World IP Day – A Different Perspective
26th April 2017 is World IP Day and whilst many will be thinking about this from a commercial angle it is not surprising that, as a Private Client Solicitor, I take a slightly different view.
Intellectual property rights can easily be forgotten about when preparing Wills.However, if you are an author, musician, artist or have any other protected rights, then you will need to consider this at the time of preparing a Will.
It is quite a common approach for authors to appoint separate Literary Executors to specifically deal with that aspect of their estate.Such Executors might be their agents or accountant, often being somebody that has historic knowledge and who can ensure that those works remain protected and the source of income continues to be received.
It may even be that such assets can qualify for Business Property Relief, which would make them free from any Inheritance Tax liability.
Accordingly, if you are thinking about your own intellectual property rights on this day (or any other day!) then also think about them in connection with your own Will and personal arrangements should anything happen to you.
For advice on any aspects of writing a Will or inheritance tax, please contact Richard Horwood, Head of our Private Client team.
Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances.