Does IP protection have atime limit?

Intellectual property (IP) is granted protection for a limited duration after which it enters the public domain, allowing anyone to use it without constraints from the IP owner. However, this is not the case for tangible property rights as they are protected by law for as long as they exist. For instance, a family heirloom retains legal protection as long as it remains undamaged or unsold, allowing it to be passed down to future generations.