Got Intellectual Property? Include It In Your Estate Plan
Protecting Your Intellectual Property: Essential Steps
You don’t need to be a famous producer or a household name to own intellectual property. If you create music, run a business, write stories, or build gadgets, you likely possess intellectual property. Because these assets are intangible, they are often overlooked in estate planning.
Your intellectual property can hold significant sentimental and monetary value for you and your loved ones. Without proper planning, your family could lose these valuable assets forever.
Even if you've set up your business, written a will, or filed your taxes with professional help, those experts might not consider what happens to your intangible assets after you pass away. Many professionals focusing on estate planning may not fully understand the value of intellectual property and how to protect it. But now, you can learn how to ensure your intellectual property is safeguarded.
Safeguard Your Intellectual Property During Your Lifetime
Identifying, protecting, and valuing your intellectual property is not just for big companies and famous artists. Your intellectual property has sentimental value to your family and potentially more monetary value than you realize. This value could be even greater for your loved ones after you’re gone.
Steps to Protect Your Intellectual Property:
Document Your Assets: Create an inventory of your intellectual property, describing each asset, its location, and how to access it if it’s digital or intangible. This helps ensure no asset is left out of your plan or lost when you die.
Legal Registration: Consider registering your intellectual property legally, such as trademarks, copyrights, or patents with the U.S. Patent and Trademark Office. While original works are automatically copyrighted upon creation, registering your copyrights makes it easier to prove and enforce your rights if someone steals your work.
Legal Agreements and Contracts: If you’re lending, renting, licensing, or selling your creations to a third party, have proper legal agreements in place to clarify ownership.
Business Protections: Protect your intellectual property within your business through copyrights, trademarks, patents, royalty and licensing agreements, non-competes for employees, and work-for-hire provisions with independent contractors and vendors.
Don’t wait until your intellectual property is stolen or you receive a cease-and-desist letter to put these protections in place. Registering a trademark or copyright might cost you time and money, but failing to register can cost you much more in legal fees or the lost value of your assets.
Protect Your Intellectual Property for Future Generations
Planning for your intellectual property’s future is as important as protecting it during your lifetime. This prevents a potentially long and costly court battle over ownership of your intangible assets after your death.
Key Steps for Future Protection:
Ensure Accessibility: Make sure your family can locate and access your intellectual property after you’re gone. Without this, your work could be lost forever.
Create an Inventory: Document how each asset is accounted for in your estate plan and whether you share ownership with another person or company.
Meet with an Estate Planning Attorney: Work with an experienced estate planning attorney to plan for each asset, determine who will inherit it, how its value will be distributed, and how income generated from it will be used. This helps avoid the need for a long and costly probate proceeding.
Avoid Future Complications
Handling these matters now ensures your family isn’t left trying to manage your intellectual property after your death. It could be nearly impossible for your loved ones to handle these issues in your absence, which is why it’s crucial to take care of them in advance.
Comprehensive Planning for All Your Assets
Even if you’re not a famous author, artist, or musician, you likely have valuable intellectual property that hasn’t been properly documented or accounted for in your estate plan. These creations are unique reflections of your heart, soul, and personality that your family will cherish for years.
To ensure all your assets, including intellectual property, are protected and planned for, take proactive steps now. Your intellectual property deserves the same attention and care as your tangible assets, ensuring it remains a cherished part of your legacy.
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This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
