opinion We must share our portfolio with one close family member? Agree?

[EmpireNames.com]

Since domainers invest alot of money.do you guys think we should have one close relative who should know our all domain names with second access f something happened to us so they can use it later.
RIGHT OR WRONG?I shared my all domains with my wife & my brother .

 

[NYJimbo]

Put the info in a safe place and put it in your will.

 

[alcy]

many fam members are still computer illiterate.. so even moreso domain illiterate for many

so this could be hard to do for many

 

[EmpireNames.com]

many fam members are still computer illiterate.. so even moreso domain illiterate for many

so this could be hard to do for many

I taught them what are the domains and how to sell them if something happen to me... they didnt know anything about it but now atleast they know what to do with them i also mentioned to them all my buying prices so they should not sell in loss

 

[EmpireNames.com]

Put the info in a safe place and put it in your will.

if we put them in safe we must write everything in detail like what are they how to sell.selling prices and transfer process isnt it?

 

[korganian]

This is a good topic. I suggest keeping a list of all your domains and how to manage them. For added security, you could also keep the passwords for their access in a safety deposit box that the executor of your will would be able to access after you die.

 

[Bob Hawkes]

A good topic thread, and I look forward to the responses. This is a question I have wondered about personally.

As well as ideally a computer domain literate family member having access, and full details in a safe, etc. I wonder if those who have really valuable profiles should have specific mention of what they wish done in the will? i.e. whether to liquidate and add to estate, whether to place with a broker, etc.

Again for those with valuable domain portfolios, an executor of the estate with expertise or at least knowledge of domain name investing would be ideal. I presume that there are already individuals or firms who offer this advice to estates on a consultancy basis.

 

[sheiky]

I was talking about the same topic to my family yesterday.

Told like a sermon to them - if I leave this world you guys are gonna make use of it. They’re like Whhaatttt...

Whenever I see an awesome domain fall off, I think myself the owner is either RIP // COM or COMA // COM.

Good topic to discuss. Looking for suggestions...

 

[Hypersot]

Getting ownership of domains and their general handling is quite an intimidating task for someone that is not related to the industry.. I won't even talk about family members that the only thing they know about internet is browsing the news.

The only solution I found to this is trusting a fellow domainer to help guide the family members in question .

I have already been assigned to the task by someone else as their backup plan -in case something sudden and bad happens and family gets lost in the written directions- and I'm seriously thinking of doing the same, ie. write a guide and assign a domainer I fully trust to guide the family in case they get confused.

As others said, thanks for the topic.

 

[alcy]

I taught them what are the domains and how to sell them if something happen to me... they didnt know anything about it but now atleast they know what to do with them i also mentioned to them all my buying prices so they should not sell in loss

good

well u know...all depends on names we own...money invested... fo valuable stuff u definitely want to take steps not to lose them... for others... many others...probbaly even most names that flood markets today.. they are not worth the renew fee anyway.. imo

 

[Brands.International]

Since domainers invest alot of money.do you guys think we should have one close relative who should know our all domain names with second access f something happened to us so they can use it later.
RIGHT OR WRONG?I shared my all domains with my wife & my brother .

Of course - pick and educate one family member (try to pick the clever one, if possible) as of how to operate your domain names - otherwise all can be lost in case something bad happens, like accident, etc, and that would be pitty.

 

[mr-x]

In the USA, if you're serious, create a corp., LLC or some other business entity to hold your assets, process payments, protect you from personal liability.

Alternatively, create a trust so your domain assets are transferred to your heirs without tax liability.

Technically, use a password manager, record a method to access that manager in case your incapable.

 

[Haykay2005]

Since domainers invest alot of money.do you guys think we should have one close relative who should know our all domain names with second access f something happened to us so they can use it later.
RIGHT OR WRONG?I shared my all domains with my wife & my brother .

You just raised a very reasonable topic and I once thought about this issue. I think the registrar should have a provision for next of kin incase of death to continue with management . Just like banks have provisions for next of kin to take over deceased assets

 

[DomainVP]

Use Camtasia to make a video showing how to manage / transfer your domains. Leave a script behind on how to negotiate. Takes 30 minutes, then your family can have access to your domain protfolio if you get hit by a bus.

If the sun explodes, I don't think your portfolio will matter

 

[korganian]

'

You just raised a very reasonable topic and I once thought about this issue. I think the registrar should have a provision for next of kin incase of death to continue with management . Just like banks have provisions for next of kin to take over deceased assets

Yes they should. Have you ever considered why none of them do? That's the last thing the registrars would ever want to do. It would cut off their profit pipeline of expired names to sell and send their earnings into a nose dive. Their shareholders would panic and their stock would tank. Whoever was responsible would be fired.

 

[Haykay2005]

'

Yes they should. Have you ever considered why none of them do? That's the last thing the registrars would ever want to do. It would cut off their profit pipeline of expired names to sell and send their earnings into a nose dive. Their shareholders would panic and their stock would tank. Whoever was responsible would be fired.

I thought as much. They make money from expire names

 

[briguy]

Since I have a long term portfolio,Yes I do have a Contingency Plan!
Asked a similar question awhile back
https://www.namepros.com/threads/do-you-have-a-contingency-plan-for-your-internet-assets.940181/

 

[alcy]

maybe there are some services online that help to take care of your onlline assets.. of all kinds.. including domains.. like there is post mortem stuff for facebook accounts or what not..

of course.. that would not be free I guess. but maybe paying someone bit of money to do something properly is better than leaving it in the hands of my 250 years old grand dad.

 

[maxtra]

Agreed. Better to keep the wealth in the family rather than let them expire, especially if you have a high-valued, liquid portfolio.

Here is an article from GoDaddy on this:

https://www.godaddy.com/help/how-to-gain-access-to-domainsaccounts-after-owners-death-8356

 

[Kate]

You just raised a very reasonable topic and I once thought about this issue. I think the registrar should have a provision for next of kin incase of death to continue with management . Just like banks have provisions for next of kin to take over deceased assets

Isn't it what Domain Guardian does ? Or used to do ? The service seems to have been retired. Frankly I don't think there was a lot of demand for this. Anyway. It's something that is best handled by yourself and carried out by people whom you trust.

As @mr-x said, you should incorporate if you are serious about domaining. If you are not incorporated and not paying taxes, this is a hobby and your portfolio may be less valuable than you think.

Best would be to leave a clear procedure and access codes to an up to date list of domains (and other assets). Perhaps rate the domains on a scale from 1 to 5 so your heirs can quickly identify the most valuable names, and renew them if necessarily. You might also want to leave the contact details of a trusted fellow domainer for guidance on appraising and liquidating the portfolio. At least your family will make money and not lose out everything to the registrars.

 

[mr-x]

....

 

[Smiles76]

Let's be real. The sell thru rate is 1-2% for domainers and you're expecting your family to be able to sell your domains without any knowledge of the industry? If you don't sell your domains most family members or friends will just let them drop. This should be motivation for those who are holding onto domains for years on end treating it like a lucky lottery ticket. Sell it or lose it.

 

[.X.]

Agreed absolutely, my wife has the keys to all my domains, websites.

 

[EmpireNames.com]

Let's be real. The sell thru rate is 1-2% for domainers and you're expecting your family to be able to sell your domains without any knowledge of the industry? If you don't sell your domains most family members or friends will just let them drop. This should be motivation for those who are holding onto domains for years on end treating it like a lucky lottery ticket. Sell it or lose it.

Sorry but i am not agree with this point. if your domain is good and if you guide them how to sell ...they can for sure atleast they can get money back or they will do bit loss but still better then expire all the domains and loss thousands of dollars

 

[.X.]

Let's be real. The sell thru rate is 1-2% for domainers and you're expecting your family to be able to sell your domains without any knowledge of the industry? If you don't sell your domains most family members or friends will just let them drop. This should be motivation for those who are holding onto domains for years on end treating it like a lucky lottery ticket. Sell it or lose it.[/QUOT

Let's be real. The sell thru rate is 1-2% for domainers and you're expecting your family to be able to sell your domains without any knowledge of the industry? If you don't sell your domains most family members or friends will just let them drop. This should be motivation for those who are holding onto domains for years on end treating it like a lucky lottery ticket. Sell it or lose it.

hmmm, interesting statements, ok, I have 212x 4L.coms , 3x 3L.coms , I have been paying renewal fees on these for over 10 years now, I could sell that batch of names above today and make an approx 600% ROI, all the 4L .coms were hand reg at 0.99 to 5.99 a name. I could sell them if I wanted, I don’t want to. I don’t need the money, why? Because NamePros has made me enough cash to sit on them until I croak. Not a waste my friend, although domaning today is far more difficult, it is still very lucrative