When it comes to planning an estate, most people only focus on tangible items, but in today’s world, many of them need to consider intelligent property as well. You first need to determine what you want to pass on via a trust, will, or intestacy, whether it’s an invention, visual art, a copyright, a computer program, a trademark, or something else.
While adding intelligent property to an estate may seem confusing, it is similar to how other property rights get planned. However, to make sure that you do not overlook anything of value, it is always a good idea to work with an attorney who specializes in estate planning. Ultimately, this will protect all your property and streamline the overall process.
Intelligent property rights are often considered the most critical of all assets in a portfolio. Therefore, when you get ready to plan your estate, you want to factor in all property rights, not just tangible items. With an attorney assisting, you can pass on to named beneficiaries everything that you want without accidentally overlooking something of importance.
A lot of people have no idea how to include intelligent property in an estate, which is why hiring a reputable attorney is essential. Just like tangible items, you can divide non-tangible items. Also, your rights to intelligent property do not automatically end after your passing. For instance, if you want to include a trademark in your estate plan, you can. As long as it gets renewed or used, there is no date of expiration.
Another reason for working with a reputable attorney is that you could pass on intelligent property to one or more beneficiaries only for your estate to get contested. Especially if you have something of significant value, perhaps a copyright, it is imperative to have an iron-clad plan. That will prevent another person challenging the validity of your decision from receiving what you did not want that individual to get.
You can also choose someone to manage your intelligent property as opposed to becoming its rightful owner. As part of that, you can select beneficiaries to receive any proceeds as they become available. Just as you would distribute a car, furniture, household items, or a home, you need to include in your estate things like authored books, written songs, or any other intangible items. Otherwise, it could end up in the hands of the wrong person.
Not only will your attorney assist you as you name beneficiaries to receive real and intelligent property following your death, but they can also properly manage your estate while you’re alive. Also, estate taxes could apply to some intelligent property in your estate. Therefore, if you want to keep the property in the family, your attorney can provide guidance about purchasing a life insurance policy from an irrevocable life insurance trust whereby it provides cash for that expense.
Having Peace of Mind
Ultimately, your attorney will help you identify all your intelligent property and whether it can get passed down to beneficiaries. From there, the two of you will work together to plan your estate according to your wishes.