Although you will likely live a long life, put plans in place to protect your artistic legacy. An estate plan crafted by an experienced estate planning attorney legally enforces documents. These enable you to name the person who will make decisions for you if you are unable.
You have various options regarding who to leave your artistic legacy:
- Instruct your personal representative, executor, or successor trustee to sell any of your artwork at your death;
- Designate specific individuals to receive it;
- Assign an attorney to hold artwork by a trust or foundation until your death; or
- Provide instructions to donate your artistic legacy to a museum, university, or other organization.
Steps to Begin the Artistic Legacy Process
The first step is to catalog your artwork, including pieces you sold. Specify how much to sell each piece for. This information may aid artwork evaluation. You should also include artwork that you lent out. This knowledge may help your loved ones determine who has the artwork and under what circumstances it should be returned. Your list should also include pieces that licensed to someone else. Let loved ones know about this stream of income, which could continue after you die. Also consider including a list of pieces gifted to individuals or donated to charities. Include pieces you kept for yourself.
Artistic Legacy Value
After you have compiled a list of your artwork, it will then be important to determine the value of any piece that has not already been appraised and that is still considered yours (having been neither donated nor sold). This process can help you understand the value of everything you own (an important step in the estate planning process) and determine if you have adequate insurance to cover your artwork’s value. Just like other pieces of tangible personal property, your artwork can be susceptible to theft and destruction and needs to be protected.
Estate Planning for your Artistic Legacy
The last step is for you to meet with us to start or review your estate planning. During this meeting, we can discuss whom to put in charge of your affairs at your death as well as during any period in which you cannot make or communicate your own decisions. We will also discuss your wishes regarding your artistic legacy. We can discuss your fears, concerns, and objectives to craft a unique plan.
Remember Your Copyright
A copyright protects your artistic legacy. These works do not have to be published to be protected, but they generally have more commercial value after publication. If you own the copyright to your artwork, both the work and its copyright should be included in your estate plan. If the copyright is not specifically mentioned in your will or trust, it will transfer to your heirs by a residuary clause, which distributes all property not already addressed. As a result, one person could end up with the work and another with the copyright.
Copyright Law & Your Artistic Legacy
However, it is important to note that a copyright includes your right to terminate most transfers or licenses of the copyright at a future date. You cannot waive or transfer this right to someone else during your lifetime, and it passes to your surviving spouse and children when you die. It includes the ability to terminate a transfer of a copyright to a trust. An exception to this rule is transfer of the copyright by a will, which cannot be terminated by your spouse and children.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
