Estate planning is a key component of a financial plan, yet many physicians overlook it.
An article on orthopreneurpub.com, says that physicians by their very nature are procrastinators when it comes to their own financial health and, besides, they are so busy taking care of patients they don’t have time to deal with their own affairs.
This is counterintuitive, since the average net worth of most physicians is in the millions.
The article urges physicians to define their objectives. Do you want all of your children or grandchildren to share in your estate? Or do you want to give more to one, for example, who has shown an interest in going to medical school?
Next, you must get all your financial papers together, a tedious process. This includes bank accounts, mutual funds, safe deposit boxes, 401K or IRAs, insurance policies, wills, trusts, deeds, stock certificates, annuities and the value of your practice.
You may want to name a trustee.
All in all, the job is time-consuming. But the message to physicians is clear: get started today on creating an estate plan. It will save time, money and aggravation.
If you are a physician who does not have an estate plan or who has an outdated one, feel free to call us at (626) 696-3145 for a consultation. We are experts in estate planning and business planning for physicians.