to dealing with them, some may have expired and been snapped up by someone else.

For us- no kids, so no need to worry. :) All our domains are owned by our corp.
8:38 pm on Jul 12, 2013 (gmt 0)

WebmasterWorld Senior Member lucy24 is a WebmasterWorld Top Contributor of All Time Top Contributors Of The Month



You go belly up and none of your heirs has the passwords to your accounts, it's probably going to be a nightmare to straighten out.

Timely reminder. By now everyone knows that the one important document you NEVER put in a bank safe-deposit is your will ... but anything involving passwords is exactly analogous and there's no standard practice yet. Do you have a lawyer? Write down all passwords and leave a copy with him/her.

Food for thought: Do the major password-using organizations have established procedures for what to do when a member dies and their heirs don't know the password? Is the internet littered with Facebook pages that can't be taken down because nobody has access-- and may not even know they exist?

Look up your local laws on intestate succession. Then you can decide whether you enjoy the prospect of your survivors squabbling over your domains. (Depending on your family dynamics, it's possible you like the thought ;))
8:48 pm on Jul 12, 2013 (gmt 0)

WebmasterWorld Senior Member ken_b is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month



Write down all passwords and leave a copy with him/her.

If you update passwords on a regular basis, maybe just give the lawyer instructions on where to find your list of current passwords. You probably don't want to be paying them to update the list they have on a regular basis.
.
2:04 pm on Jul 14, 2013 (gmt 0)

WebmasterWorld Senior Member piatkow is a WebmasterWorld Top Contributor of All Time 5+ Year Member



Not just family, I have seen this as a problem several times on community group websites where the webmaster has a heart attack (or in once case went into rehab!) or even just has a row with the committee and walks out.

Typically because these things are set up using payment cards, and community group bank accounts tend to be multi-signature so only have cheque books, things are usually done in the webmaster's own name.