Let’s talk about intellectual property rights. You may have intellectual property and not even realize it. Should it be added to your estate plan? Absolutely, incorporating intellectual property into your estate planning documents can ensure your creative works, inventions, and trademarks are handled according to your wishes.
What is Intellectual Property?
So, what is intellectual property? Intellectual property refers to the legal rights attached to creative works. You can apply for legal protections to safeguard these rights, including copyrights, patents, and trademarks.
Copyrights
Copyrights give you the exclusive right to use and distribute specific creative works. This might include books, videos, or even motion pictures. It's important to incorporate your copyrights into your estate planning documents so you can dictate how they should be managed after you pass away.
Patents
Patents offer exclusive rights to inventions. Through your estate plan, you can transfer ownership of a patent to specific beneficiaries. It's crucial to identify your patents clearly in your estate documents, including important details like the patent owner and the patent number.
Trademarks
Trademarks can be any word, phrase, symbol, or design that distinguishes your goods or services. These can also be distributed through your will or trust for the benefit of your chosen beneficiaries. A trademark is established as soon as you create and start using it in business.
While not a distinct type of intellectual property, royalty payments are often associated with intellectual property rights. Depending on the structure, some royalty payments may continue after your passing. If you receive royalty payments that are likely to continue, it's wise to designate who should receive those payments through your estate plan.
At AmeriEstate Legal Plan, our goal is to help you make the best decisions for your family. If you’re ready to start planning, give us a call or visit our website to get started today.
