You may have worked hard to turn your idea into an official, recognized piece of intellectual property (IP). You may subsequently enjoy reaping the benefits of this original work. All the while, you may hope to keep this creation as your legacy and have your loved ones reap these same benefits when you are, unfortunately, no longer around yourself. This is when incorporating your IP into your estate plan may be deemed as pivotal. Continue reading to learn whether your IP rights can be inherited and how an experienced Essex County, New Jersey intellectual property lawyer at The Ingber Law Firm can point you in the right direction.
Is it possible for my intellectual property rights to be inherited?
The short explanation is that, yes, your intellectual property rights may be inherited by your beneficiaries so long as you properly disclose this in a valid and enforceable estate plan. This is because, simply put, your IP does not and should not die with you. Rather, copyright law may protect your IP for up to 70 years after your passing. In addition, trademark law may protect your IP forever, so long as it is officially renewed every 10 years. However, this protection may only be offered if you take certain initiatives during your lifetime, and while you are still sound mind. Such initiatives within your estate planning include the following:
- Disclose specific provisions within your estate planning documents: with this, you may assign guidelines on how your IP is to be managed, transferred, licensed, etc.
- Establish a valid and enforceable last will and testament: with this, the benefits of your IP may be transferred to your assigned beneficiaries until the exclusive protection period expires.
- Appoint an executor or trustee within your estate planning documents: with this, you may have a trusted individual handle your specific instructions on your IP (i.e., management, transferring, licensing, transferring, etc).
What happens if I do not incorporate intellectual property into my estate plan?
If you fail to incorporate or invalidly incorporate your intellectual property into your estate plan, then it may have to undergo intestate succession. This means that a New Jersey probate court may distribute your IP rights according to current state laws rather than what you have wished for. Such distribution goes as follows:
- If you have children but no spouse: then your children inherit your IP rights.
- If you have a spouse but no children or parents: then your spouse inherits your IP rights.
- If you have a spouse and children: then your spouse inherits your IP rights.
- If you have parents but no spouse or children: then your parents inherit your IP rights.
- If you have siblings but no spouse, children, or parents: then your siblings inherit your IP rights.
You may be intimidated by the amount of planning you have to do. One way to make this easier is to have a skilled Essex County, New Jersey intellectual property lawyer stand by your side throughout. Contact The Ingber Law Firm at your earliest possible convenience.
