If you’re not familiar with the term “beneficiary laws” here are the Cliff Notes: Beneficiary Laws are state laws that generally set forth the rule that after a person passes away their property shall pass during the probate process to whoever he/she names as the beneficiary in their will. Seems straightforward, right? Well these laws can be used slightly differently from how most people think of them. For example, in Oregon, beneficiary laws in oregon: When thinking about your estate planning and your legacy as musicians or rising music stars, you need to think about these laws.
So why are beneficiary laws so important to musicians? For example, one of the most important possessions a musician will own may be their music intellectual property rights. You want your music rights to be passed down the way you would like them to be when you are actually gone; but did you know if your music IP rights aren’t in your will, they won’t pass down to the intended person? Or they may pass to someone who you don’t want to inherit them (like a spouse) but you thought they were “safe” in a trust? How does that work? Beneficiary laws in Oregon cover everything from life insurance policies, to pensions, joint and bank accounts, gifts of real property, and of course – intellectual property. And for a musician who may not even think much about this, it needs to be something that is talked about and worked on with an experienced estate planning attorney. They may even refer you to an estate planning attorney very experienced in the realm of music IP. You might think that none of this matters, but it does. Take for example this great case study of Michael Jackson’s estate and its unique directions for other musicians and artists to consider with leave behind work or posthumous releases of their work:
For more information on estate planning and beneficiary laws, you can visit Wikipedia’s page on estate planning.
