How do I hand over the legal power rights of my patents to my family? 7 Answers as of August 13, 2011I want to hand over the legal power rights of my two granted U.S. patents to my family, because I want them to take the absolute control for its selling, licensing, or whatever they want. What is the name of that legal field, area, venture, or will? I have weak knowledge and determination to treat sellers, fraud invention companies, so I decided that my family can sell it, and at the same time they can be legally patent trolls (by the patent rights as long they exist). Okay, what type of field I am talking? What class of will is this? It has another name? What is what I want? Where in the Internet I find that specific area by name and ramifications?
Devon & Associates | Marcia A. Devon
You could enter into an exclusive licensing agreement with your family members. The exclusive licensee (your family) usually has the right to bring infringement litigation (which must be brought in your name, but they can be in charge of the litigation). You should have a written licensing agreement. Royalties are usually paid based on the amount of sales. Under the circumstances, it should not be too expensive for you to hire a patent attorney to prepare the licensing agreement and do a few other tasks to complete the transaction. You can amend your will to leave ownership of the patent to your family members. Another alternative would be to transfer ownership now to the family members in an Assignment document.
Answer Applies to: California
Law Office of Thomas Williamson | Thomas Williamson
The transfer of rights in a patent can be by assignment or license. Assignment is a sale and is recorded, just like selling a car or a house (you can assign all or part). With licensing, you retain ownership, but typically grant rights to someone else for a period of time, in a field or in a geographical location.
Answer Applies to: Georgia
DANIEL NESBITT | Hasse & Nesbitt
I suggest you contact a patent attorney, who can help you with the terminology and sort out the issue for you. I believe you want to "assign" all of the rights that you now hold to your family member(s). If the family members "sell" or assign the patents afterward, they probable will have given up their right to license or assert the patents in court.
Answer Applies to: Ohio
Mark S. Hubert PC | Mark Hubert
This is not a will - transfer of the patent to your family is done by a very simple form called a patent assignment. It is then recorded in the patent office for about a $40 fee. My office generally does these for about $200 total including the assignment, the fee and all my time.
Answer Applies to: Oregon
Barton Barton & Plotkin | Maurice Ross
You cannot possibly do this without counsel. Using a form from the Internet is a very bad idea. You need to assign your rights properly. But there are complex tax and others business and legal ramifications to this. You absolutely must retain counsel to get this right
Answer Applies to: New York