Protecting Your Creative Legacy
Written by Claire Thompson | Wills, Trusts, Tax and Probate team |01 December 2023
It was extremely sad to hear that iconic music legend Shane MacGowan passed away recently. What possibly made it worse was that he died during the run up to Christmas, when Fairytale of New York gets its annual airing on radio stations and Christmas music selections. This brings into focus the intricacies of estate planning, especially in understanding how royalties pass under a Will.
A well drafted Will can ensure that creative legacies smoothly transition from one generation to the next and protect an artist’s creative heritage for generations to come.
When a person creates a Will they record their wishes regarding the distribution of their assets when they pass away. This includes not only tangible assets such as property and finances, but it also includes intangible assets, such as intellectual property, which encompasses the royalties generated by creative works.
How the royalties pass under a Will depends on the terms of the Will itself. The testator (who is the person creating the Will) should explicitly detail how they want their royalties and intellectual property to be dealt with after they pass away. This can involve specifying who should inherit the rights to their creative works and how any associated income should be managed.
It is very important that, if a deceased holds copyrights to music, literature or other creative works, the Will should outline whether these rights are to be transferred outright to a specific individual or individuals (such as family members or friends) of if they should be managed by a designated trustee or trustees.
The appointment of an executor is a crucial element in ensuring the smooth passage of royalties. The executor, who should be someone trustworthy and capable chosen by the testator, is responsible for distributing the estate in accordance with the terms of the Will. It is possible to appoint an executor or executors to deal with the majority of the estate and a separate executor just to deal with the intellectual property.
If the Will appoints a designated trustee or trustees then that person will generally deal with the intellectual property over a longer period of time and may oversee licensing agreements, negotiate contracts and manage the ongoing revenue generated by the deceased’s creative endeavours.
The legal nuances of intellectual property and royalties mean that they should be given careful consideration. It is important to seek legal advice from professionals who specialise in estate planning to ensure that the Will is comprehensive and adheres to legal requirements.
By using your Will to clearly set out your wishes regarding intellectual property and appointing capable people to manage these assets you can ensure the seamless transfer of your creative legacy.
If you would like to discuss this further, our friendly and knowledgeable team will be happy to assist you. You can contact them by calling 01752 827067 or emailing wills@nash.co.uk.
