Picasso left no Will and the division of his assets, including the intellectual property rights to his works, took six years and $30 million in legal fees to settle. The inheritance tax of several million francs also meant that over 3,000 of his works left the family and became state property. For instance, a song might have its score protected as a musical work and the accompanying lyrics protected as a literary work. Literary executors are not usually involved with the rest of the estate and operate from a separate grant of probate. Usually, inheritance tax is calculated by the market value of an asset at the time of the testator’s death.

Source: New York Times November 10, 2023 13:32 UTC