A copyright provides a bundle of rights and protections to owners of creations, such as books, music, movies, etc. (“IP Rights”). These last for the author/creator’s life plus 70 years. Patents grant inventors the right to exclude others from making, using, selling novel, useful and non-obvious inventions. Patents can last from 14-20 years, depending on the type of item being protected under the patent. Upon expiration, patents can’t be renewed. Trademarks include names, slogans, logos and other characteristics identifying a good or service. These provide owners of trademarks with exclusive rights.
With regard to estate planning, IP rights are treated the same as money or assets. They can be gifted within a will or put into a trust for a beneficiary. Without proper estate planning, IP rights can pass through intestacy upon the death of the owner