What is Intellectual Property (IP)? (1 of 2)

It is exciting to know that patents, copyrights, and trademarks that you hear a lot about are just one type of those tools; I call them legal tools or Intellectual Property Rights (IPR). So for example, a patent is a legal tool to convert an intellectual asset (which is your idea) from words in your head that anyone can steal and use to an intellectual property (Patented Idea) that no one can access or use without your permission.