Anyone who is a busy professional understands the importance of the small details and following through. However, doctors are often averse to thinking about their estate plan because of their view that it may be complicated, their lack of time or their concerns that they don’t need it directly. Doctors and other professionals can significantly benefit from the process of estate planning and asset protection planning because they are exposed to a number of different types of risks.

Thankfully, there are three simple steps that can be used by doctors to enhance their knowledge of estate planning and to ensure that they have strategies and documents in place should something happen to them. This can be helpful in the event of a sudden incapacitating event or an unexpected death that can represent major changes in the doctor’s practice. These three steps should be discussed in full with an experienced estate planning lawyer who is highly knowledgeable about the advantages of estate planning and the risks faced by doctors.

These three steps include:

  •   Get long term life insurance in place to protect your loved ones to pay for final expenses as well as any other income replacement, if something were to happen to you.
  •   Ensure that your will is properly drafted. An appropriate will should be used in conjunction with other estate planning strategies like development of a trust.
  •   Verify that your beneficiary designations are in line with your unique needs. Beneficiary designations should be updated at every changing life event such as a marriage, divorce, or birth of a new child.

An experienced estate planning attorney can verify that you have done the appropriate estate planning steps to protect your future and also the future of your children.

 

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