Estate Planning for Intellectual Property Owners – Protect your Creative Legacy
For professionals who create or own intellectual property (IP), including inventors, artists, developers, athletes, or entrepreneurs, estate planning takes on added importance and complexity.
Why Estate Planning for Intellectual Property Matters
Traditional estate plans typically include a will financial and medical powers of attorney, and often one or more trusts. However, owners of IP assets face additional considerations.
Intellectual property assets, including patents, copyrights, trademarks, and trade secrets, often have legal protections or restrictions and generate ongoing income through royalties.
Additionally, most forms of IP require continuing maintenance that must be timely satisfied.
Without careful planning, IP rights may become difficult to transfer, become the subject of disputes, lose value, or even be abandoned entirely. Incorporating IP management into your estate plans ensures your creative and economic legacy is protected.
Steps to Include Intellectual Property in your Estate Plan
To plan for IP assets, start by confirming that all intellectual property is registered and ownership accurately recorded, so the legal owner is clearly identified. In the United States, this typically means registration with the U.S. Patent and Trademark Office (USPTO) or the U.S. Copyright Office. Next, list and describe your IP assets in your estate planning documents to ensure they can be transferred, licensed, or maintained appropriately.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client.
For further information please contact me at www.kmckernanlaw.com kevin@kmckernan.com or 718-317-5007.