Licensed professionals can have specific needs regarding their estate plans. For our clients who are lawyers, doctors, dentists, accountants, architects, engineers, financial planners, etc., we often include provisions in their Will or Trust for the appointment of a "Special Administrator" or "Professional Advisor" with knowledge of the client's profession who can help protect the interests of their clients and to wind down or close their practice, including selling of the practice, collecting accounts receivable, paying expenses relating to the practice, reconciling trust accounts, refunding any unused trust account balances owing to the professional's clients, employing another professional to review their client's files, complete unfinished work, notifying their clients of the professional's death and assisting them in finding other lawyers, dentists, accountants, etc., and providing their malpractice carrier and any professional regulatory body with the name of the person who will be responsible for the long-term storage of and access to the professional's closed files. These provisions often work hand-in-hand with the client's business succession planning for their practices.
If you (or a friend, family member, or neighbor) are a lawyer, doctor, dentist, accountant, architect, engineer, financial planner, or other licensed professional and you have questions about we can meet your practice's and your specific circumstances' estate planning or business succession planning needs, give us a call at 253.858.5434 to set up an appointment today. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype or FaceTime.