Why authors, writers and creators need to think about their literary estate

When most people think about making a Will, they focus on obvious assets such as their home, savings and investments.

However, if you are an author, journalist, academic, playwright, screenwriter, blogger or other creator, one of your most valuable assets may be something far less tangible: your intellectual property and literary estate.

Books, articles, manuscripts, research papers and other creative works can continue to generate income for decades after death. Yet many people fail to consider what will happen to those rights when they are no longer around to manage them.

Without careful planning, valuable rights can be overlooked, family members can face difficult decisions and opportunities for future generations can be lost.

What is a literary estate?

A literary estate is the collection of intellectual property rights and creative works that survive after an individual’s death.

This can include:

Copyright in books, articles and manuscripts
Future royalty income
Publishing contracts
Translation rights
Audiobook rights
Film and television adaptation rights
Unpublished works
Research papers and archives
Digital content and online publications

For some individuals, these rights may represent a modest income stream. For others, they can be worth hundreds of thousands or even millions of pounds.

Copyright does not end when you die

One of the most commonly misunderstood aspects of estate planning is the treatment of copyright.

Copyright is a form of property and usually forms part of your estate on death. Like other assets, it can be left to beneficiaries under the terms of your Will.

Importantly, copyright in literary works generally continues for 70 years after the author’s death.

This means that a book written today could continue generating royalties for children, grandchildren and even great-grandchildren.

For some families, copyright can become one of the most enduring and valuable assets passed down through the generations.

The hidden risks of a standard Will

Many Wills contain no specific provisions dealing with literary assets.

Whilst copyright rights would ordinarily pass under the general terms of a Will, this approach may not be appropriate where intellectual property has significant financial or sentimental value.

Questions often arise such as:

Who should receive future royalty payments?
Who should negotiate future publishing contracts?
Should unpublished manuscripts be released?
Who can authorise adaptations or licensing opportunities?
How should disputes between family members be resolved?

Without proper planning, these issues can create uncertainty for those left behind.

Should you appoint a literary executor?

Many people appoint family members or close friends as executors without considering whether they have the expertise needed to manage intellectual property rights.

In some circumstances, it may be sensible to appoint a specialist “literary executor” alongside the executors who are handling the rest of the estate.

This could be:

A literary agent
A trusted adviser
A professional executor
A family member with relevant expertise

A literary executor can oversee copyright management, royalty collection, licensing opportunities and the long-term protection of the author’s legacy.

What about Inheritance Tax?

Literary rights are generally subject to Inheritance Tax (IHT) in the same way as other assets.

The challenge is determining what they are worth.

Unlike a bank account or property, the value of copyright is not always obvious. A literary estate may continue producing income for decades, and future opportunities such as new editions, translations, films or streaming adaptations may significantly increase value.

For established authors and creators, specialist valuation advice is often required.

In some circumstances, tax reliefs may also be available where intellectual property forms part of an active business, although specialist advice should always be sought.

Don't forget digital assets

Modern literary estates increasingly include digital assets.

Cloud storage, online publishing platforms, websites, social media accounts, digital manuscripts and subscription services may all contain valuable intellectual property.

If executors are unaware of these assets or cannot access them, important content may be lost.

Maintaining an up-to-date record of digital accounts and publishing arrangements can make estate administration significantly easier.

Questions every author / creator should ask

If you have created original works, it is worth asking yourself:

Do I know what intellectual property rights I own?
Does my Will specifically address those rights?
Who should receive future royalties?
Should unpublished works be published after my death?
Is there someone I trust to manage my literary legacy?
Have I considered the inheritance tax implications?
Would a trust provide greater protection for future generations?

If the answer to any of these questions is “I’m not sure”, it may be time to review your arrangements.

Your legacy is more than your assets

For many authors and creators, a literary estate is about far more than money.

It represents a lifetime of work, creativity and contribution.

Taking the time to put the right arrangements in place can help ensure that your wishes are respected, your family is protected and the value of your work is preserved for future generations.

How Blake Morgan can help

Our Private Client team regularly advises authors, academics, entrepreneurs and high-net-worth individuals on succession planning, estate administration and inheritance tax matters.

We can help you: