It sounds a little morbid, but have you ever stopped to think what happen to all your domains if you dropped down dead today? When you consider the potential worth of your portfolio, it is worth making provisions for the protection of your domains in the event that you suddenly buy a farm in the sky. Here are 4 easy things you can do today to start protecting your online real estate and ensure your heirs get the most from your investments.
1. Create An Information Spreadsheet
Create a spreadsheet that details all your domains and their renewal dates. Keep the list updated with an approximate market value; the last thing you want is to pop your clogs and your partner or kids to sell your prize domains for peanuts. So leave a guide price in the sheet that you update regularly as market conditions shift.
Make a separate sheet with your login details for domain accounts, email accounts, any hosting accounts on developed domains and your parking accounts etc. Make sure you update this data as and when you change your passwords or open up new accounts.
Both these sheets should be locked with a password to prevent fraud. Write the password down in a phonebook or other place of your choice and notify your family of its location.
2. Include Domains In Your Will
Who will you leave your domains to? Maybe your kids or partner? Maybe you’ll divvy up the portfolio and leave different domains to different relatives and friends based on value or interest. Domains are financial assets, and therefore you must include them in your Will. Don’t leave people to squabble over what to do with your domains. Write domains into your Will today.
3. Arrange A Family Briefing
Domaining, website flipping, affiliate marketing and other online money making endeavors may seem like everyday business to you, but if you’re like the majority it is likely that your family have little knowledge of what you actually do. Therefore, if you suddenly closed your life account your family wouldn’t know where to start and how to proceed in sorting out your domaining affairs. Divise a small presentation in PowerPoint that explains the basics of domaining in approximately ten slides. Include information on selling domains and best practice to prevent fraud. Make it fun for the kids so they don’t fall asleep, a promise a reward for paying full attention. This will at the very least give your family some clue as to what will need to be done in the event that you check out early.
4. Nominate A Family Helper
The likelihood is your family don’t know much about domaining; Sedo, parking revenue, auctions, renewal dates, etc, and even though you’ve given them the briefing set out in point 3, if you have a large portfolio it will be a tall task to manage in the event that you suddenly cash in your chips. In light of this, the sensible thing to do is to ask an “internet savvy” friend to oversee the sale or retention and general management of your domain affairs if you die. Choose a reliable, organized person who is already a trusted friend/member of the family, and preferably someone who has a working knowledge of the domaining industry.
Death happens to us all at some point, and you never know when the day might creep up on you. Many people avoid thinking about death because they don’t want to tempt fate, but for the sake of a day’s worth of planning, it’s a wholly positive thing to ensure your heirs reap the full benefits of your domain portfolio.