Business Intellectual Property Guide

What is intellectual property?

Intellectual property (IP) refers to creations of the mind that are recognised and protected by law. This includes inventions, literary and artistic works, designs, symbols, names, and images used in commerce. IP assets can hold significant financial value and are an important part of estate planning, especially for business owners, inventors, creators, and entrepreneurs.

Key terminology

Understanding these terms will help you manage your intellectual property records effectively.

How to add intellectual property

Recording your IP assets ensures they are included in your estate plan and can be properly managed by your executors.

1. Go to Asset Management → Business Asset Tracker → Intellectual Property
2. Click "Add IP Asset"
3. Enter the IP asset name and select the type (patent, trademark, etc.)
4. Select the country of registration if applicable
5. Add registration details (filing date, grant date, registration number)
6. Enter the current estimated value and currency
7. Note any licensing arrangements or revenue details
8. Upload supporting documents (certificates, agreements, valuations)
9. Save the record to your portfolio

Document checklist

Keep these documents accessible for each intellectual property asset:

• Patent certificate or trademark registration certificate
• Filing and grant confirmation letters
• Licensing agreements and royalty schedules
• IP valuation reports or revenue documentation
• Assignment or transfer agreements
• Renewal receipts and maintenance fee records

Intellectual property and your will

IP assets have unique characteristics that affect how they can be inherited and managed after your death. Understanding these factors helps your executors handle your IP portfolio correctly.

• Registered IP (patents, trademarks) may require formal transfer with the relevant office
• Copyright passes to your estate automatically but licensing agreements may need updating
• Trade secrets require careful handling to maintain their confidential status
• Domain names and digital IP may have registrar-specific transfer procedures
• Active licensing agreements may continue generating revenue for your estate

Where should I record IP vs other business assets?

Use Intellectual Property for patents, trademarks, copyrights, trade secrets, domain names, and other IP assets. Use Business Ownership for company shares and partnership interests. Use Business Financial Accounts for bank accounts and investment holdings tied to a business entity.

What if my IP type isn’t listed?

The type list covers general categories plus registered forms for several jurisdictions. If your specific type isn’t available, select the closest equivalent and describe the details in the notes field. Country-specific types are shown when you select the country of registration.

Do I need to record unregistered IP?

Yes, unregistered IP such as copyrights and trade secrets can hold significant value. Recording them ensures your executors are aware of these assets and can take appropriate steps to protect and transfer them. For trade secrets, be careful not to include the actual secret. Just note that it exists and where the information is held securely.

Should I link IP to an existing business entity?

If your IP is owned by or associated with a business you manage through the Business Entities section, linking the IP record to it keeps your records connected. This is optional. You can record IP independently if it is personally held or if the owning entity is not tracked separately.