UNDERSTANDING PROFESSIONAL PRACTICE WILLS
As a business professional, you know that success takes hard work, dedication and expertise. Have you ever thought about what would happen to your business if you passed away or couldn't run your practice anymore? This is where professional practice wills come in.
Professional practice wills are legal documents that allow professionals to ensure that their clients, patients, or customers receive continuity of care in the event of their death or disability. In this blog post, we'll discuss the importance of professional practice wills, what they entail, and how you can create one.
Who Should Use a Professional Practice Will
The primary advantage of a professional practice will is that it ensures the continued operation of your practice, even when you are no longer there. As a doctor, lawyer, therapist, or counselor, your clients rely on you for their health or legal needs. A professional practice will ensures that your clients receive the care they need and don't face any disruptions in their treatment. This document also provides clarity on what will happen to your business assets, including bank accounts and intellectual property, when you pass away or become incapacitated.
Moreover, it ensures that your business is handed over to another qualified professional. Someone who understands the business and has the necessary skills to keep it running. A practice will ensures that your firm's values and legacy are preserved even when you are no longer there.
What is Included in a Professional Practice Will?
A professional practice will includes the following essential components:
Business Management Plan: This plan outlines how your business will be managed in your absence. It includes details such as your successor, management team, and operations.
Succession Plan: This plan documents how ownership of your practice will be transferred when you retire, become incapacitated, or pass away.
Financial Plan: This plan outlines how the profits from your practice will be distributed in case of your death or incapacity.
Client Communication Plan: This plan outlines how your clients will be informed of any changes to your practice and how they will get the help they need.
How to Create a Professional Practice Will
Creating a professional practice will requires significant attention to detail and an understanding of legal and business procedures. Therefore, it is critical that you seek the help of a reputable estate planning lawyer. The lawyer will work with you to understand your business needs and help you draft a will that covers all the necessary components.
Reviewing and Updating Your Professional Practice Will
A professional practice will is not a one-time document. It needs to be updated regularly to reflect any changes in your business structure, your personal circumstances, or legal requirements. It is advisable to review and make necessary changes to your will every two to three years to ensure that it reflects any new developments.
In conclusion, having a professional practice will is essential for business professionals who want to ensure that their legacy is preserved. This document outlines what will happen to your practice, ensuring that clients receive continuity of care. Creating a professional practice will requires working closely with a qualified estate planning attorney, and is an ongoing process that requires regular review and updating. Don't wait until it's too late to create a professional practice will. Call our office at 614-389-9711 to book and appointment and ensure that your business is protected.
About the Author
Having earned her law degree in 1997, Laura Blumenstiel has nearly three decades of legal experience. She is deeply committed to providing compassionate and effective legal services for our clients. Each day, she finds fulfillment in meeting with clients and meticulously crafting trusts and estate planning documents. Additionally, she works diligently on estate administration through probate court proceedings. She's passionate about helping individuals and families plan for the future and guiding them through the probate process during difficult times. She strives to make a genuine connection with all her clients.