Here are ways to secure intellectual property rights for heirs

I am an artist and mother of two daughters (aged 19 and 23). Over the years, I have registered multiple copyrighted songs. After me, I want my children to enjoy the benefits of the same. Can I pass on my copyrights to them?

-Name withheld on request

Intellectual property rights (IPR) can be passed on to the legal heirs of the holder. With the transition from a traditional economy to a knowledge-based economy, there has been a major spike in intellectual property registration.

Under the Copyright Act, 1957, the economic rights in a copyrighted work can be transferred from the author to another individual. These rights, which include the right to reproduce, publish, perform, adapt, licence, and collect royalties in relation to the work, subsist for 60 years after the lifetime of the author and can pass on to the legal heirs.

Ways to secure the inheritance of copyrights:

Will

To ensure that legal heirs enjoy the benefits from copyrighted works, the artist in this case may declare the same through a Will. The Will should have a detailed explanation of how the royalties, benefits, or income arising from them shall be divided. However, in case the artist desires that the rights be jointly held by heirs, the same can be captured in the Will. Although registration of the Will is an optional step, it is highly recommended.

Since IPR consists of various complex transactions, registration would not only reduce the chances of dispute and confusion but would also add merit to the evidentiary value of the document.

Trust

A Trust can be constituted for effective management in case of a complex transaction. In contrast to a Will, its nature is more multifaceted, considering it deals with establishing a structure for the beneficiaries. A trust ensures that the benefits arising out of Intellectual Property are collected and shared among the beneficiaries in accordance with the terms prescribed by the trust's author.

IPR Management

Copyright owners should make sure they maintain an updated record of all their works, registrations, certificates, and supporting documents evidencing their rights such as the right to license, broadcast, adapt, reproduce, perform, etc. Having requisite documents, assists in a seamless enforcement and transfer of rights to the heirs.

Conclusion

Protecting IPR is as important as safeguarding any other form of tangible property. IPR represents a multi-million-dollar market, which highlights the need for its effective management. Therefore, concerns revolving around the inclusion of intangible assets in estate planning is valid. The holders of intellectual property must focus not only on managing these rights during their lifetime but also on planning a smooth transfer for the benefit of the next generation.

Aditya Chopra, managing partner and Fatima Ali, associate, The Victoriam Legalis (TVL).