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What will happen with our photography when we will not be here?

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I am a sole trader and my wife has full access to my business account - best I remind her some time!

nj

Making her a partner allows her to continue to operate the business after you pop your clogs I understand - part of the KISS business set-up explained by my previous accountant.....the drawback of course is that all partners have varying degrees of access to the cash in your account - OK in a loving and trusting relationship (!) but if the bank account is shared with multiple partners having access be a bit wary of the access granted to your teenagers !!!!!

 

 

Oh Crikey, have I offended a teenager with red arrow access !!!!!

Edited by DavidC
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n the USA,the will needs to be notarized and witnessed when signed.

 

L

In the UK only the witness is required.

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It is wise to have a will and makes sense to attribute the succession of the Alamy income stream to an appropraite heir. The nasty old tax man will want his pound of flesh on the value of the income stream. For individuals and sole traders the bank accounts may well be frozen on death, standard in the UK. On the plus side if your heir is made aware of the Alamy passwords he may change the payment instructions on your Alamy account to his own bank. Food for thought.

 

dov

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It is wise to have a will and makes sense to attribute the succession of the Alamy income stream to an appropraite heir. The nasty old tax man will want his pound of flesh on the value of the income stream. For individuals and sole traders the bank accounts may well be frozen on death, standard in the UK. On the plus side if your heir is made aware of the Alamy passwords he may change the payment instructions on your Alamy account to his own bank. Food for thought.

 

dov

 

Presumably a joint account would be OK, or maybe if one of the names disappears it's not?

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I am a sole trader and my wife has full access to my business account - best I remind her some time!

nj

Making her a partner allows her to continue to operate the business after you pop your clogs I understand - part of the KISS business set-up explained by my previous accountant.....the drawback of course is that all partners have varying degrees of access to the cash in your account - OK in a loving and trusting relationship (!) but if the bank account is shared with multiple partners having access be a bit wary of the access granted to your teenagers !!!!!

 

 

Oh Crikey, have I offended a teenager with red arrow access !!!!!

 

Fixed by some once-a-teenager-(or-so-I'm-told) :-)

 

dd

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I often think what is gonna be about my portfolios on various agencies after my death.

 

I am 40 now anda a 1 year old daughter, so it might be the case to make a will and leave my passwords on it...

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To all those relying on your spouse to take over your archives,please consider the following sad scenario.My aunt and uncle were killed in a car accident years ago. The kids,all under 18 had a heck of a business mess and financial assets to sort thru.

He didn't expect to die so young,neither did his wife I am sure.

What if something happened to you and your spouse at the same time? It's important to have a will that will take this into consideration.If you have kids,you don't want them to be fighting over things either.

 

L

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I wrote an article on this topic for a photography magazine, and Alamy were extremely helpful in giving their advice.

 

In the UK, copyright lasts with the creator (and their estate) until 70 years after the death of the creator. The photographer can therefore bequeath their photographic images to anyone they like. Alamy did mention that it would be useful if the will had a specific clause clarifying who the images on the Alamy account are being bequeathed to. The beneficiary can then contact Alamy (preferably with a copy of the will confirming that they are the new rightful owner, and then Alamy will give the new beneficiary access to the account.

 

Just to confuse matters, remember, when you bequeath your Alamy account, you're bequeathing the income generated, not the actual images. The images stored on your computer hard drive can be bequeathed to someone else to exploit financially, as long as they don't do anything that conflicts with any restrictions you imposed on any images on your Alamy account.

 

So, in theory, you have two things to bequeath - the income generated by your Alamy account after your death, and the actual images themselves.

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I wrote an article on this topic for a photography magazine, and Alamy were extremely helpful in giving their advice.

 

In the UK, copyright lasts with the creator (and their estate) until 70 years after the death of the creator. The photographer can therefore bequeath their photographic images to anyone they like. Alamy did mention that it would be useful if the will had a specific clause clarifying who the images on the Alamy account are being bequeathed to. The beneficiary can then contact Alamy (preferably with a copy of the will confirming that they are the new rightful owner, and then Alamy will give the new beneficiary access to the account.

 

Just to confuse matters, remember, when you bequeath your Alamy account, you're bequeathing the income generated, not the actual images. The images stored on your computer hard drive can be bequeathed to someone else to exploit financially, as long as they don't do anything that conflicts with any restrictions you imposed on any images on your Alamy account.

 

So, in theory, you have two things to bequeath - the income generated by your Alamy account after your death, and the actual images themselves.

 

Thanks, Hodderauthor, very helpful information.

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i contacted a will writer and they said that its part of your estate so does not necessarily have to be mentioned in isolation although its not a bad idea. I contacted the tax man and its not a business you are leaving as the business is the taking / uploading etc etc of the photos so no tax there. Obviously any sales would be subject to tax

My wife and kids have the password to my alamy account to change the details (banking etc) and a copy of probate would suffice should alamy make any enquiries with the benefactors

Kevin

Edited by KWheal

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Undoubtedly everything else being equal your heirs will enjoy the income until your collection withers on the vine; all your images on HD(s)  Ctrl A ..... "DELETE"

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i contacted a will writer and they said that its part of your estate so does not necessarily have to be mentioned in isolation although its not a bad idea. I contacted the tax man and its not a business you are leaving as the business is the taking / uploading etc etc of the photos so no tax there. Obviously any sales would be subject to tax

My wife and kids have the password to my alamy account to change the details (banking etc) and a copy of probate would suffice should alamy make any enquiries with the benefactors

Kevin

Clear enough. 

On my side I am not going to make the trouble double.

BTW, those with fresher memory may correct me, but I think that in Alamy's "beginnings" there was even option of an alternative bank account in case that somethings goes wrong.....

 

My universe will die with me, so I couldn't give a toss.

 

Alan

I wouldn't argue this either, but....

 

Undoubtedly everything else being equal your heirs will enjoy the income until your collection withers on the vine; all your images on HD(s)  Ctrl A ..... "DELETE"

who is supposed to Ctrl A.... "Delete"? 

Oh well, I guess that majority of togs have heirs who would have no time/will to continue. And the HDs will wither away too.

Interesting topic though. 

Edited by ladikirn

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