When you first started your blog, you probably questioned everything from the ideal niche, to the best posting schedules. But you probably didn’t consider whether or not your blog should be a part of your will. Yet, if you’re consistently racking up a decent number of views, or are even making a living off your blog, it might be time to pull the will question out of the bag.
After all, you wouldn’t think twice about making room for a physical business in your legal documentation, and, in a lot of ways, your blog is no different. Then again, it isn’t always worth adding digital assets like these to your will. To decide whether or not you should, ask yourself the following key questions.
# 1 – Is Your Blog Financially Lucrative?
Your relatives don’t want the additional stress of sorting through the backlog of a blog that isn’t making any money. So, the first question to ask yourself is – does your blog actually have any worth?
Realistically speaking, your blog truly becomes a part of your estate when it holds its own value. If not, things can get complicated, especially if the recipient of that domain will need to pay subscription fees.
If you’re unsure about the overall worth of your blog in this sense, it’s always worth taking the time to get legal advice from a trained expert who can let you know everything from the tax rules your website might come under to the ease with which you can transfer that site to a new owner.
# 2 – Does it Have Long-Term Potential?
Even if your blog checks out on the tax front and feels worth including in your will right now, it’s also important to consider its long-term potential. After all, you’re not passing on Grandma’s china here. You’re thinking about giving someone a living, breathing business that requires ongoing attention. So, you need to ensure that the long-term gains on offer are worth that responsibility.
This is an especially important consideration with a blog, which will often be reliant on your personal brand. If, for instance, you’ve built an audience via your own personal stories, then blog traffic could quickly dwindle with someone else in charge. However, if you upload more general how-to guides or you regularly work with guest bloggers, then this could be a lucrative option regardless of who is at the helm.
# 3 – Are Your Loved Ones Willing?
If your blog has value and long-term potential but you’re still not sure about whether to include it in your will, then simply speak with your loved ones. This ensures that you don’t spring an ongoing business on anyone who doesn’t want to put that work in. Then, you can ensure that they’re fully prepared, and hopefully have a plan for when they finally inherit this business.
Blogs might not feel like traditional assets, but more and more people are currently including their websites in their wills. Will you be joining them?
Pin Me!
