Advising clients to invest in storytelling should be part of your estate planning wealth management practice. For high-net-worth individuals, like CEOs, professional athletes, or entertainers, their legacy extends beyond mere financial wealth. Their personal and professional journeys hold a unique value that can be monetized and appreciated over time, just like their financial assets. Estate planning and wealth management have traditionally focused on protecting tangible assets like properties and investments. However, there is an increasing awareness that personal stories, when preserved and protected, hold significant financial value. In this post, we’ll explore the concept of personal legacies as intellectual property (IP), how digitizing assets like photos and documents plays a crucial role, and the importance of recording on-camera interviews that provide the foundation for future media projects. We’ll also delve into why copyright protection is critical for safeguarding these stories and positioning them as valuable assets for future use. We are firm believers that wealth management and estate planning attorneys have a key role to play in this evolving approach to legacy preservation, and partnering with a service like STORYSMART® can help their clients protect their most personal and irreplaceable asset: their story. The Value of Personal Legacies as Intellectual Property When we think of wealth, it’s easy to focus on tangible assets like real estate, stocks, or business holdings. However, for high-profile clients, wealth goes beyond material possessions—it includes their personal narrative and their NIL (name, image & likeness), which can be leveraged as a form of intellectual property (IP). In the same way that brands or creative works are protected by copyright and trademarks, a client’s personal story can—and should—be safeguarded as valuable IP. Expanding the Definition of Wealth Personal stories are an often untapped asset that, with the right approach, can be monetized and preserved for future generations. Consider the growing interest in documentaries, autobiographies, and feature films based on real-life events. For well-known individuals—whether CEOs, professional athletes, or entertainers—their life stories can generate significant interest and revenue. However, if these stories are not protected, they can be exploited or misrepresented without their consent. As their attorney, it would be malpractice to fail to recognize the practical steps your client should take to protect themselves and their estate. That’s why viewing a client’s story as a valuable part of their overall wealth portfolio is a forward-thinking approach that more attorneys and wealth managers are beginning to embrace. Public Figures and Personal Brand For public figures, legacy preservation goes beyond sentimental value—it is often tied directly to their personal brand. Whether it’s a famous entertainer, a prominent business leader, or an athlete at the height of their career, controlling the narrative of their story is critical to maintaining the integrity of their brand. Unauthorized biographies, sensationalized media portrayals, and one-sided stories can all tarnish a carefully curated image. This can devalue a personal brand. That is why you have a duty to help your client make smart decisions when it comes to protecting their personal brand. Securing copyright protection for personal stories gives the individual control over how their narrative is shared and monetized, allowing them to reap the benefits while safeguarding against exploitation. The Importance of Digitizing Personal Assets One of the first steps in preserving a legacy is ensuring that personal assets, such as family photos, important documents, and memorabilia, are properly digitized and stored. Digital archives are essential for safeguarding a client’s personal history, providing a secure, easily accessible way to preserve these materials for future use. Too often those in the public eye fail to take simple steps to ensure they own key things that they need such as photographs. We see this problem all the time with celebrities and athletes. They can’t even build a website or launch a retail line without having to paying other for a photograph of themselves. How to Digitize Personal Assets Digitizing personal assets requires an organized, thoughtful approach. Start by gathering all relevant materials—photos, diaries, letters, home videos, and any important documents that reflect the client’s life story. These materials should be categorized and cataloged to ensure nothing is lost or overlooked. Once organized, the next step is to professionally scan or convert these assets into digital formats, ensuring they are of the highest quality and can be stored securely. Many high-net-worth clients opt to work with archivists or digital preservation specialists who can handle the process from start to finish, ensuring that the digital assets are both accessible and secure. These assets can then be stored in cloud-based systems, offering easy access for the client and their family, while also protecting against physical degradation over time. Why Digitize? The benefits of digitizing personal assets are manifold: 1. Preservation: Over time, physical materials—photos, documents, tapes—deteriorate. Digitizing these assets ensures they are preserved in their best form for future generations. No more worrying about faded photos or fragile home videos. 2. Access: Digital archives allow clients and their families to access their memories at any time, from anywhere in the world. This ease of access is particularly important for clients with large, dispersed families or those who travel frequently. 3. Copyright and Ownership: Once digitized, these assets can more easily be copyrighted. A digital archive simplifies the process of establishing ownership and ensuring the client retains control over their personal materials. This means the client’s legacy can be legally protected, ensuring it isn’t used without permission. Cinematically Preserving Stories through On-Camera Interviews While digitizing physical assets is essential, the heart of legacy preservation lies in storytelling. Recording high-quality, on-camera interviews with the client, as well as their circle of family, friends, and colleagues, provides a rich source of material that captures their life in a way that documents alone cannot. These interviews offer emotional depth, nuance, and the personal perspective necessary to create a well-rounded narrative. Most importantly, this simple critical step is the essential building block of telling their story. In the world of Hollywood, these materials are referred to as “storytelling source material” the key IP foundation that is utilized to develop screenplays or other works. Typically books that are written about an individual are built on conducting interviews. These interviews are the copyright protected work product of the author or publisher. If the New York Times interviews your client, the New York Times owns that. They have lawyers lined up to protect the work product of that media. If a Hollywood producer wants to develop a streaming series based on a New York Times story or stories, they would license those stories as source material. Our point to you is that the media landscape has shifted to the point that you can advise your client to flip the script a bit and engage their own team to do these valuable interviews so your client owns them like the media outlet. They essentially become their own Hollywood Studio or Media outlet by engaging professionals on a work-for-hire basis so they own the work product. How to Conduct On-Camera Interviews On-camera interviews should be approached with the same level of professionalism as any media production. To truly capture the essence of a client’s story, a team of experienced filmmakers and interviewers is essential. The process typically begins with detailed preparation—understanding the key events in the client’s life, their values, and what they hope to convey in their legacy. Creating a thoughtful interview guide ensures that the conversation flows naturally and covers the most important aspects of their life. It’s also crucial to interview not only the client but also those close to them—family members, close friends, business associates. These interviews help paint a fuller picture of the individual’s impact on the people around them and provide additional perspectives that enrich the narrative. The key element behind this process is to paper everything from a consent standpoint. The producer and crew are hired by the client on a work-for-hire basis. They sign confidentiality agreements in addition to stipulating that they are conveying their rights to the work to the client. Everyone interviewed signs consents to the interview conveying their rights. If interviews are conducted on location, a location agreement is signed granting permission. You get the idea. Why Conduct On-Camera Interviews? 1. Documentary Filmmaking: Cinematically recorded interviews provide the foundation for future documentaries about the client’s life. High-quality footage is a valuable asset that can be used to create professional-grade films showcasing the client’s legacy. 2. Source Material for Screenwriting: These interviews provide authentic source material for screenwriters who may want to adapt the client’s life story for film or television. Firsthand accounts are invaluable in creating engaging, compelling scripts. 3. Writing a Book: Detailed, recorded interviews can serve as the backbone for writing memoirs or biographies. The stories told during these interviews offer personal insight that helps bring a written narrative to life. 4. Licensable Media for Future Use: Cinematically recorded interviews can be licensed for use by media outlets, news organizations, or even educational institutions. This allows the client’s story to be shared with the world, while they retain control and reap the financial benefits. Copyright Protection: Safeguarding Personal Stories Once personal assets have been digitized and interviews have been recorded, the next critical step is securing copyright protection. Copyrighting personal stories and materials ensures that the client’s narrative remains under their control, safeguarding against unauthorized use or exploitation. How to Copyright Personal Stories The process of copyrighting personal stories begins with registering the material through the appropriate legal channels. For written documents, photos, and digitized assets, this means filing with the U.S. Copyright Office or equivalent international organizations. For filmed interviews, copyright can be established on the recorded footage, providing the client with ownership rights over this valuable content. It is recommended that wealth management and estate planning attorneys work with IP specialists to ensure all copyright protections are in place. This step is crucial in turning personal stories into legally protected intellectual property that can be monetized in the future. Why Copyright is Crucial 1. Control and Ownership: Copyright protection ensures that the client retains control over how their story is used. Whether it’s for a documentary, a book, or a television adaptation, no one can use or reproduce their story without permission. 2. Future Monetization: By securing copyright, the client opens the door to future revenue opportunities. Their story can be licensed for use in various media formats, creating a lasting financial benefit for themselves and their family. 3. Avoiding Misrepresentation: Copyright protection is the most effective way to prevent unauthorized use of a client’s story, particularly for public figures who are often at risk of having their narrative distorted by unauthorized biographies or media portrayals. Practical Examples of Personal Stories as Marketable Assets Several high-profile individuals have successfully transformed their personal stories into marketable assets, underscoring the value of preserving and protecting legacies. 1. Athletes and Entertainers: Documentaries like The Last Dance (Michael Jordan) and Miss Americana (Taylor Swift) have become cultural phenomena, showcasing how personal narratives can be monetized and preserved for future generations. 2. CEOs and Entrepreneurs: Business leaders like Steve Jobs and Elon Musk have inspired films, documentaries, and books, all of which generate significant revenue and cement their legacy in the public consciousness. These examples demonstrate the potential financial and reputational value of copyright-protected personal stories. The Role of Attorneys in Protecting Legacies Wealth management and estate planning attorneys have a unique opportunity to offer a holistic service to their clients. By helping clients protect not only their financial assets but also their personal stories, attorneys can offer a more comprehensive approach to legacy building. As your client’s advocate, you have an obligation to help your client understand the value in investing in telling their own story. The media landscape has changed to the point that you can help your client maximize the value of this asset by taking ownership of the storytelling development process. It has never been easier to finance and produce an independent film, self-publish a book, or launch your own retail line. As your client’s attorney, you have an obligation to think through all the ways in which your client’s stories can be monetized. How Attorneys Can Help Clients Protect Their Stories Attorneys play a crucial role in helping clients navigate the legal landscape of copyright protection and intellectual property. By partnering with professionals who specialize in storytelling and digital archiving, like STORYSMART®, attorneys can offer their clients a seamless way to safeguard their legacies. Conclusion A personal story is more than a memory—it’s a valuable asset that, when properly protected, can generate financial and emotional benefits for years to come. By digitizing personal assets, conducting cinematic interviews, and securing copyright protection, clients can ensure their legacies are preserved and monetized in a way that reflects their values and accomplishments. Wealth management and estate planning attorneys have the opportunity – and I believe obligation - to enhance their client relationships by helping protect these stories. In partnership with professionals like STORYSMART®, they can safeguard the legacies of high-profile individuals, ensuring their stories remain intact for future generations. Now is the time to think beyond traditional asset management and consider how storytelling can add lasting value to your client’s estate. About STORYSMART® Nothing is more enduring than a beautiful film that brings a story alive on screen and in our hearts. Great stories demand nothing less than cinematic Hollywood storytelling. STORYSMART® specializes in helping mission-driven organizations and public figures make the most of their story using a proprietary approach that blends Hollywood cinematic storytelling with museum-like collection curation and story-focused brand licensing. STORYSMART® redefines Hollywood production by partnering with clients to develop their story into a film, allowing them to control their IP rights and benefit financially as their story is produced by the best filmmakers and storytellers.

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