WILLS & POWERS OF ATTORNEY

Having a Will (or Dual Wills) in place protects the value of your dental practice because it can offer less risk to a smooth transition and sale of your practice, which in turn protects your loved ones, your employees, and your patients. With a Will, you can express your wishes concerning how your property is divided (including who gets ownership of your dental practice) and who will represent your estate. Without a Will, you risk having government laws decide these things for you. Most likely, a locum will need to be appointed while someone applies to the court to be the Administrator of your Estate. This could take some time as there may be infighting, delays, or problems with the amount of paperwork required. The Administrator may also need to get all the beneficiaries onside to sell the practice. The longer this takes, the more likely that patients will abandon ship and the goodwill of the practice will start to drop along with the overall purchase price.

DMC’s experienced lawyers can help you ensure the legacy you have built will be protected, can help you avoid estate administration taxes (formerly “probate fees”), and allow for a quick sale to maximize value and provide peace of mind to those you leave behind.

Now. No matter your stage of life, not having a Will creates unnecessary obstacles for your loved ones to deal with when you are no longer here. Having a Will helps ensure they don’t have to face extra pressures at a difficult emotional time. If you have children, you certainly should have both a Will (or Dual Wills) and Powers of Attorney drafted as soon as possible to help care for and determine your children’s futures. 

Once you have a Will(s) in place, you need to do a review at least every few years, and whenever there is a major life event, such as marriage, having children, starting or selling a business, to ensure they reflect your present situation. You may notice that someone you named in one of these documents was the right choice at the time, but no longer is, or that you would rather distribute your property differently. 

DMC has years of experience in helping dentists set up Dual Wills and Powers of Attorney that take into account the needs of your practice, any Dentistry Professional Corporations you may have, and your personal estate. We will work with you to ensure the legacy you have built will be protected, help you avoid estate administration, and provide peace of mind to those you leave behind.

Dual Wills help people avoid paying estate administration taxes (formerly “probate fees”) by having a “corporate” Will and a “non-corporate” Will. The two Wills separate your assets into two categories: assets on which your estate must pay estate administration taxes (e.g. money in a bank, insurance policies, house, car) and assets that may be passed along without it (e.g. private assets, such as shares in a private corporation, technical services company, or real estate holding corporation). With the help of DMC’s experienced Estate Lawyers, you can set up a secondary Will that can pass on the value of your practice and/or Dentistry Professional Corporation to your beneficiaries in a way that avoids estate administration taxes, saving a large lump sum payment and maximizing the value available to those you leave behind.