Don't Forget IP Rights When Planning An Estate

Highlights

• As highlighted by a recent Trademark Trial & Appeal Board (TTAB) decision, Clementvision, Inc. v. Robert Clement, expressly including intellectual property (IP) rights in an estate plan can prevent complicated issues from arising.
• The TTAB proceeding involves the estate of Cowboy Jack Clement - an iconic country singer, songwriter and producer. The dispute arose between family members over who owned the intellectual property and trademarks that were omitted from the country singer's will and were never registered with the U.S. Patent and Trademark Office.
• Estate planners who do not include questions about IP in their intake questionnaires, which are then followed up on with particular questioning, may be failing to identify valuable assets that need specialized attention and handling in the estate plan.