Ned OMeara shared a post on LinkedIn, and he gave me permission to share it here because the message is important. Domain registrants, and particularly domain investors, need to create a plan to protect their business assets for when they die.
Ned shared a story about a client of his who purchased one of his three letter .com domain names many years ago. When he recently noticed it was sold in an expiry auction, he learned that his client had died. It seemed apparent that renewal notices sent to his client’s email address went unseen, and the domain name was not renewed by the client’s next of kin:
This type of thing probably happens every day. I have bought domain names in expiry auctions that a bit of research showed had been owned by someone who died. Oftentimes, I would imagine, families don’t even think about a loved one’s domain names as assets, and they can easily be forgotten about if proper attention is not given to domain names.
Domain investors have a bit of an advantage when it comes to protecting their assets since domain names are front and center in their lives. Ned’s advice about having a continuity plan in place is a good one. I try to update my business continuity plan on an annual basis or as important aspects of the plan may change. I previously wrote about what I include in my plan, and I don’t think much has changed there.
Whether investors create a full fledged business continuity plan or simply let loved ones know how to get access to their domain names, it is up to each individual person. Connecting with an attorney to create a plan would be a good start for someone with a portfolio that is valuable enough to protect.
Death is unavoidable. Planning ahead to protect your assets can help your family and is something every domain investor needs to think about.
We’ve put together this free “Estate Planning for Domain Names Guide” (with examples & template) in hopes that it can help the families and beneficiaries of our hard work in domain name investing: https://www.dnacademy.com/estate-planning-for-domain-names
So is voodoo run by only one person,???
Ned is referring to a .COM.AU domain most likely. He’s got a lot of those.