A typical musician creates hundreds of melodies and songs during their career. So what happens to their work when they pass away? Being a musician, you need to try and accomplish the following three things when preparing an estate plan:
- Preserve your legacy in the way you see fit
- Make it easier for your beneficiaries to acquire what you leave behind
- Minimize legal issues and avoid probate
Here are a few important things you need to consider when creating an estate plan with your estate plan:
Plan for your Physical Estate
Just like any other person, you will have some sort of physical estate, which may include real estate, jewelry, vehicles, and other assets. Your physical estate can be covered by a living will, trusts, agreements, or contracts. You may have to talk to a specialist from your bank who will have you fill out a few forms and provide information pertaining to deceased account management. They will also enlighten you about the same for your car, house, kids, and loans.
While you may think all of it is covered by state laws, it does not mean you should not plan where your physical estate goes after your death. Having a living will in place is good, but not enough. You have to create a comprehensive estate plan using different tools, like a trust fund, to save your beneficiaries from paying exorbitant inheritance and other estate taxes.
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Plan for your Intellectual Property
Musicians leave behind more than just their music library. They sometimes have intellectual property rights too, and when they die, those rights are usually left unaddressed because of improper planning. This includes songs, scripts, music, and other things that may not be of value in your lifetime, but may grow substantially after you pass away. Such things have to be mentioned in your estate plan for your next-of-kin to enjoy their benefits. Moreover, make sure that you designate ownership of your intellectual property clearly.
Plan for your Digital Assets
You may have already planned for your physical estate, but what about your digital assets? They not only include what is in your personal computer, but also everything online. There may be your music library on online platforms like iTunes, pictures of you with your family and friends in DropBox, important emails in your Gmail account, subscriptions to certain services, online payment accounts, and other things.
You need to make a list of IDs, and passwords to allow your beneficiaries to access your computer and online accounts to preserve and manage your digital assets. If you have a website, you need to let your trustee or inheritors know the importance of renewing the registration of its hosting domain. If there is a delay in doing so, there is a chance someone else would purchase it and use it for their benefit.
If you are a musician or artist seeking the services of an experienced estate planning attorney, we can help you create a comprehensive plan and manage your estate. Contact Mary Ann Covone, P.C., Attorney at Law at 708-246-4911 or online today to schedule a free consultation and discuss your estate planning needs.