IP rights can be transferred to and held by a trust. If certain IP addresses are actively used in connection with a business, a separate business entity, which is ultimately owed by a trust, may hold that IP in order to reduce liability and avoid succession. An IP holder may have divided IP rights by appointing a beneficiary who controls all creative decisions, for example. B the possibility of producing derivative works, while the remaining IP rights are transferred to the second beneficiary or to a class of beneficiaries. In the gloomy world of intellectual property, it is easy to confuse copyright, patent law and trademark law. But understanding these three very different jurisdictions is often the key to effectively protecting your intellectual property from potential IP thieves. In today`s digital age, the traditional approach to estate planning for Brick and Mortar assets is no longer sufficient. When developing a follow-up plan for creative clients such as musicians, artists, inventors or artists, the planning impact of their intellectual property or digital assets should be considered, in addition to the more traditional asset classes, i.e. real estate, financial accounts and personal property. There are many types of trusts that offer different benefits for asset protection and estate planning. We`ve looked at trusts in detail in previous articles and you can read more about the options available here: A well-crafted digital asset plan also addresses all the steps the executor or personal representative needs to take to manage these digital assets. Such a plan will help protect the financial and personal privacy of the deceased and maintain the overall business image and impression of the deceased`s online activity or blogs. In the absence of a digital asset plan, these assets will likely be transferred as part of the residual wealth and into the hands of someone the deceased may not trust.
To pass on the intellectual property to your loved ones, you must own it (directly or indirectly) at the time of your death. While this may seem obvious, there are a few important issues that are often overlooked and can lead to unfortunate surprises down the line. For example, when it comes to industrial property, property planning and estate planning go hand in hand. You need to keep your IP assets alive (most likely under a legal structure that will allow you to continue to use your IP advantageously) and you should know that your IP ends up in good hands after your death. Depending on the nature of your IP assets, you might also want to set limits on how and when your loved ones can monetize your IP (as was the case for Adam Yauch, co-founder of Beastie Boys, who added a provision to his will prohibiting the licensing of the band`s music for ads). The transfer and continued protection of intellectual property requires careful consideration of transfer requirements, royalties, and ongoing use or notification obligations. Clients and estate planning advisors should discuss whether the intended beneficiary of an intellectual property transfer has the necessary resources – and the desire – to preserve the asset, given that intellectual property can lose value if the owner is unable to preserve the asset. When intellectual property generates a stream of royalties, these funds may be sufficient to pay for continued ownership costs or insurance premiums for intellectual property insurance coverage. Finally, a client should consider additional planning in order to provide the beneficiary of the intellectual property with the necessary means to properly preserve the asset. . . .