Like everyone physicians need a comprehensive estate plan that protects their interests and ensures that they have taken care of their own concerns as well as their property after they pass away. Making mistakes when it comes to physician estate planning can be catastrophic for your family and your legacy. Read on to learn more about the importance of working with a knowledgeable estate planning attorney to craft your plan. The first and biggest mistake is not having a will at all. You don’t want to leave your family behind to sort through the mess of probate and your assets, especially if they are not familiar with your overall financial situation.
Once you have a will, make sure that several trusted family members are familiar with its location as well as the law offices of the estate planning attorney who helped you to create it. Another common challenge facing physicians is not having enough life insurance. There’s a good chance that you might have purchased life insurance either through the hospital or the practice that you joined but you might have been in an especially different point in your life at that time. Furthermore, there’s also the chance that the company provided life insurance does not meet the full financial needs of your family.
It’s time to revisit your policies and to determine whether or not your current life insurance policies support what your family would need to match their lifestyle if you were unable to continue providing for them. A consultation with a lawyer can be instrumental in identifying some of these estate planning gaps and asset protection planning opportunities. If it’s been a while since you reevaluated your estate plan, now is the perfect time to select the help of a knowledgeable estate planning attorney in Pasadena to help you work through this process.