Leaving An Account/Portfolio To An Heir

[kimba]

 

Weird questions.

 

Can I leave my Alamy portfolio to an heir just by saying I leave it to them?

When I leave the planet, does my Alamy portfolio get deleted or does it live on beyond me?

 

I would like to leave my account to someone someday as a source of passive income for them. 

Edited May 30, 2021 by kimba

[Robert M Estall]

yes, of course you can. Basically, you just need to leave the copyright to your photographs to a specified person. If you notify Alamy in advance of your demise, that will make things even easier for all. As you don't have to assign a value (how could you?) to the portfolio, it will not attract the attention of HMRC

[Harry Harrison]

I did wonder in relation to the new contract how many of these types of accounts exist on Alamy, I imagine that it's quite likely that many will soon fall into 'Silver' with a dramatic cut in income, hardly seems fair

[kimba]

It depends on the content I still have older photographs that sell. I imagine food still lifes, object stilll lifes, etc will be eternal. 

[Ollie]

As long as our heirs can access the account to which monthly payments are sent by Alamy, does it matter?  Does Alamy even have to know?

[meanderingemu]

49 minutes ago, Ollie said:

As long as our heirs can access the account to which monthly payments are sent by Alamy, does it matter?  Does Alamy even have to know?

 

 

Where i live Bank accounts freeze upon death.  Also money after death would have to be put into the estate's account, until estate is settled. There is also income tax considerations, someone/entity has to declare the revenue. 

 

So make sure you clearly write your intention before hand to make sure your will is respected. 

 

 

 

Edited May 30, 2021 by meanderingemu

[M.Chapman]

2 hours ago, Robert M Estall said:

yes, of course you can. Basically, you just need to leave the copyright to your photographs to a specified person. If you notify Alamy in advance of your demise, that will make things even easier for all. As you don't have to assign a value (how could you?) to the portfolio, it will not attract the attention of HMRC

 

Would this effectively mean that you could be passing on the "liabilities" as well as the assets? Could it be a poison chalice?

 

When I inherited my late father's image portfolio it was valued as part of his estate, based on the typical annual net income the portfolio produced and annual interest rates (R%) at the time. Portfolio value = Average annual sales * 100 / R%. ie. the amount of capital that would produce a similar annual return. Not sure if that was the right approach or not, but that was what was done. Although stock incomes have fallen since, so have interest rates, so the capital value is still similar

 

Mark

[Ollie]

47 minutes ago, meanderingemu said:

 

 

Where i live Bank accounts freeze upon death.  Also money after death would have to be put into the estate's account, until estate is settled. There is also income tax considerations, someone/entity has to declare the revenue. 

 

So make sure you clearly write your intention before hand to make sure your will is respected. 

 

 

 

I don't want to dismiss the value of good legal advice, but it seems to me this issue can be handled by allowing a family member--a wife, or an adult child--to be a joint owner of the account in question (before death).  They are joint owners of the account even if I die.  And yes, he, she, or they, would declare the income on their annual income tax return.  

[Nodvandigtid]

5 hours ago, kimba said:

 

Weird questions.

 

Can I leave my Alamy portfolio to an heir just by saying I leave it to them?

When I leave the planet, does my Alamy portfolio get deleted or does it live on beyond me?

 

I would like to leave my account to someone someday as a source of passive income for them. 

Best to look at clause 25.1 

"This Contract will continue for the benefit of and be binding upon Alamy and you and your respective successors in title and assignees. You may only assign the Contract with the prior written consent of Alamy."

and 25.4

"This Contract supersedes any previous contract between the parties relating to the Content and constitutes the entire understanding between the parties and is binding upon them, your executors, successors or assigns. Each party acknowledges that, in entering into this Contract, it has not relied on any representation made by the other party that has not been set out in the Contract."

and the impact of these and the forthcoming 01 July 2021 contract....

[John Mitchell]

23 hours ago, meanderingemu said:

 

 

Where i live Bank accounts freeze upon death.  Also money after death would have to be put into the estate's account, until estate is settled. There is also income tax considerations, someone/entity has to declare the revenue. 

 

So make sure you clearly write your intention before hand to make sure your will is respected. 

 

 

 

 

When my mother, who lived in Montreal, passed away, I was surprised at how smoothly everything went in Quebec, which is known for its bureaucracy. I was the sole heir to her estate, perhaps that was one of the reasons. As I remember, her bank accounts weren't frozen. However, it was a long time ago, so I might be wrong about that.

[John Mitchell]

20 hours ago, Nodvandigtid said:

Best to look at clause 25.1 

"This Contract will continue for the benefit of and be binding upon Alamy and you and your respective successors in title and assignees. You may only assign the Contract with the prior written consent of Alamy."

and 25.4

"This Contract supersedes any previous contract between the parties relating to the Content and constitutes the entire understanding between the parties and is binding upon them, your executors, successors or assigns. Each party acknowledges that, in entering into this Contract, it has not relied on any representation made by the other party that has not been set out in the Contract."

and the impact of these and the forthcoming 01 July 2021 contract....

 

Uh-oh... That sounds a bit ominous.

[meanderingemu]

1 hour ago, John Mitchell said:

 

When my mother, who lived in Montreal, passed away, I was surprised at how smoothly everything went in Quebec, which is known for its bureaucracy. I was the sole heir to her estate, perhaps that was one of the reasons. As I remember, her bank accounts weren't frozen. However, it was a long time ago, so I might be wrong about that.

 

 

The Quebec process is well established, but puts onus on the liquidator (executor) and closing all accounts is one if the responsibility.  I had to handle my mom's estate 5 years ago, with 3 beneficiaries so had to by the book.

[John Mitchell]

2 hours ago, meanderingemu said:

 

 

The Quebec process is well established, but puts onus on the liquidator (executor) and closing all accounts is one if the responsibility.  I had to handle my mom's estate 5 years ago, with 3 beneficiaries so had to by the book.

 

 

I see. As I said, it was many moons ago. I did of course have to close all her accounts, etc. It sounds as if, under the new contract (and perhaps under the existing one as well), anyone we leave our Alamy income to would face the same liabilities, etc. that we do.

 

 

Edited May 31, 2021 by John Mitchell

[meanderingemu]

this is a good reminder that i need document my account for benefit of my executor.  

[John Mitchell]

19 hours ago, meanderingemu said:

this is a good reminder that i need document my account for benefit of my executor.  

 

... and what would you tell your executor, if you don't mind my asking? All I get from reading the two clauses in the Alamy contract quoted above is a headache. 🤯

 

 

 

 

[John Mitchell]

On 30/05/2021 at 13:51, M.Chapman said:

 

Would this effectively mean that you could be passing on the "liabilities" as well as the assets? Could it be a poison chalice?

Mark

 

It sorta sounds like that to me.

[meanderingemu]

24 minutes ago, John Mitchell said:

 

... and what would you tell your executor, if you don't mind my asking? All I get from reading the two clauses in the Alamy contract quoted above is a headache. 🤯

 

 

 

 

just the detail and existence of the account, so they can either close it or if one of the beneficiary is interested maintain it. 

[meanderingemu]

22 minutes ago, John Mitchell said:

 

It sorta sounds like that to me.

 

but you always do, however the liability is against the estate not individuals until the individual accept the inheritance, they don't have to.  

[kimba]

My other option might be that I could just leave my laptop and back up drives (that hold the images) to someone and they can do what they want and start their own stock account/s. Or not. 

[meanderingemu]

30 minutes ago, kimba said:

My other option might be that I could just leave my laptop and back up drives (that hold the images) to someone and they can do what they want and start their own stock account/s. Or not. 

just make sure that you document the transfer of ownership to make their life easier.