The news is full of celebrities who pass on and don’t leave detailed instructions about their intellectual property. These oversights can lead to long, drawn out and often vicious family disputes that lead to legal action. If you hold any intellectual property take some time to consider it when you are doing your estate planning.

It Might Be Worth More than you Think

One source of contention among families is when one beneficiary in the family is left sole control of an intellectual property that turns out to be worth more than the person who passed away thought it was. Take time to compute the value of your intellectual property and see if you will be leaving a disproportionately large inheritance to one beneficiary. If this is not your intent, you may want to consider other options.

Make Sure the Executor can Manage the Property

When setting up the will, make sure that your executor has power over the intellectual property. If any decisions need to be made as the will is being settled, the executor is going to need the ability to make those decisions. Mention the property specifically in the will and make sure to grant the executor power to maange it.

Spit the Property Accordingly

There is no reason why you can’t leave percentages of your intellectual property. Feel free to split up the percentages any way you wish in your will.

Intellectual properties can be very legally complex. For assistance with them contact the estate planning legal experts at Stano Law group.