💡 Ever wondered about the fate of a patent when its owner passes away? Patents (and other IP), like any other asset, can be passed down to heirs or assigned to beneficiaries through legal instruments, e.g., Wills and/or Trusts, just like any other property. But, as is the case with all other property, ensuring proper succession - and maintenance - requires proper planning.
🔑 It is essential to account for your intellectual property assets in your estate planning documents (aka your Will) and to provide instructions on how to maintain them. For example, patents require maintenance fees to be paid at regular intervals. Failure to pay a maintenance fee by an heir could result in total loss of the asset. At Madan Law PLLC, we specialize in intellectual property law and can provide guidance on how best to ensure proper succession of your assets.
📲 Questions about patents, trademarks, or copyrights? Reach out to Madan Law PLLC today. Our team is here to provide expert advice and tailor-made solutions for your unique situation. Call us today, and let's secure your intellectual property legacy together. 💼✨
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