Professional will writers can prepare a legal document that specifies what a person wishes to have happen after death or incapacity. This can include the distribution of personal belongings, a list of debts and tax liabilities, specific gifts and charitable legacies. These documents are often required to avoid probate and help minimize estate taxes, a benefit for the family. In addition, professional wills can contain instructions about how a practitioner’s practice is to be disposed of, along with client records and other business matters.
A professional will is different from a home made will, which can be prepared by the individual through software programs or DIY websites that allow a person to fill in blanks. However, such documents are not usually valid unless they are witnessed by two people of sound mind who know the person.
Typically, the executor of an estate is responsible for professional will writers near me collecting assets, paying any debts or taxes and distributing them among beneficiaries. The executor also oversees the final settlement of an estate, including closing bank accounts and transferring ownership of a business. The executor must also notify clients, facilitate continuity of care for their clients and close up all other aspects of a professional practice and business.
An executor is compensated for services rendered to an estate. Compensation options can be based on the executor’s customary hourly rate, a flat fee or a token payment such as a gift card. Alternatively, the executor can decline compensation and give the proceeds to a charity of choice. An important component of a professional will is a clear description of how the executor is to be compensated.
Many therapists consult attorneys for professional issues such as a review of office forms (informed consent, release of information) or the format of keeping records. These attorneys can also provide advice about whether, in light of state legislation and case law, a professional will should be authenticated by the signatures of disinterested witnesses or by the seal of a notary public.
A professional will can also specify that the executor of an estate be given access to certain private information such as codes for retrieving answering machine messages or passwords for online email accounts. Such arrangements can minimize the risk of confidential information falling into the wrong hands after the death or incapacity of the therapist.
A professional will can also include a letter of instruction, which sets out more informally how the executor should handle a specific situation such as the closure of the practice, funeral arrangements or the disposal of client files. Such addenda can be helpful in reducing disputes and providing clarity for those who follow the therapist’s instructions after his or her death. For instance, a letter of instruction may specify that the therapist wishes for all outstanding unpaid bills to be forgiven by the estate, or that the therapist wants to donate the remainder of the estate to a particular cause. In the event of a dispute, the professional will writer can provide an independent assessment and offer suggestions for resolution.