Comments on: Domaining and making wills http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/ Finding the domain names of the future Sun, 12 Jun 2011 17:44:04 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Patrick McDermott http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12621 Patrick McDermott Thu, 15 Jan 2009 01:49:57 +0000 http://www.predictivedomaining.com/?p=603#comment-12621 "actually I meant I stand to be corrected about domain name lawyers not doing estate planning and vice versa" Oh. :-) “actually I meant I stand to be corrected about domain name lawyers not doing estate planning and vice versa”

Oh. :-)

]]> By: Barry http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12620 Barry Thu, 15 Jan 2009 00:02:10 +0000 http://www.predictivedomaining.com/?p=603#comment-12620 Patrick, actually I meant I stand to be corrected about domain name lawyers not doing estate planning and vice versa. I agree with your comment completely :) Patrick, actually I meant I stand to be corrected about domain name lawyers not doing estate planning and vice versa. I agree with your comment completely :)

]]> By: Patrick McDermott http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12619 Patrick McDermott Wed, 14 Jan 2009 23:40:14 +0000 http://www.predictivedomaining.com/?p=603#comment-12619 "I stand to be corrected though." Oh no Barry. I wasn't really correcting you. I too refer to domains as assets since they can help put $ in your pockets. The gist of my comment was that you can never really truly own a domain name so I don't consider it a true asset. You can only control it. Maybe you can get to control it forever. :-) “I stand to be corrected though.”

Oh no Barry.

I wasn’t really correcting you.

I too refer to domains as assets since
they can help put $ in your pockets.

The gist of my comment was that you can
never really truly own a domain name so I
don’t consider it a true asset.

You can only control it.

Maybe you can get to control it forever. :-)

]]> By: Barry http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12613 Barry Wed, 14 Jan 2009 00:35:13 +0000 http://www.predictivedomaining.com/?p=603#comment-12613 Patrick, "good biz opp for some smart law firm to help domainers" I agree. Most traditional estate planning lawyers do not know about domain names or the business and I wonder if there are domain lawyers who can handle full estate planning. The best may be a law firm with both lawyers in it who can consult with one another. I stand to be corrected though. Am glad the posts are interesting to you. I really enjoy researching them so it is nice to know someone else finding them interesting or even useful. Patrick,
“good biz opp for some smart law firm to help domainers”
I agree. Most traditional estate planning lawyers do not know about domain names or the business and I wonder if there are domain lawyers who can handle full estate planning. The best may be a law firm with both lawyers in it who can consult with one another. I stand to be corrected though.

Am glad the posts are interesting to you. I really enjoy researching them so it is nice to know someone else finding them interesting or even useful.

]]> By: Patrick McDermott http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12612 Patrick McDermott Wed, 14 Jan 2009 00:22:43 +0000 http://www.predictivedomaining.com/?p=603#comment-12612 "assets come in two flavors: tangible and intangible. Domains may fall into the latter" For sure. "I think we both say the same thing which is plan ahead and make arrangements." Right. I think this is a good biz opp for some smart law firm to help domainers get set up properly in case of the inevitable. Maybe one of the Domain lawyer's eyes will open to this unfilled need. You always write thought provacative articles. “assets come in two flavors: tangible and
intangible. Domains may fall into the latter”

For sure.

“I think we both say the same thing which is plan ahead and make arrangements.”

Right.

I think this is a good biz opp for some smart law
firm to help domainers get set up properly in case
of the inevitable.

Maybe one of the Domain lawyer’s eyes will open
to this unfilled need.

You always write thought provacative articles.

]]> By: Barry http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12611 Barry Tue, 13 Jan 2009 21:11:26 +0000 http://www.predictivedomaining.com/?p=603#comment-12611 Patrick, great comment. As I understand it, assets come in two flavors: tangible and intangible. Domains may fall into the latter. That is a great idea to make sure renewal fees are covered in some way so the beneficiary isn't stuck with a liability in effect. Not much of an inheritance if you have no idea how to sell domains and you owe thousands in renewal fees. I think we both say the same thing which is plan ahead and make arrangements. Patrick, great comment. As I understand it, assets come in two flavors: tangible and intangible. Domains may fall into the latter.
That is a great idea to make sure renewal fees are covered in some way so the beneficiary isn’t stuck with a liability in effect. Not much of an inheritance if you have no idea how to sell domains and you owe thousands in renewal fees.
I think we both say the same thing which is plan ahead and make arrangements.

]]> By: Patrick McDermott http://www.predictivedomaining.com/2009/01/12/domaining-and-making-wills/comment-page-1/#comment-12609 Patrick McDermott Tue, 13 Jan 2009 20:00:39 +0000 http://www.predictivedomaining.com/?p=603#comment-12609 "Domains are assets" Barry, I don't believe domains are true assets. Yes you can often use them to make money but... An asset is something of value that is owned by a person or company. The keyword is "own". We get to use domains but we can never actually own them. See what happens to your "ownership" of any domain you fail to renew. Look at what happened to the "owner" of LH.com. He had the domain stolen (IMHO) from him by Lufthansa in a very bad three panelists National Arbitration Forum decision. There was one dissenting panelist. http://snurl.com/LHDecision Now I'm not really commenting here to quibble about whether a domain is an asset. I'd just like to add to your comment about transferring domains "to a beneficiary in the event of your death..." And that is if you have a large domain portfolio you should have funds set aside or some type of insurance so your beneficiary can pay the renewal fees. i.e. 2,000 .COM domains = approx. $16,000 in renewals And unless you've groomed someone to take over the management of your portfolio, you may want to leave instructions on how best to liquidate your portfolio. A domain lawyer could probably help with that. Just because you liked researching domains, following auctions, visiting forums and blogs, etc, doesn't mean your heirs will. “Domains are assets”

Barry,

I don’t believe domains are true assets.

Yes you can often use them to make money but…

An asset is something of value that is owned by
a person or company.

The keyword is “own”.

We get to use domains but we can never actually
own them.

See what happens to your “ownership” of any
domain you fail to renew.

Look at what happened to the “owner” of LH.com.

He had the domain stolen (IMHO) from him by
Lufthansa in a very bad three panelists National Arbitration Forum decision.

There was one dissenting panelist.

http://snurl.com/LHDecision

Now I’m not really commenting here to quibble
about whether a domain is an asset.

I’d just like to add to your comment about
transferring domains “to a beneficiary in the
event of your death…”

And that is if you have a large domain portfolio
you should have funds set aside or some type of insurance so your beneficiary can pay the renewal
fees.

i.e. 2,000 .COM domains = approx. $16,000 in
renewals

And unless you’ve groomed someone to take over
the management of your portfolio, you may want to
leave instructions on how best to liquidate your
portfolio.

A domain lawyer could probably help with that.

Just because you liked researching domains,
following auctions, visiting forums and blogs,
etc, doesn’t mean your heirs will.

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