While you might think that identifying, protecting, and valuing your intellectual property is something that only applies to big companies and famous artists, that’s definitely not the case. Your intellectual property has sentimental value to your family and may have more monetary value than you realize, and could be of even greater value to your loved ones after you’ve died.
The first step to take in protecting your intellectual property is to formally document it in an inventory of assets that describes what the asset is, where it’s located, and how to access it if it’s a digital or intangible item. This is something we help all of our clients create to ensure that no asset, whether tangible or intangible, is left out of their plan or lost when they die.
The next step is to consider if any of your intellectual property should be legally registered in the form of trademarks, copyrights, or patents with the U.S. Patent and Trademark Office. Original works are automatically copyrighted when you create them, but without legally registering your copyrights, it can be difficult to prove and enforce your copyright if someone steals your work and presents it as their own. If you’re lending, renting, licensing, or selling anything you’ve created to a third party, it’s also important to have the proper legal agreements and contracts in place to ensure there’s no question about who owns the material.
Likewise, if you own a business and have not protected your intellectual property with copyrights, trademarks, patents, royalty and licensing agreements, non-competes for employees, and work-for-hire provisions in your existing agreements with independent contractors and vendors, now is the time to do so.
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 your original works can cost you far more than that in legal fees or the lost value of your assets, especially if your family ends up in court trying to fight for what you created.
Protect Your Intellectual Property for Future Generations
To make sure all of your assets are planned for in the right way, it’s imperative to meet with an estate planning attorney who has the experience and knowledge to plan for your intellectual property and protect any future income the property may generate for your loved ones.
Your attorney should help you plan for each asset, who will inherit it, how its value will be distributed, and how income generated from it will be used, all while avoiding the need for a long and costly probate proceeding.
If you think this all sounds overly complicated, imagine how much more difficult it will be for your loved ones to deal with it should something happen to you. In fact, it could prove impossible for your loved ones to handle these matters in your absence, which is why it’s so important for you and your legal team to take care of these issues now. That way, your family isn’t stuck trying to clean up your mess after your death.
Planning for All of Your Assets, In The Best Way
We offer expertise in documenting, valuing, and protecting your intangible assets so your loved ones can benefit from these creations for generations to come.
Schedule a free 15-minute call with us to learn more.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com