Remember Intellectual Property in Your Estate Plan
When many people think about estate planning, the first things that come to mind are money and tangible property, such as real estate, heirlooms or businesses in which they have an ownership stake. But no less important — and, in some cases, quite a bit more valuable — is intellectual property.
Whether you are a writer, artist, musician or inventor, your intellectual property is one of your greatest assets. But you may be surprised by how often intellectual property gets forgotten during estate planning. The following are some considerations to keep in mind regarding your intellectual property:
- Learn the value of your intellectual property: Knowing the future value of your intellectual property is next to impossible, but you can certainly find out how much it’s worth today. This can help you ensure your intellectual property is divided appropriately amongst your beneficiaries. Even if you cannot predict its future value, you can more accurately and fairly divide it now.
- Include all intellectual property in your will: Making sure all intellectual property is included in your estate plan is not just about being thorough. It’s also about accounting for property your beneficiaries may be completely unaware that you possess. If they don’t know about it, they won’t know to look for it — and your valuable intellectual property rights could end up in the hands of a party other than your chosen beneficiaries.
- Intellectual property can be divided: If you have a very valuable piece of intellectual property that’s been a reliable moneymaker over the years, you are not required to leave it to one single beneficiary. If you wish to split the value of a particular piece of intellectual property between several beneficiaries, you may do so.
If you have valuable creative work, its value doesn’t go away when you die, and you often won’t know what value they may hold years from now. For the legal guidance you need and deserve on this important issue, contact an experienced Florida estate planning lawyer with the Charles Law Offices.