Death

[Westech]

This is a morbid topic, but probably something that we all need to consider at some point. I'm sure that many of you here are like me: A one man (or woman) show who manages all aspects of your web empire by yourself and whose spouse has no idea of how any of it works or what you're doing.

My wife knows that I have several webistes, what the URLs are, and that I sell advertising on them, but she has no idea who my server providers are, who my advertisers are, or how to keep the sites running.

So my question to all of you who make decent money from your sites is: What would happen if you were suddenly run over by a bus one day?

If you've done as little planning as I have so far, your family would lose out on valuable assets that could have been sold for a good price as your server bills come due, your domains expire, and your sites fall apart. If you've been depending on your sites' income to pay the bills then your family could be in real trouble.

At the very least, I'm planning to record all information relevent to my sites (stats, expenses, all providers and advertisers used, all server and domain registrar passwords, business plan, required upkeep, etc. Basically everything that someone would need to step in and take over, or to sell the sites.) Of course, even with all this information, my wife would still need to find someone trustworthy who understands all of it to sort things out for her. This could be a problem since everyone I know who has a good grasp on this stuff I've only met online.

I'm wondering what, if anything, all of you have done to plan for a catastrophic event like this? I'm especially interested in hearing from those of you who depend on your sites to pay the bills.

[Blue Cat Buxton]

Its a good topic and I admit I am jsut like you. My other half wouldn't know where to look for passwords, where income comes from or when to renew hosts etc.

I am plannig to move to a company status before the end of the year and will write out a daily/monthly procedure plan, as mucha s for my benefit for now, but with the view that someone could take over my sites and at least get the residual income from them or sell them on.

[chromate]

I'm lucky in that I have a brother and sister that would know how to operate my sites, or at least keep them ticking along. Pretty sure they know my main passwords too. lol

I read in another forum that one guy, who makes a significant income, has set up a couple of life insurance policies. If he should suddenly die for whatever reason, his wife will receive a few million (3 I think it was) dollars to enable her to live comfortably without working.

I think that's probably the ideal solution as there's no need to worry about keeping the sites running for income.

[paul]

Bad enough to have all your work falling apart, but under some circumstances your spouse couldn't even cash the incoming checks until your will is probated. There are lots of stories of widows who had to live off their kids/friends for months/years until probate was completed.

I would suggest looking into a living trust as a starting point. Robert Bruss has a good newletter back issue on the subject and Nolo Press sells software to set one up.

I keep a large spreadsheet with domains, accounts, passwords, etc. and make sure my computer savvy kids know where it is. I also keep a copy of it on a memory stick that I always carry with me.

It worked reasonably well when I tested it :(

Life changing events have a way of happening without warning. If you haven't made some prepartions in advance there is NO TIME.

[Chris]

I was thinking about this a few days ago and thought that I should update my file (yes I have a file of instructions too). In addition to passwords/information it gives information on people to contact to either hire to maintain the sites, or for help in selling the sites.

I think we've discussed this topic on this forum before as well.

[AndyH]

Don't have any plan. My dad has access to all my money as he is trustee but if I die I think passing on everything would be the least of my concerns ;).

Only significant other is my girlfriend so that is fine. Once I buy a house I will get around to doing things.

[paul]

Actually, the best time to do things would be BEFORE you buy the house. Talk to an estate planning or asset protection professional first.

[MarkB]

All my wife would have to do is change the credit card paying for hosting, as all the Google cheques are in her name LOL

[paul]

Actually, the best time to do things would be BEFORE you buy the house. Talk to an estate planning or asset protection professional first.

[paul]

MarkB. Where does that leave you if she is incapacitated somehow?

Maybe settling an estate is not the expensive, lengthy process in the UK/Australia as it is in the USA.

[MarkB]

Well, then I just get Google to change the name on the cheques (or start a new account). Or I take on her identity; her clothes probably fit me (if a little short).

Hmm... a secret identity...

Settling an estate in the UK is relatively straight forward, providing nobody contests the will. It just goes to probate (if necessary), and the will gets actioned.

What I've found (having worked for a major charity for 18 months in their legacies department) is that if you have a major charity onboard, they have teams of lawyers who will help do some of the groundwork for you if the will is benefiting them. ;)

[Blue Cat Buxton]

But you need a will, otherwise it can get messy, I believe, particularly if there are kids etc (UK perspective)

[James]

Or I take on her identity; her clothes probably fit me (if a little short).
Oh great, now you have a motive: wearing your wife's clothes. You dirty little man, you! :P