Estate Planning 101 for Musicians

Estate planning is an important part of life for everyone, but it’s especially important for musicians. As a musician, you have intellectual property and assets that need to be protected and passed down to your loved ones. Here are some tips for musicians to consider when creating an estate plan:

  1. Protect Your Intellectual Property: As a musician, your intellectual property is one of your most valuable assets. This includes your music, lyrics, and any other creative works you’ve produced. Make sure you have copyright protection for your music and other intellectual property, and that you’ve identified who will inherit these assets after your passing to avoid disputes.  Even if your career hasn’t taken off yet, consider putting these protections in place – think of all of the now-famous musicians who died poor, and in some cases, on the side of the road with no estate plan in place (i.e. Robert Johnson, Otis Redding, Jim Croce, etc.)
  2. Create a Will: A will is a legal document that outlines how you want your assets distributed after your passing. This can include your musical instruments, gear, and other assets related to your music career. You can also designate who will be responsible for managing your music and other intellectual property after your passing. It’s important to work with an experienced estate planning attorney to create a will that accurately reflects your wishes.
  3. Consider a Trust: A trust is a legal arrangement that allows you to transfer ownership of your assets to a trustee, who can manage those assets for the benefit of your beneficiaries. This can be a useful tool for musicians who want to protect their intellectual property and ensure that their loved ones are taken care of after their passing. This can be especially important where intellectual property is involved; by naming a single trusted person to manage your intellectual property after you have passed away, it will simplify the management of those rights and can maximize the benefit to your beneficiaries.
  4. Consider a Power of Attorney: A power of attorney is a legal document that allows you to designate someone to make decisions on your behalf if you become incapacitated. This can be important for musicians who rely on their income from music to support themselves and their families.
  5. Keep Your Estate Plan Up-to-Date: Finally, and this is perhaps the most important of all, keep your estate plan up-to-date. Thing’s change, friends come and go, and the last thing you want is someone that you once trusted, only to have them stab you in the back, to be the one in charge of managing your estate after you have passed away. This includes adding new beneficiaries, updating your will or trust, and making sure your loved ones are aware of your wishes.

In conclusion, estate planning is an important consideration for musicians. By protecting your intellectual property, creating a will or trust, designating beneficiaries, and keeping your estate plan up-to-date, you can ensure that your loved ones are taken care of and that your music and other assets are passed down according to your wishes. Finally, by having a well thought-out estate plan in place, it can prevent all those pesky Fairweather Friends (and family members) that you may have acquired on your way to the top from interfering with your wishes.  If you’re a musician and need help with estate planning, Adam Kitz is not only a musician himself, but also an experienced estate planning attorney who can help you create a plan that’s tailored to your unique situation.