Author Topic: what happens after we pass away... (Read 4431 times)

noodle · « **on:** June 03, 2012, 07:54 »

This might seem like a weird question but it is legitimate...

Once your ms portfolio is up it has earning power as long as your images are available to clients.. so what happens in the case of someone who dies, and their portfolio remains generating income - does their beneficiaries continue to receive the royalties? for how long? is their a legal proceedure to go through to ensure this?

Has anyone looked into this or have some insight?

It is an unusual question, but really I think something we should all consider at some point from a practical viewpoint, esp for you big time earners ...

thanks

Mantis · « **Reply #1 on:** June 03, 2012, 08:10 »

Quote from: noodle on June 03, 2012, 07:54

This might seem like a weird question but it is legitimate...

Once your ms portfolio is up it has earning power as long as your images are available to clients.. so what happens in the case of someone who dies, and their portfolio remains generating income - does their beneficiaries continue to receive the royalties? for how long? is their a legal proceedure to go through to ensure this?

Has anyone looked into this or have some insight?

It is an unusual question, but really I think something we should all consider at some point from a practical viewpoint, esp for you big time earners ...

thanks

As much as you think it's unusual, I have been mulling this over with my wife. We are getting ready to have our trust written (I am 51) and we want to hire an attorney to help us understand our copyright transfer options from two perspectives:

1. I am making a relative assumption that I will die before my wife. I want her to legally own my images and continue to collect the income. Technically I could just have her keep collecting the money from existing accounts and just not say anything, but that could backfire if the word gets out that I am gone but the account remains open.

2. When she goes I want to have ownership of my port to change to someone else so they can enjoy the benefits of my hard work.

I am not a big time earner per se because I have a regular day job, but I do make a few thousand extra a month. And hope to grow that, but who knows where MS will be in 10 years. I am also unsure of what the policies are/will be on the microstock sites themselves. They may be jumpy enough to just say no, and close the account. I recall way back when Rinderart supposedly transferred ownership of some of his images to another Istocker and he had his account terminated. While I don't know the true details, it is clear that the miscrstock sites are jumpy when it comes to this kind of stuff.

klsbear · « **Reply #2 on:** June 03, 2012, 09:01 »

There was a thread about this topic back in 2010. From what I gathered reading it the best course of action is to contact each stock site individually to determine their policy then work with your lawyer to set up the rights and/or royalty transfers properly as part of your estate to be left on to heirs according to the laws of your country.

http://www.microstockgroup.com/general-stock-discussion/how-to-leave-royalties-to-survivors-after-death-answers-from-the-agencies/

WarrenPrice · « **Reply #3 on:** June 03, 2012, 09:03 »

Quote from: Mantis on June 03, 2012, 08:10

Quote from: noodle on June 03, 2012, 07:54
This might seem like a weird question but it is legitimate...

Once your ms portfolio is up it has earning power as long as your images are available to clients.. so what happens in the case of someone who dies, and their portfolio remains generating income - does their beneficiaries continue to receive the royalties? for how long? is their a legal proceedure to go through to ensure this?

Has anyone looked into this or have some insight?

It is an unusual question, but really I think something we should all consider at some point from a practical viewpoint, esp for you big time earners ...

thanks

As much as you think it's unusual, I have been mulling this over with my wife. We are getting ready to have our trust written (I am 51) and we want to hire an attorney to help us understand our copyright transfer options from two perspectives:

1. I am making a relative assumption that I will die before my wife. I want her to legally own my images and continue to collect the income. Technically I could just have her keep collecting the money from existing accounts and just not say anything, but that could backfire if the word gets out that I am gone but the account remains open.

2. When she goes I want to have ownership of my port to change to someone else so they can enjoy the benefits of my hard work.

I am not a big time earner per se because I have a regular day job, but I do make a few thousand extra a month. And hope to grow that, but who knows where MS will be in 10 years. I am also unsure of what the policies are/will be on the microstock sites themselves. They may be jumpy enough to just say no, and close the account. I recall way back when Rinderart supposedly transferred ownership of some of his images to another Istocker and he had his account terminated. While I don't know the true details, it is clear that the miscrstock sites are jumpy when it comes to this kind of stuff.

I've asked this question at several different sites with different responses at each. Mantis has the right idea -- get legal advice.

Following is response I got from Serban (Achilles) at DT:

@Warren: there is no need to do anything. Should someone pass away all we need is the legal document showing who inherits him/her.

WarrenPrice · « **Reply #4 on:** June 03, 2012, 10:13 »

My question is:
What happens to the images and the money if no one can meet the copyright transfer instructions of the various agencies???

Copied this from the above referenced thread:

ellenboughn

New Member

« Reply #44 on: February 02, 2010, 08:12 »
#link
I have watched this thread with interest as a former (traditional) agency owner/executive in the U.S. Since we had written contracts, rather than user agreements, and at the most less than 1,000 photographers (at all but the giant agencies), we were much more informed about our contributor/photographers. We also used to only issue checks that had to be counter-signed by the recipient before deposit and it is generally considered fraud to sign another's name for the purpose of cashing their checks. Thus when there was a death, we were contacted by someone for the money.

We then required (in California) a form issued by probate that indicated to whom the funds were to be transferred. In the case we heard from no one or if checks or other mail was returned, we held the money for three years and then, as required by the state, turned it over to the state's unclaimed property fund.

That brings us to today....there is little direct contact between the microstock company and the thousands and thousands of contributors. In many cases, a death will surely go unnoticed even if the funds aren't claimed. If the funds are being deposited to a debit card, anyone with access to the deceased's password, can request and load the funds. This could go on for years without heirs finding out.

I have no information at all nor do I think the following would happen with any large microstock companies that I am familiar with but I did work for a traditional company in the past that simply, quietly kept all the unclaimed funds with only a desultory effort at finding those whose checks were returned. When I asked about it, I was told, "Oh they are all dead anyway." (I left the company within a few weeks).

All our stories end one day. Do the correct thing: at the very least make a simple will with instructions and make it known to those that matter.

I know that Ellen used to work at DT.

Lagereek · « **Reply #5 on:** June 03, 2012, 11:10 »

Passing away? I plan on pushing Daiseys forever. Its an eternal micro world.

corareed · « **Reply #6 on:** June 03, 2012, 12:20 »

I have passed my copyright on all photos, painting, and other art work to my son in my will. It may not amount to much after I die, but I want to make sure someone owns the rights so they do not become orphaned works.