It kind of just crossed my mind of what kind of plan(s) to make for my domains if I suddenly pass away. I'm pulling in a decent amount right now, but in a few short years it should be quite substantial. My wife knows NOTHING about websites, domains, coding, affiliate marketing, etc. so what instructions should I leave her? The income will still be coming in for awhile after I pass away, but after time with not updating sites, continuing SEO efforts, and changes with affiliate programs, the income will dwindle. Plus, all checks and direct deposits are in my name. My thought is to leave detailed instructions on how and where to sell the domains, and how to prove their current income to sellers. I do have friends that know a little more about the internet, but I don't think they could continue on the marketing properly. They could help in the process of selling the domains properly though. Does anyone else have any contingency plans upon death?
What about putting all your domains, affiliate accounts, bank accounts etc. in the name of your business. That way the business could continue to receive revenue in its name, even if you pass away. I think having everything in your personal name is probably the worst was to have it set up if you want the business to continue for even a short while after you are gone. Just as an anecdote, after my dad passed away, the bank was pretty quick in having his name taken off their joint bank account. That meant that my mom had to go through a huge rigmarole just to be able to deposit/cash the check Medicare sent to cover part of his medical treatment. Of course you need the details of your business recorded somewhere too - which domains you own, account names and passwords, etc. It's probably best to consult with an estate attorney who can help you prepare documents that will stand up, and can probably recommend the best way to set up a business that can survive your demise.
Good points. Next year I will be looking into LLC's, that should cover things like you pointed out. My wife just started law school 3 weeks ago, so once she starts learning things she can probably guide me through it also. I think you are right though, the first thing to do is to get my personal name off of the finacial parts.
I suggest to write up your hat. Write up every thing that you do and then your wife can give that to somebody else to take over in case you leave.