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Intellectual property needs to be included in estate planning

On Behalf of | Oct 15, 2018 | Estate Planning

It starts as a great idea. Then, with a little bit of effort, the idea turns into something with financial worth. Suddenly, the Colorado resident has an idea, design, artistic creation or other such item that produces income and/or royalties. Amid all of the excitement, the individual does need to think of the future and include this in the estate planning process.

It is easy to forget about intellectual property or other such assets when planning for the future. Perhaps they do not seem to be an important part of the overall portfolio at the time it is created. However, over time, these assets can become significant and they need to be addressed.

If left out of the estate plan, it is likely that these assets will become a part of the probate process. This opens up personal details to public scrutiny and can even put the court in charge of determining who will inherit what based upon Colorado law. When this happens, it is possible that assets will be inherited by individuals other than those which the departed had intended.

By addressing these assets as a part of the estate planning process, though, this can be avoided. Some find that transferring such assets to a trust is the most beneficial option. With a trust, the assets are actually owned by the trust and the death of the individual does not affect the trust itself. Additionally, by using a trust, the Colorado resident can avoid probate and the public broadcasting of personal business thus insuring privacy and the fulfillment of his or her wishes.