Our Top-Notch Attorneys Discuss the Importance of Estate Planning for New York Musicians
Many people understand the importance of a comprehensive estate plan. This plan includes legal documents that will manage all of their assets after they die. An estate plan isn’t just for wealthy people, those who have multiple properties, or those who have numerous bank accounts or need a trust. Rather, it’s for anyone who has assets they want passed on to others after their death. 
Having an estate plan is especially crucial for musicians living in New York, and creating one is often more complicated than plans for other types of artists. A musician’s estate plan needs to include important information about who will receive their copyrights and royalty streams from their music and how their music will be protected and preserved after death. Our experienced estate planning lawyers at Alatsas Law Firm discuss creating an estate plan if you’re a musician.
The Importance of Estate Planning
A carefully prepared estate plan can help ensure that after you die, your wishes are honored, your loved ones are provided for, and any potential conflicts about your will or trust are minimized. Your estate plan can include documents that designate a guardian for your minor children, a health care proxy, and powers of attorney. By developing a comprehensive estate plan, you provide clear instructions for handling your affairs, reducing the burden on your family during an already difficult time.
Estate Planning for Musicians: Copyright
If you’re a musician, your intellectual property—your songs, recordings, and lyrics—are valuable assets. They are also immediately copyrighted as soon as you write them down or record them. You don’t have to register your songs with the U.S. Copyright Office. However, no claim of copyright infringement can be brought against the music unless it’s registered.
Federal law states that the owner of a copyrighted work has the exclusive right to do the following:
- Reproduce copies of the work
- Permit a remix
- Control distribution of the work
- Publicly perform the work
Handling Musical Assets
When you create a will, you can designate who will have your musical assets when you’re gone. You may choose family members, friends, musical partners, charities, or other people who are important to you. Having an estate plan to manage every aspect of your musical expression can help ensure that your legacy is handled and managed the way you want. Other considerations include the following:
- Financial assets. An estate plan can explain how your musical royalties will be handled; if there will be money generated from future tours that might use your name or your songs; and if there are any future investments to be made from your music. To avoid complications and legal battles, your plan can spell out how you expect all monies to be handled.
- Tangible assets. You may have a favorite guitar or a valuable piano you’ve used while recording your songs; you may have a studio filled with recording equipment, speakers, microphones, and cameras. Your estate plan can designate how you want this equipment distributed, so that it’s not accidently sold instead of being given to a beneficiary or cause for arguments and disputes.
- Publicity rights. If you’re a musician in New York, the law allows any performer who dies control over their name, likeness, and voice for commercial purposes for 40 years. When you have an estate plan, you can manage all of these rights according to your wishes.
Why You May Want a Separate Executor for Your Music
The executor of your overall estate will handle your property, finances, possessions, and distribution of assets. This person is tasked with carrying out your wishes and protecting and managing your estate. However, that person may not be equipped to handle your musical properties. Thus, you may want a separate executor who understands your musical compositions, the image you may have worked hard to create through that music, and to deal with all your musical assets. You will likely want to select a trustworthy, organized person who understands and will respect your artistic integrity and will represent your estate’s financial best interests.
You may also need to list a backup executor in case the person you designate does not wish to take on the job or is no longer alive at the time of your death.
Why You Need an Estate Planning Lawyer
New York estate planning can be challenging, especially for musicians with valuable intellectual property. Working with an experienced estate planning lawyer who understands state laws and knows how to protect a musician’s legacy will help manage your interests and assets.
