Yay, you came back! On Monday, we talked about what happens to a writer’s intellectual property (IP) after they die. A will was mentioned as a fairly simple way to pass on this asset. However, a will has some drawbacks.
“Every state is different, but a will can spend up to a year in probate,” said Chad Whitfield, an attorney with Hunter, Smith and Davis in Tennessee. “It has to stay open between four months and a year, and things become public. The copyrights you own, all the assets have to be on the inventory. Some people like to keep it private. With a living trust, you can accomplish the same goals, but it’s private.” Continue reading “Part II – A Trust or an LLC Can Help Manage Author Assets after Death”
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