Estate planning is a subject that most people are uncomfortable with at first glance. Avoidance is the natural response for many people when it comes to estate planning but writers and other artists must understand their unique estate planning obstacles and opportunities. Estate planning is essential for disposing of your assets and tying up affairs as writer.
It is particularly important for writers to think about their intellectual property. The copyright to your literary works is an additional component to your estate planning that should be carefully considered via your estate plan. A copyright will ask for the author’s life plus 70 years which is a long time for an asset to potentially generate revenue and remain viable.
This is why it is important to discuss estate planning with an attorney who has knowledge about writer and author specific needs. Your estate distribution by default will be governed by intestate succession statutes in your state if you do not have a valid trust or a will. All 50 states have these kinds of laws and tend to differ from one state to another. In most cases, however, your surviving spouse will receive a substantial portion of your estate.
Estate planning devices like a will or a trust can help you to ensure that you are passing on these important assets and intellectual property to the loved ones of your choice. Having this peace of mind will ensure a smoother transition of these assets and more support in the immediate aftermath of your passing.