If you are an artist, you may find the items in your estate plan are more complex than a piece of furniture or jewelry. As a craftsperson, there are unique aspects of your estate plan to address.
Estate planning for creatives is important for preserving artistic legacy, protecting unique works and ensuring proper management of items.
Protecting your creative works
Identify and protect your copyrights, trademarks, patents and other intellectual property rights. Register your creative pieces and establish clear guidelines for their uses and distribution after your passing.
Include provisions for digital assets such as digital art files, online portfolios, social media accounts and digital rights management. Specify who will have access to and manage these assets.
Managing royalties and residuals
Determine the handling and distribution of royalties from your innovative works, such as music royalties, book royalties or licensing fees. Consider assembling a trust or assigning a dependable individual to oversee these revenue streams.
Plan for residual income from ongoing projects, collaborations or creative partnerships. Specify how these income streams should be handled and distributed to beneficiaries or charitable causes.
Preserving your artistic legacy
Set up an artistic archive or foundation to preserve and showcase your creative works, documents, sketches and personal artifacts. Outline guidelines for the management and accessibility of these archives for future generations.
Plan for legacy projects or initiatives that continue your vision and contribute to the cultural and artistic landscape. Designate funding or resources for these projects in your estate plan.
Succession planning and beneficiaries
Determine who will inherit and manage your innovative assets, including copyrights, ongoing projects and collections. Consider the unique challenges of succession planning for artistic legacies.
Identify beneficiaries, heirs or charitable organizations that will receive proceeds from your creative items or estate. Provide instructions for the distribution of assets and royalties.
Building an estate plan tailored to your artwork can help ensure your vision for your creations continues and has legal protections in the future.