You don’t need to fear this terror, because you can and should plan to avoid it. If you have high-value patents or trademarks, here are your immediate next steps, the only way to truly protect your legacy:
Action 1: IP Inventory. Create a detailed, organized inventory listing every registration number, filing date, and maintenance schedule for every IP asset. Also include details identifying any unregistered assets. Give this to your lawyer and your estate executor.
Action 2: Check Your LLC Agreement. Immediately review your LLC Operating Agreement for specific clauses covering the death or incapacity of a member. These clauses dictates the fate of the company, and by extension, its IP assets. This goes for partnership agreements and corporation bylaws as well.
Action 3: Consult the Right Lawyer. Schedule a consultation with an attorney who handles both intellectual property protection and business succession planning. You need an attorney who sees your assets not just as legal filings, but as high-value, life-long components of your estate. If they are not well versed in full estate planning, have them work with the attorney handling your primary estate planning needs.
If you are serious about protecting the assets you’ve worked so hard for, don’t let the True Terror of Poor Planning define your legacy.
Intellectual property is one of the most terrifyingly useful tools you have. If you’re a creator or other entrepreneur ready to build a frighteningly powerful brand and business, you need to know how to use it. You don’t have to face the darkness alone, though.
I help entrepreneurs across the U.S. make smart, legally sound decisions about their intellectual property. I’m an attorney in Champaign-Urbana, Illinois, but I serve intellectual property clients nationwide.
If you’d like to consult with me, please book a consultation online at kingpatentlaw.com or by calling my office at 312-596-2222 or 217-714-8558.
Please check out the other posts and pages on my website for more information on intellectual property and business law issues. I’m also on most major podcast platforms as “Know Your Rights: Your Intellectual Property and Business Law Playbook” (video on YouTube, Spotify, and Substack only) and on most social media as @kingpatentlaw.
