Frager Factor

Thursday, March 03, 2011

Let's Say You Die Tomorrow

"Who'll take care of my domains when I'm gone?'... I'll be transferring my assets to my loved ones, who unfortunately don't have the skills or desire to continue managing my business. It gives me peace of mind to know that they can trust the expertise of Domain Guardians to do this for them."











No one wants to think about death. But PLANNING NOW CAN MAKE THINGS EASIER FOR YOUR FAMILY.

"Where should you keep these instructions?

Not with your will; sometimes wills aren't read until after the funeral. And not in a safe deposit box, because that might be sealed pending reading of the will. You should keep a copy with your will, give another to your lawyer, to the executor of your will, your spouse and any other close family members or beneficiaries.

According to (my) attorney Howard Neu**, “believe it or not, a will is considered to be a LIVING document that can be modified, changed, altered or revoked at any time prior to the death of the Testator. It has no meaning or effect until death and therefore is continually subject to change.

By the same token, a will should reflect the change around you and that can only be done if it is readily accessible in a drawer at home or in your office. It should be reviewed annually. A good time to do so is on your birthday. You are another year older, you think about your mortality and the will should reflect the changes around you, If there are none, put it away for another year, but NEVER put it in a lock box.

The main thing is that it be accessible and that everyone who needs it will know in advance where to find it."

More importantly Howard reminds me that very few jurisdictions allow wills to be deposited with the court before the Testator dies. They don't want or need the paperwork jamming up their files.

And if you own domain names, you also need to know that just because the Federal Courts of the Eastern District of Virginia have been bullied by Network Solutions to find that domains are a contractual obligation and not property does not make it so for purposes of your estate. As long as you have been treating them as property in reporting income, gain and loss from sales, they are property.

That's why Domain Guardians has developed Domain Legacy to technically and legally protect and manage domain assets in the event of a portfolio owner’s death or disability.

The brainchildren of veteran domain name industry experts Mike Robertson, Jen Sale, Bill Vanderent, Adam Strong and Paul Keating, Domain Guardians, an ICANN accredited registrar providing domain estate planning and management services to domain professionals. The team will be launching the company and services at the upcoming ICANN Silicon Valley conference in San Francisco, CA, USA from March 13-18, 2011.

Paul Keating, prominent domain lawyer, recognizes the complicated nature of managing a portfolio, “No one lives forever, and most domain investors are not planning enough for the future. Managing domains across multiple registrars and monetization providers is a daunting task. It requires a great deal of skill developed on the back of years that may include lost opportunities, missteps and other failures. What will happen to the asset base and income streams when the manager is no longer “there” because of a death or disability? How will our survivors cope in an industry where contacts and experiences are
shared by word of mouth?”

Veteran domain professional, Adam Strong, addresses the importance of Domain Legacy for your loved one’s protection and peace of mind, “Like other domain investors, I've thought, 'Who'll take care of my domains when I'm gone?'... I'll be transferring my assets to my loved ones, who unfortunately don't have the skills or desire to continue managing my business. It gives me peace of mind to know that they can trust the expertise of Domain Guardians to do this for them. Every domain investor with a valuable portfolio should protect the future of that portfolio.”

We wish our friends Jen, Mike and PauI the best of luck as they embark on their own project. Check them out!
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Additional resources:
To read all advice on how to make it easier for your family:

YOUR MONEY / ESTATE PLANNING
Estate Planning: What You Need to Know

By PAUL SULLIVAN
Published: January 27, 2009
Deciding what happens to whatever is left of your money when you die rarely gets the attention it should get.

And if you want to solve a problem crying out for an online solution, stake your claim to ThinkBeforeYouDie.com where estate legal services and sales result from understanding.


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About The Author: Owen Frager is an Internet marketing expert ready to help take your company to the next level.

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