Do You Ever Think What Will Happen To Your Sites When You Die?

[Lee]

Serious question here, i know many of us work in the adult industry as part of our day-to-day business operations so, with that in mind, how do you go about making sure that once you pass away, your business is looked after properly?

Have you ever put any thought in to how to handle transfering your business to another person upon your death?

I know we have signed many contracts in the last few years that have 'death clauses' in them, meaning that, if the person who's sole responsibility for maitaining the contract passes away, they stipulate who gets their interest in the contract after their death.

A little morbid topic i know but how many of us have actually thought about what we'll do with our businesses after we die?

Regards,

Lee

[JustBryce]

If I should die, then my share of the company (50%) would be owned by my trust which is for all practical matters by partner of 8 years, Shannon. But, the company is has a life insurance policy on me so it would use the proceeds from that policy to buy my shares from the Trust and John would become the sole owner of the corporation. Vice Versa if he should Die. We have the procedure all written up in a buy / sale agreement.

If both of us die then we are leaving some rich people behind. Thats why we have our eyes on all of them...just in case they start getting any ideas.

i would encourage folks to look into Key Person insurance as well. If your only programmer, your only sysadmin or anyone else key to your business is incapacitated you can have insurance in place on them as well. Of course the best insurance is having 2 of everyone so that no one is ever indispensable...not even myself.

[JustMe]

Greetings:

VERY good advice with the keyman insurance there JustBryce. I've had it for years now, and it's an essential if your business is of any size.

Other than that, an estate planner is also an essential. I made my first trip to one at age 18, and as depressing as it is to start thinking of your own demise at a young age, it's very important if you're leaving behind people you care about.

[AusCoding Allan]

My site details are all documented in my will, along with who gets what, who is to manage it and how it will be distributed.

In essence though as I don't really see anyone that I know close enough to run my business it will probably just be put up for sale.

Cheers,

Allan

[Tristin]

, well hopefully I will not die anytime soon but It never really entered my mind. Something to think about in life, not just for a website, but everything else.

[Samurai Jack]

This is something that has crossed my mind many times, but I have not yet made any legal provisions for my demise. This was another good reminder to get on that and stop putting it off. Good post, Lee.