What Happens to Your Intellectual Property When You Die? - Ep 32
When people think about estate planning, they usually think about Wills, family homes and bank accounts. But what about your intellectual property?
If you're a business owner, inventor, creative or entrepreneur, some of your most valuable assets may be your copyright, trade marks, software, confidential information, business systems, designs or patents. These assets don't simply disappear when you die—and if they're overlooked by your executor, the consequences can be significant.
In this episode of Elise Explains IP, Elise is joined by commercial and estate planning lawyer Sarah Carey to explore the intersection between intellectual property and estate planning.
Using the Victorian Supreme Court decisions in Re Estate of Vaughan; Dunn v Dunn-Vaughan [2024] VSC 7 and Re Estate of Vaughan; Dunn v Dunn-Vaughan (No 2) [2024] VSC 128, they discuss how an executor became personally liable after disposing of documents that contained valuable intellectual property, mistakenly believing that copyright ended when the creator died.
It's a fascinating reminder that intellectual property can survive its creator for decades—and that executors have a legal duty to identify, protect and properly administer those rights.
In this episode we discuss:
- Why estate planning is about much more than simply making a Will.
- The different estate planning documents every business owner should consider.
- How intellectual property forms part of a deceased estate.
- The duties and fiduciary obligations of executors and administrators.
- Why copyright can continue for up to 70 years after the creator's death.
- The facts and outcome of the Vaughan decisions.
- Why searching IP Australia won't identify copyright.
- How an executor became personally liable for more than $400,000.
- Practical steps business owners can take to protect their intellectual property as part of their succession planning.
- Choosing the right executor when intellectual property forms part of your estate.
Key Takeaways
Your intellectual property may become one of the most valuable assets in your estate.
Executors have a duty to identify, preserve and appropriately manage intellectual property, just as they would any other estate asset.
Never assume that copyright or other intellectual property rights end when their creator dies.
Business owners should include intellectual property in their estate and succession planning, and ensure their executors know what assets exist and where to find them.
Resources
Yarra Lane Group
Connect with Sarah Carey on LinkedIn:
Cases Discussed
- Re Estate of Vaughan; Dunn v Dunn-Vaughan [2024] VSC 7
- Re Estate of Vaughan; Dunn v Dunn-Vaughan (No 2) [2024] VSC 128
If you enjoyed this episode, please subscribe, leave a review, and share it with a business owner, inventor, creative or advisor who could benefit from understanding how intellectual property fits into estate planning.
As always, this podcast contains general information only and is not legal advice. If you'd like advice about protecting your intellectual property or incorporating it into your estate planning, you can book a strategy call via my website.
