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What Will Happen to Your Digital Estate When You Die?

Labeled as advice in Domain Industry News started by Alvin Brown, Aug 6, 2018.

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  1. Alvin Brown

    Alvin Brown Member VIP

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    [​IMG]

    While thousands of websites and domains are commissioned and decommissioned daily, digital estate planning for persons and businesses goes unchecked, if ever pondered.

    Stories of lost websites and domain portfolios due to the untimely death or disability of business owners, especially domain investors, is on the rise.

    Why forfeit your time, effort, and money to complete strangers that pay pennies on the dollar to assume your domain portfolio due to lack of digital estate planning?

    Assuming domain portfolios is a reality happening each and every day throughout the world due to lack of sound counsel and planning.

    Such costly incidents could easily be avoided by simply executing 6 Principles of Digital Estate Planning and Management.

    Rather than a reactive stance towards digital estate planning and management, I encourage you to take a proactive stance to protect a legacy, your legacy, that’s priceless.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. Addison

    Addison Active Member VIP

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  3. OmarVG

    OmarVG Active Member VIP

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    I don't trust my family members! lol they don't deserve my portfolio...
    I don't want to think about this problem, right now I am healthy and I am not planning to die soon hahahaha!
     
  4. Bob Hawkes

    Bob Hawkes formerly MetBob NameTalent VIP

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    This is an important topic, and even though there has been a bit of discussion earlier, glad to see that it was started and the link to the article.

    I think that it is critical to have as good written directions and information as possible. Also, ideal if you can find someone to help executor of estate with questions. If entering a period of major health treatment always wise to set autorenew to on for any valuable domains in portfolio.

    For those of us getting on in years, a related question is whether it may well be wise to gradually edge out of the business, at least in a major way. In conventional investing some writing lately on it being wise to move from stock picking or other active strategies into a simplified index portfolio so family members don't need to be proactive if our judgement fails. Of course, most wise advice is to use low cost index funds always!
     
    Last edited: Aug 6, 2018
  5. lennco

    lennco Top Member VIP ★★★★★★★★★★

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    Then you had better be careful when crossing a street.....

     
  6. myfavorite

    myfavorite Established Member

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    Very important info. I think there was a case discussed on this platform about a very valuable crypto name that dropped and it was discovered the owner was late.

    Thanks for sharing
     
  7. robert widener

    robert widener Restricted

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    great thread , important info , a must read for ALL domainers . thanks for sharing :xf.smile:
     
  8. .X.

    .X. NameFeature.com Gold Account VIP ★★★★★★★★★★

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    My wife has the full set of keys to my complete portfolio, and i have an estimated value - asking price for each domain name in a spread sheet, she could sell and liquidate my portfolio with very little effort if needed.
     
  9. D Haynes

    D Haynes Active Member VIP

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    Mine would be lost to the world. The renewals would stop and they would likely drop without so much as a single bid on GD expired auctions or closeouts lol.
     
  10. platey

    platey Active Member VIP

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    as Google and facebook etc have in excess of 6000 plus domain names allegedly and their portfolios will be premium and some of those will be super super premium and they not only have the Internet to themselves at the same the moment but Friday their domain name portfolios will contain the tech concepts of the tomorrow and next xt century etc so they too will be be thinking about what happens to their portfolios

    I reckon Google will create a website where a person can list their digital land eg domain 's and crypto and Google would be e the digital land owner of the Internet and Google would pay the renewals for you and it wouldn't cost them 1p because they would add ads to a each landing page per domain

    so Google would become the world's biggest estate agent that would pay and future sales in to your estate forever

    your digital estate has a value and you know your investing St strategy and the value of your digital estate etc but chances are that those close to you might not etc as not everyone is or understands domain name investors etc

    But the problem is that just in real life lol the legal sector will want to charge you some money big juicy fees for managing your digital estate etc
     
  11. dna

    dna Established Member ★★★★★★★★★★

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    Trust me on this, when you are dead, you won't care what happens to your domain names.
     
  12. Alvin Brown

    Alvin Brown Member VIP

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    While there is a kernel of truth in what you say, it would be sad for it and you've worked for in life to all go down the drain in one generation without proper succession planning. While I live in the moment, I also want my life and life's work to have benefited more than just me, preferably transcend many generations to benefit others. 😊
     
  13. harrygeorge

    harrygeorge New Member

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    Agents will presumably need to give proof, for example, a passing declaration ... accounts is constrained to the individual in charge of managing the bequest. ... is to give a guide of what you need to happen to when you bite the dust.
     
  14. barman

    barman Established Member

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    This is an important topic because if I died today then no one would know what to do with my names. They'd expire and some of you clowns here would end up buying them at the drop auctions!
     
  15. myfavorite

    myfavorite Established Member

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    I believe it will be good if all Registrars provide a space for domain owners to provide information/details of an alternate contact person, so the Registrar can contact the person when domains due for renewal are ignored or allowed to expired.

    The contact person can confirm if it's deliberate or the owner is late. If the later is the case, they can guide the alternate contact person or next of kin on how to take ownership of the domain.

    JMHO
     
  16. J Sokol

    J Sokol Established Member

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    Interesting topic, @Alvin Brown, and one that's been on my mind as I met recently with someone to do some estate planning. When I told her about my domain portfolio, she asked if I'm able to designate beneficiaries for my GD and Namecheap accounts. I haven't seen that discussed here, but it seems it should be a provision just as it is with other investments.
     
  17. Russkie

    Russkie Established Member

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    Domains are not the property. It's like a lease, something that you are renting. No monetary value when you die.
     
  18. Tatiana Bonneau

    Tatiana Bonneau Upgraded Member Blue Account

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    Very interesting topic, thank you for posting and for all the info you have shared on it @Alvin Brown.
    @Russkie you're effecively leasing everything in life, you take nothing with you when you go, it all changes hands. So it is a matter of arranging things so (if you care) the ones close to you can benefit from the effort you put into something whilst you were here.
     
  19. Fancy.domains

    Fancy.domains Selling gTLDs like delicious hotcakes Gold Account VIP

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    My wife will have it. She is nine years younger than me, so I hope and thinks she survives me.
     
  20. Riz M.

    Riz M. EmpireNames.com

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    I have solved it as i taught my wife almost complete domaining plus i gave my one brother complete details like acquisition costs + selling prices + renewal prices.. incase anything happen to me then my wife can handle incase anything happened to me and my wife both then my brother will takeover on them..i gave them complete credentials as well
    We all should do this if we hold good investment in domains
     
  21. Zilla

    Zilla Active Member VIP ★★★★★★★★★★

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    I never think my portofolio is so valuable to performan as a legacy to my family, but consider if I am going to die, may be it is 40 years later, then, if internet still running, .com domain will become more valuable I believe, then, I think it is important to select several big one to auto renew and tell the password to my familiy member....

    and for a solide plan, given u don't know when u will die...so, better write it somewhere and make sure ur family member aware of this....

    I noticed there are some very nice domain dropped, I guess one key reason is the owner died w/o notify their family ....so, why let this happen to u..if it is valuable asset, left it to the people u love....
     
  22. Russkie

    Russkie Established Member

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    There is no one close, Tanya. That's the problem. No solution => no value :)
     
  23. mems

    mems Established Member ★★★★★★★★★★

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