Estate planning is a little different for artists, authors, musicians, and songwriters.

Estate planning is a little different for artists, authors, musicians, and songwriters. These clients spend so much time and effort in creating their work, yet most don’t consider what will happen to their body of work, and their legacy, after they die. Mortality will catch up with us, and often unexpectedly, so it pays to think about what you want to happen to your work after you are no longer able to create or control the process, publication, and distribution, as well as providing a guide to your heirs as to how you want to be remembered. This becomes particularly important when other people or organizations have a claim to a portion of your assets, such as a spouse, children, manager, agent, publisher, gallery, record label, or co-writers and partners.

There is a lot to consider in estate planning for artists that would not apply to traditional estate planning. Like all legal issues, the process can seem daunting because most people are not well-versed in the legal jargon (and let's be honest, hiring a lawyer can be expensive) but just think about what can happen if you don’t provide guidance.

* What will happen to your body of work or other assets like your expensive equipment, sketches, notes (things that represent your process), computer, instruments, materials, or even your studio?

* Who will make sure that your assets are distributed according to your wishes and not by state law?

* Depending upon your work’s value, some serious challenges could break out among your relatives, which you probably want to avoid.

* You may want some of your work to be donated to a charity or some other persons or organizations. Without a legal document, it won’t happen, even if you have made your wishes known verbally to someone.

* If any of your work is under contract or license, your beneficiaries need to know about it.

* You probably have a lot of unseen or unheard work that may have value today or in the future, so your breadth of work should be cataloged and distributed according to your wishes.

* Tax implications from giving your artwork or other assets to your beneficiaries may make it difficult for them to accept. Tax liabilities can be limited through proper planning.

* The publishing rights and copyrights to your work are assets entirely separate from the work itself. Not all non-artists realize this.

* Your family and friends may not be familiar with your body of work and may need help from an "artistic advisor" like an agent, manager, curator, publisher, instructor, or fellow artist in cataloging and valuing work.

While it is easy to put estate planning off, it is best to begin planning for your legacy at the beginning of your career. Whether you are a mid-career artist showing, publishing, or performing regularly, or an emerging artist just starting out, top on your list of priorities should be a plan for the preservation of your body of work and dissemination of your assets. At the very least, you should become familiar with the estate planning process so that you can identify the right time to formally prepare and know the documentation you will need.

We have been representing artists, authors, musicians, and songwriters for over 20 years. If we can be of service to you, your family, or friends, give us a call at 253.858.5434 to set up an appointment today.