Most doctors are hesitant about unnecessary paperwork in their life but because of this, they avoid taking on critical planning responsibilities as it relates to their estate. Estate planning can even seem morbid or excessively time consuming for someone with an already busy schedule. However, you should definitely start to put together your own estate plan if you’re a physician because you already face a heightened risk of lawsuits and a need for asset protection planning. There are several different steps that doctors can take in order to increase their chances of successful estate planning.
Estate planning doesn’t have to be complicated and should instead be in line with your direct needs. Some of the most important steps that doctors can take are relatively simple and can be accomplished in an afternoon. These include:
- Looking into long term life insurance to provide critical benefits for your family members if something were to happen to you.
- Ensuring that your practice has an appropriate business succession plan in place should you become disabled or suddenly pass away, enabling your loved ones to take action and step in if necessary.
- Verify your beneficiary designations have been updated on an annual basis in reflection with any life changes.
- Ensure that you have at least a basic will in addition to other trusts and tools that can be used to help to protect your loved ones.