How do I hand over the legal power rights of my patents to my family?

I 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?

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Answered By: Intellectual Property Center, LLC

you can assign your patent rights and we can assist you in that matter. You may want to review our website at (www.theipcenter.com) or call us to discuss the matter. Good Luck.

Answer Applies to: Kansas
Replied: 8/12/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Devon & Associates

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
Replied: 8/3/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Law Office of 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
Replied: 8/3/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: DANIEL 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
Replied: 8/2/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Michael M. Ahmadshahi

It's called an Assignment Document/Instrument.

Answer Applies to: California
Replied: 8/2/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Mark S. Hubert PC

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
Replied: 8/2/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Barton Barton & Plotkin

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
Replied: 8/2/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.