New Delhi, June 16 -- I run a family-owned food and beverages business. Our most valuable asset is a secret recipe that has never been patented or disclosed publicly. Can I ensure it is passed on securely to my children?

Yes. A secret recipe, formula, manufacturing process, supplier list or customer database can form part of an estate plan. However, unlike physical assets or registered intellectual property such as trademarks, trade secrets derive their value from confidentiality.

India does not have a separate law allowing registration of trade secrets. Their protection depends on three factors: the information is not publicly known, it has commercial value, and reasonable steps have been taken to keep it confidential.

A Will, trust, ...