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EU will execution

so now the way is free for life insurances ingame.

even buying deceased accounts as a bussiness, bit weird but its life
 
This is an interesting read. Though however I have some minor questions. These may have been asked so far, so please forgive me for double posting.

1) MA explains that the value of said deceased persons assets will be offered. But what about the assests that do not have a tangible (TT) value.
Like sweat or skills which only have a social(market) value?
I can tell you that the deceased person would want they skills to be counted in on that asset value.

2) What about any money(if any) that is in transer to the Gold Card? is that considered in part of MAs Asssest Count or the deceased persons personal estate managers possesion?
 
Good thread...

Along the lines of Peatie said, I was going to say somethign similair... it's how the Miami Dolphins got sold...

One other thing that has me raising my eyebrow a bit.... They called the account an 'asset'....

Don't get me wrong, good thread, but I think this thread should die into nothingness for the fear of some government getting their grubby little hands on those statements and taxing the piss out of us...
 
CBB said:
so now the way is free for life insurances ingame.

even buying deceased accounts as a bussiness, bit weird but its life
Click to expand...

That would be a breach of the EULA and could only happen if MA would sanction it.

Jaas said:
This is an interesting read. Though however I have some minor questions. These may have been asked so far, so please forgive me for double posting.

1) MA explains that the value of said deceased persons assets will be offered. But what about the assests that do not have a tangible (TT) value.
Like sweat or skills which only have a social(market) value?
I can tell you that the deceased person would want they skills to be counted in on that asset value.

2) What about any money(if any) that is in transer to the Gold Card? is that considered in part of MAs Asssest Count or the deceased persons personal estate managers possesion?
Click to expand...

That was one of my reasons for wanting to get things clear. In the first answer of MA it really looked like you would only get the TT value of all items and the ped card. The markup we all know which can be pretty high on some items. For example IMKII or mod FAP for some extremes. The heirs would loose out big time if they only got the TT value. Most heirs probably do not know anything about our markup. So i think it would only be logical that a person would try to make sure that their heirs get more then just the TT.

Midori Fairlona said:
I think Peatie means that you can't get probate without an accurate evaluation; you can't get an accurate evaluation without access to a list of the inventory items; you can't get a list of inventory items without access to the account; you can't get access to the account without working on behalf of the executor and an executor can't be properly appointed without probate.

So, looking at it that way you can't get probate without access to the account and you can't get access to the account without probate. Hence why Peatie suggested that you may need to explain the situation to MA and hope they are reasonable enough to provide an inventory list. ;)
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I think MA pretty much covered that part:

n cases like these Entropia Universe accounts are handled just like any other asset. If the "real" will states that you will take care of the account and liquidate all virtual assets and skills, withdrawal the PED and close the account that's what will happen.

The attorney will have to contact us with all the necessary paperwork (mainly a verification that the account holders are deceased, that you are pointed out as an executioner of this part of the will, and most probably we will ask for a scanned copy of your ID.) and we will make the accounts available to you for the time needed. We won't consider this breaking the EULA for several accounts.
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Once the attorney has established/verified the situation with MA, MA should be able to provide a contents list and skill list to the attorney on request. Like a bank they are legally obliged to cooperate.

But it is good to have this discussion because to many people are unaware of these issues.

I am still learning from this thread.

Cheers
Richard
(ingame Siam)
 
thanks for this thread and all the informations here.
last days i whas thinking abouth, what happens, if i died .... and now i find all the answheres here.... thx:)
 
Interesting to know. I had thought of these issues earlier this year when my dad died unexpectedly. He didn't have virtual issues to deal with (the RL ones were enough), but it made me think about what would happen if it had been me.
 
No it's not necessary to have an accurate valuation before Probate is granted. You can make an estimate, and adjust the Tax later, if any, just as you would do with a real property which is later sold (I have also recently been the Executor of a Will under English Law).

I'm pleased to see MA taking a considerate and sympathetic attitude, but actually I can't see why MA needs to be involved in most cases.

If an account is liquidated, the proceeds would be sent by MA to the account or credit card which is registered on the account (that of the deceased player), and would be part of the estate to be distributed to heirs.

So provided a player leaves details of his account, password, and whereabouts of his Gold Card with his Executor, and the Executor or his representative are familiar with EU, they can simply log on and liquidate the account. This would not violate the EULA against multiple avatars, at least under English Law, because a person acting as Executor is regarded as having a separate legal existance from his personal capacity.

I don't see a difficulty that the money comes back onto a deceased's account - it simply then gets passed by that bank to the Executor, as with any existing balance. This is also a safeguard, because that account is under the control of the Executor. In England, accounts of deceased persons are frozen against debits, but not credits.

That leaves two exceptions
- the Executor cannot access the account because the player has not written down his account details, or the account has been locked by virtue of being dormant for 6 months. In this case yes, MA will need to be contacted with the legal documentation to provide the account details.
- the Executor does not know anyone who can liquidate the account. MA have not given a solution to this, there seems to remain the difficulty that MA will only remit the TT value of tangible assets.

I can't see that any sort of Virtual Will (as announced in another thread) is going to help. What MA need to do is announce that they will provide detailed instructions on how to liquidate an account for Executors and other people who have no knowledge of EU, or to provide such a service.
 
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The scary thing about this, if I'm reading this correctly, is that MA's approach to liquidating your Avatar would be to delete all your skills, and TT all the equipment. That represents a MAJOR loss of peds when you consider the markup value of skills and items.

Seems to me that the only sensible way to arrange this is to leave instructions for someone else to log into your account after your death and sell eveything properly...
 
There is a further interesting point here which lins into a number of other issues - that is a written reply from MA acknowledging that the assets contained in the estate have a valuation higher than the TT, and a tacit acceptance of ownership rights !
 
Chopper said:
The scary thing about this, if I'm reading this correctly, is that MA's approach to liquidating your Avatar would be to delete all your skills, and TT all the equipment. That represents a MAJOR loss of peds when you consider the markup value of skills and items.

Seems to me that the only sensible way to arrange this is to leave instructions for someone else to log into your account after your death and sell eveything properly...
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i dont think you read correclty if you are refering to the original post. The last responce/reply from MA makes it clear that in the event you are executing a will officially, then full and complete access will be given to you upon reciept of the necessary documents.

However, you are right that it is probably easier to just arrange instructions for someone to do this all unofficially.

gwit said:
that is a written reply from MA acknowledging that the assets contained in the estate have a valuation higher than the TT, and a tacit acceptance of ownership rights !
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nice try, but no it doesnt.
 
gwit said:
There is a further interesting point here which lins into a number of other issues - that is a written reply from MA acknowledging that the assets contained in the estate have a valuation higher than the TT, and a tacit acceptance of ownership rights !
Click to expand...

Absolutely correct !!

So maybe an MA-written guide to liquidating an account would be a step too far for them, acknowledging valuations higher than TT.

I'll give a big +Rep to anyone who writes a Sticky Guide on this Forum, describing to a non-player, how to get full value from liquidating an account (a sort of Alice's guide to playing, but in reverse), and which can be printed off and filed with my Will.
 
rhogenbe said:
I sure hope i never have to do it too.
But it at least gave me all the answers i was looking for.

I am posting all this so that the community can use this bit of information for their own will. If you have a lot of peds invested in this game i would certainly recommend you to do so. Otherwise a lot of money could easily get lost. See my example with the IMKII and shadow set.

Cheers
Richard
(ingame Siam)
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I'd +rep you if I could. Good work! :thumbup:
 
chevrons said:
Absolutely correct !!

So maybe an MA-written guide to liquidating an account would be a step too far for them, acknowledging valuations higher than TT.

I'll give a big +Rep to anyone who writes a Sticky Guide on this Forum, describing to a non-player, how to get full value from liquidating an account (a sort of Alice's guide to playing, but in reverse), and which can be printed off and filed with my Will.
Click to expand...

Wouldn't this guide also be a handbook to hackers on how to liquidat a hacked account the proper way.....

Just a thought...maybe it isn't possible for that to happen...
 
First post i have awarded EFD for since my seniorship.
Very good post, but let's hope no one of us needs it in the nearby future ;)
 
If this person does not want to run the Account further, he can ask us to cancel the Account, meaning that the Account will be purged. All skills and items will be deleted and the TT value of the items will be transferred to the PED card.
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This was the bit that scared me...

But as I said before, if you're atall concerned, leave instructions for someone you trust, and who knows the EU game and economy, to chip you out and sell up properly...

And YES, let's hope none of us run into this problem first hand any time soon..
 
Chopper said:
This was the bit that scared me...

But as I said before, if you're atall concerned, leave instructions for someone you trust, and who knows the EU game and economy, to chip you out and sell up properly...

And YES, let's hope none of us run into this problem first hand any time soon..
Click to expand...

Yeah that is a really scarry bit.

Say you own a
Mod Fap (~350k ped?)
MM (~200k ped?)
IMKII (~250k ped?)
Shadow set (~100k ped?)

That is what approx 800 to 900K ped? now a days. That is say 80k$ or more and that is without skills and anything else. If it gets TTed you get approx 1k ped or so. That would be only 100$ that is a REALLY BIG difference.

Cheers
Siam
 
trio said:
Wouldn't this guide also be a handbook to hackers on how to liquidat a hacked account the proper way.....

Just a thought...maybe it isn't possible for that to happen...
Click to expand...

That a hacker is smart enough to hack accounts and then too dumb to be able to figure out how the auction and skilling out works is quite unlikely!
 
Apologies for the necro (no pun intended) but this thread should be a sticky imho

Found this with a lot of search, I think the info here is excellent and deserves the attention of the community on a regular basis.

Virtual assets are carrying real-life value and if this thread stimulates more people to include their Avatar in their testament and leave instructions behind how to handle the execution, that would be a good thing.

/Slupor
 
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