When a person runs a big business, everyone wonders about who the next legal heir will be, who will inherit and take over. How the business will be divided amongst the heirs etc. But many times, people ignore the various facets associated with a business. One of them is Intellectual Property Rights (IPR).
The reason we have chosen this subject to educate you on succession planning is because many people don’t realize that it’s an actual asset and they pay more importance to the money in the business or company. Let’s discuss a bit about IPR, so it will give you more clarity.
IPR is an emerging trend and is only growing because so many people are entering into the business and start-up world and thereby it is becoming the most essential and significant asset. Therefore, including it in succession planning is even more vital.
In the past, people forgot to appoint a nominee for their bank account and that led their legal heirs to face a lot of complications. Therefore, we need to work smartly in today’s time and learn from the past misapprehensions. One should be mindful while writing a Will and should consider all the facets associated with transfer of a business and one of them is the IPR.
We’ll discuss in the Part-II of this blog about the restrictions and complications under law in IPR if you don’t leave a Will and how mindful you need to be while writing it.
AasaanWill. Zaroori Hai!