Author Topic: What happens to my portfolio when I pass away? (Read 3850 times)

Stockfish · « **on:** November 17, 2013, 10:11 »

Hi everyone,
I'm a new member here and this is my very first post, so I greet all the community and congratulate for the excellent website.
I'm slowly trying to build a decent portfolio of photographs. Since I have a full time job and a family The time that I can dedicate to microstock photography is quite limited (as well as my skills to be totally honest). My goal is to build a portfolio big enough to give me some extra income when I'll be retired (let's say in 20 years or so from now). Supposing that I can actually get there, what happens to that income when I pass away? Is the portfolio and related income going to be inherited by my family or it's going to be left to the agencies? The latter wouldn't be a good thing...
I think my family could just close all the accounts, withdraw the earnings and maybe re-upload all the collection on a new account. Just curious to know your opinion.

AYA · « **Reply #1 on:** November 17, 2013, 10:56 »

that's a really interesting question, I'm looking foward to hearing the answer everyone can bring.

fritz · « **Reply #2 on:** November 17, 2013, 11:17 »

Lets hope that we'll live longer than MS

stocker2011 · « **Reply #3 on:** November 17, 2013, 11:27 »

If you pass away unexpectedly i guess a family member would have to contact the agency/s, write a formal letter and submit some identification. If you're on your way out you may have time to make arrangements yourself beforehand. I'm sure agencies have had to deal with this subject before.

Which makes me think of another question, what would happen if you were to pass away and neither your family knew you had images on stock agencies nor the agency knew you had passed away?

ShadySue · « **Reply #4 on:** November 17, 2013, 11:32 »

The question has been discussed on here before.
I believe the easiest way to do it is to have the details formalised in your will, but since, as Fritz suggests, things are changing fast in MS, you should take your lawyer's advice on how to word it, so that whatever agencies you might be on at the time of your demise will be covered. Otherwise you could be dropping in and out at a regular and costly basis.
You should probably also leave your access details, but hopefully as long as you've taken care of the details in your will, the agencies should be able to work with your beneficiaries, as you may have to change passwords etc from time to time.

Shelma1 · « **Reply #5 on:** November 17, 2013, 11:39 »

From the Shutterstock website:

What happens to my account if I die?
Shutterstock honors the instructions of estate representatives worldwide. As an example, your portfolio may be transferred over to a beneficiary if it is mentioned in a will that is reviewed and approved by a lawyer or notary public. Your beneficiary should approach us with the necessary paperwork for an account transfer to take place. The best thing to do is to seek legal counsel as part of your estate planning process.

sobm · « **Reply #6 on:** November 17, 2013, 12:25 »

you had better forget everything including stocks when if you passed away...lol
life is pain,passing away means relief, no more pain of worrying about sales declining..lololol

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Author Topic: What happens to my portfolio when I pass away? (Read 3850 times)

Stockfish

AYA

fritz

stocker2011

ShadySue

Shelma1

sobm

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