I do not practice in the field of estate planning.
I do work with estate planning professionals, when their clients’ estates include intangible assets such as copyrights. So I’m kind of estate planning-adjacent.
This post by RBT CPAs very thoughtfully examines some common myths surrounding revocable living trusts (“living trusts”). I’ll stay in my lane and consider its points only in connection with copyright and other intangible assets. But I will say, the points made me sit up and applaud. As RBT notes, living trusts are often presented as an all-purpose solution when, in fact, other choices can be more appropriate.
So, copyright. Copyright is “intangible” personal property. Wills and trusts are all over the term “tangible personal property.” But “intangible personal property” rarely makes an appearance. If the will or trust document fails to address intangible property — or copyright specifically — the client’s copyright assets could end up in the hands of unintended beneficiaries.
If you are a client and there may be copyright assets in your estate, raise this with your planning professionals. If you are a planning professional and this concept tugs on a new string, let’s talk!
BLOC CONTENT NOT LEGAL ADVICE