Intellectual property is an umbrella term that can include different aspects of law dealing with things like trademarks, patents, copyrights, and trade secrets. The United States Constitution gives the federal government exclusive jurisdiction over patent and copyright laws to “promote the progress of science and useful arts.” Any copyright created after the year 1978 is generally good for the life of the author plus 70 years. It is important to remember that when passing a copyright or patent to an heir the testator should specifically mention it. Possessing a copyright can give a person the means to control how a work is used. Owning a patent or copyright can be lucrative and it is essential to make sure the the estate planning for these tools are done right so that the heir can receive the full benefit.
See Intellectual Property in Estate Planning, Wealth Management, October 29, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
