Intellectual Property

How do I include intellectual property in my estate plan?

Intellectual property like copyrights, patents, and trademarks can be transferred into a revocable living trust or passed through your will. You'll need to identify each asset specifically, determine its current value, and decide who should inherit the rights. For ongoing royalties or licensing income, consider naming a successor who understands the business side of managing IP assets. Some intellectual property has expiration dates, so factor in whether the asset will still have value when your beneficiaries inherit it.