Dr. Fred Jones
Professor | Author | Attorney
Three Ways to Lose Intellectual Property (IP) Rights
Your intellectual property (IP) (property created with your mind) is anything you write, film, video, create, product, invent, contribute to, affect and/or impact.
If you are a corporation this includes your assets, inventory, products, property, programs, courses and inventions that came into existence throughout the life of the company. As an individual, this (IP) is your estate, your legacy you leave behind at the end of your life, including all the tangible and intangible things you have created. So why is it that more people are not aware of this vast amount of assets that they give away every day? Why is it that so many entrepreneurs never take the proper legal steps to protect these assets? Many avoid the legal stuff like the plague. In this article, I will give you 3 reasons why many don’t.
- Unfortunately, many people just don’t take the time to learn the law. For example, did you know that the law provides copyright protection for a published author for the life of the author plus 70 years? When anyone writes a book she/he is leaving powerful intellectual property for the next generation. However if this book(s) are not property placed in your will and/or estate, your heirs may not be aware of their rights and will never know to ask or collect royalties from your works!
- Unfortunately, we view the legal process as stressful and confusing. The process can be but it does not have to be. When we take the time to properly connect with a qualified attorney or firm that we can trust, the process flows with a greater amount of ease. Take the time to build a relationship with an attorney. Everyone should have an attorney they can reach 24/7. It’s much easier to prevent some problems than it is to fix them later.
- We tell ourselves that we don’t need to do all that “legal stuff.” We would rather pretend that it will handle itself, or that people are fair and will do the right thing. As a result, we don’t sign contracts, we don’t register our trademarks and we don’t properly form or incorporate our businesses. This is a major issue that causes generations of problems. When we ignore legal steps, we place our entire estate in jeopardy when one simple power of attorney could have solved a major dispute. Take the legal steps now to protect your stuff.
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