For creators, innovators, and entrepreneurs, your intellectual property (IP) can be your most valuable asset. Whether it is a patent for a groundbreaking invention, a copyright for a creative work, or a trademark for your brand, these assets require careful protection.
Effective trust administration involves more than just managing tangible property; it must also account for these unique and valuable creations. Thoughtful planning is essential to ensure your IP continues to generate value and is managed according to your wishes. Our firm has experience handling matters of intellectual property in Coral Gables trusts, and we are ready to help you.
We could work with your IP attorney to assist you through the process of correctly assigning your IP assets to your Coral Gables trust, ensuring the transfer is legally sound and enforceable. Properly assigning IP to a trust involves several critical steps:
This formal transfer is essential for the trustee to legally manage the property as outlined in the trust agreement.
Once your IP is held in a trust, the appointed trustee has a fiduciary duty to manage it prudently. Florida’s trust code outlines this responsibility, particularly in Florida Statute § 736.0816, which requires a trustee to manage trust assets as a prudent investor would.
For IP, this involves more than just passive ownership. The trustee must actively protect, maintain, and seek to maximize the value of these assets. This could involve renewing patents and trademarks, monitoring for infringement, negotiating licensing agreements, and collecting royalties.
Proper administration of copyrights in trust strategies demands a trustee in Coral Gables who understands IP law and can make informed decisions to preserve and grow the asset’s value. A failure to adequately protect a patent or copyright could lead to a significant loss of value, for which the trustee could be liable under Florida Statute § 736.1011.
This is why selecting a knowledgeable trustee or retaining professional guidance is crucial. We help clients and trustees navigate these duties, from valuing the IP for administrative purposes to managing the income streams it generates, ensuring full compliance and asset protection.
Our estate planning law firm is dedicated to providing detailed legal support for matters involving intellectual property in Coral Gables trusts. We work with you to craft a trust that reflects your wishes and provides a framework for the ongoing management of your copyrights, patents, and trademarks.
Contact Ana M. Veliz of Veliz & Associates, P.A. today to schedule a consultation and learn how we could help you integrate your IP into an estate plan.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917