The patent clock keeps ticking after you die! A utility patent is a time-sensitive asset. If you own the patent rights to your invention, you must make sure it’s managed properly after your death. Even if your heirs successfully inherit the patent, if they don't know how to manage it, the rights may die a premature death.
The Horror is that heirs unfamiliar with the invention and the patent protecting it often forget to pay the mandatory maintenance fees to the USPTO, or they fail to defend the patent against an infringer. The patent lapses, and years of potential revenue are lost forever.
The Solution isn’t to haunt your heirs into doing the right thing. It’s taking care while you’re among the living to have your will or trust designate a manager for the patent rights. This should be someone with the technical and legal ability to manage the patent, not just someone to receive the royalty checks.
To keep living beyond your death, a successful patent needs a competent manager, not just an heir.
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, 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 help entrepreneurs across the U.S. make smart, legally sound decisions about their intellectual property. I'm an attorney in Champaign-Urbana, Illinois, and I serve intellectual property clients nationwide.
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!
You can find all of my other frighteningly good content on the King Patent Law website, at "Know Your Rights: Your IP and Business Law Playbook " 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.
#kingpatentlaw #julieking #intellectualproperty #patent #businesstips #estateplanning #horror #halloween #spookyseason