Protecting Intellectual Property

Take a look at this example,  

In 2006, a U.S. district judge in New York granted publishing rights for 10 Steinbeck works to son Thomas Steinbeck and granddaughter Blake Smyle, who had cancelled rights to the works held by a publisher and the children of Steinbeck's third and last wife, Elaine, among others. Thomas Steinbeck is the author's son by his second wife. The granddaughter is the child of the couple's second son, John Steinbeck IV. The convolution of family relationships--first wife, second wife and children, third wife and step-children--illustrates the need for specific instructions in the estate plan and related documents such as a will for who will receive the rights and responsibilities for the intellectual property.

Intellectual property, is defined by law as expressions of ideas and knowledge. It falls into two categories:

• works protected by copyright, such as writings, music and visual art, and
• protected by patents, including processes, machines, designs for manufactured items, software and internet applications and food products.

Copyright protection begins at the moment of creation, with no action needed by the creator, and lasts 70 to 120 years, depending on the date of creation. Patent protection requires an application and approval from the U.S. Patent & Trademark Office and lasts 14 or 20 years from the date of application, depending on the type of patent.