Most people think of their IP like a regular asset that upon their death will either transfer automatically or be handled easily by the executor of their estate. But IP is different. IP is a tricky beast.

The biggest, most terrifying difference is this: Patents and trademarks are time-sensitive, living assets that require active maintenance and use to survive and special documents to transfer ownership.

• A patent is a 20-year legal monopoly. Renewal fees are due three times during those 20 years. If your executor doesn't know the exact schedule and misses one maintenance fee payment, that patent is permanently dead and immediately enters the public domain. The clock is heartless; it does not stop for probate, and ignorance is no defense.

• A trademark can be perpetual, but only if it's used, and a registration’s lifespan depends on both use and filing renewal documents along with fees. If your heir inherits the mark but fails to continue using it in commerce for the goods and services listed, the law presumes the mark has been abandoned, and if they don’t file the renewal documents and pay the fees, the USPTO will cancel the registration.

I'll dive into the specifics of succession plans in future episodes, so stay tuned for the sequels!

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. To learn more about protecting your creations, your name, your business, and your legacy, you can book a consultation with me at kingpatentlaw.com.

I’m Julie King, a licensed attorney in Champaign-Urbana, Illinois, and I help entrepreneurs across the U.S. make smart, legally sound decisions about their intellectual property.

If this episode helped you survive the horror of learning about how to protect and manage your intellectual property and business, please like and subscribe if you haven’t already!

You can find all of my other frighteningly good content on the King Patent Law website, at "Spellbinding IP: Patent, Trademark, and Business Strategy" on all major podcast platforms, and at @kingpatentlaw on most social media.

The information provided in this episode is for educational purposes only and does not constitute legal advice or form an attorney-client relationship. You should not act on any information presented here without first seeking the counsel of a licensed attorney for your specific legal needs.

Thank you for tuning in. Stay legally sharp, and keep rocking your IP!

#patent #trademark #copyright #intellectualproperty #businesstips #estateplanning #successionplanning