For most doctors, one of the most important steps in their personal and legal planning, after setting up a retirement account, is basic estate planning. This is usually in the form of a will or revocable living trust.
But there are many common mistakes physicians make in this area, according to an article on physicianspractice.com.
- Not acting at all. Most doctors put these things off, preferring to concentrate on earnings, taxes and investments. But not acting can leave them out of luck when unpredictability strikes.
- Old documents. If they do have an estate plan, it often is not updated, usually after the birth of a child.
- Keeping secrets. Their spouses may not know where their documents are or what they call for.
- Not updating beneficiaries of accounts, especially IRAs.
- Forgetting about their digital assets such as online bank statements. And nobody else may know the passwords.
Fortunately, the article says, these problems are easily fixed with the help of a qualified estate planning attorney.
If you have questions about your estate plan, feel free to call us for a consultation at (626) 696-3145.