When it comes to estate planning in Arizona, there are a ton of aspects to consider, from physical property to other large assets and beyond. However, when it comes to intellectual property, the rules may not seem near as clear. In fact, for many people, it may be downright confusing about the best way to include this particular component in an estate plan.

Intellectual Property and Arizona Estate Planning

To start, it should be noted that with estate planning in Arizona, intellectual property should ALWAYS be considered. Far too many plans overlook this asset, which can sometimes be more significant than any other asset in the plan. Yes, this is an intangible part of the estate, but can be included. The rights of intellectual property do not end at death and in many instances, the life of a trademark or patented ideas lasts forever. There is no expiration date on intellectual property and including it in your estate planning in Arizona means that heirs can potentially benefit from the property in the future. By not including it in estate planning, this property can fall into the wrong hands and be used improperly. This is particularly poignant if your intellectual property is a brand of some sort, as used improperly, the brand can be changed to reflect business values that you never intended when you started the brand or corresponding business.

Intellectual property can be comprised of a number of elements, including that unfinished book, a unique invention, a business that has been built from the ground up with a brand that has value and more. When doing your estate planning in Arizona, account for this property and designate a beneficiary to either hold on to it or take the project to completion in some form. If you are unsure of whether or not to include something in your estate plan, it is always best to consult a professional to err on the side of caution. This way, if you decide not to include it, you know what your options might be for your intellectual property in terms of estate planning in Arizona.

Even if you think that the project has no value, ultimately your family members and friends might assign it sentimental value and deign to hold on to it in your memory. These are important considerations when planning your estate and the reason why intellectual property should always be included in your planning process.

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