When you sit down and account for your long years of hard work, you may find yourself dividing more than just money and physical assets. You might be a creator who has enriched the world with music, stories or other helpful designs.
These intangible assets have the chance of providing your loved ones another avenue of wealth, and it is important to factor them into your estate planning. Intellectual property may seem complex, but you have the opportunity to make the right choices today.
Intellectual property’s value
As the World Intellectual Property Organization details, it is your control over an IP’s exclusivity that gives it its value. Licensing your IP to interested parties helps generate revenue and royalties.
Copyrights and patents
Copyright is a type of IP protection for original works of authorship like books, movies, computer software and even architectural works. They require a fixed medium of expression like words, paint, or programming, but once you create a piece of work you have exclusive rights to deal with it. Transferring these works and the copyright over these works may be two separate things. Authors may even consider a literary executor to organize and administer their IP rights.
Wills and trusts
Some IP transfers work better when arranged through your will and others work better through different kinds of trusts. The probate process may divvy your IP in a way you do not wish if you do not handle the agreements beforehand. It is important to learn more about what IP you have and which methods of transfer work best to suit your wishes and your family’s needs.