As a doctor, you will have unique estate planning concerns. For one, if you’re in private practice, you may own a valuable business and you will want to transfer as much of your business value to your heirs as possible. Secondly, if no one in your family is a doctor, you face the challenge of not having anyone to continue running your business. Fortunately, there are some strategies doctors can employ to ensure the success of their estate plans.
Here are a few things you’ll want to take care of first when beginning your estate planning process:
Identify your beneficiaries and heirs: These individuals will usually include your spouse, kids and grandchildren. You may also have a sibling or friend to whom you wish to bequeath funds.
Who will serve as guardians and custodians of your children? If you have minor children, you’ll need to establish the guardian who will care for them. You will also want to establish the custodian, who will manage the financial assets you leave behind for your kids.
Select an executor: The executor or personal representative of your estate will carry out the estate plan after you have passed away. This is an important responsibility and you’ll want to select someone who has the financial wherewithal to manage your assets and distribute them as you wished.
Doctors can complete the above steps before seeking out professional assistance from an estate planning lawyer or professional. Doctors may also want to educate themselves on the various estate planning strategies that can ensure that they preserve the most wealth possible for their family members and heirs.
