Everyone in Texas should understand the importance of estate planning, especially for people with lots of holdings. For doctors, it can be important to review the estate plan every few years. As a physician’s career develops and their family grows, there will be additional considerations that need to be addressed by a will and other documents.
Understanding Estate Planning
When people stop to think about estate planning, they mostly associate it with death. But that only tells part of the story. Estate planning is all about managing assets in life and at death. A solid estate plan will consider the possibility of serious injury during life. It will determine who makes medical, legal and other decisions if the principal can no longer do that for themselves.
Typically, when this circumstance occurs, it’s in old age. But people can have accidents and injuries at any time during their lives, including the prime of life. Estate planning is also important for tax reasons, even during life. Asset distribution and big gifts are always potentially thorny, whenever they happen.
Considerations for Doctors
Doctors need to be responsible in preparing for the worst. They know all too well that living wills, power of attorney documents and health care proxies have real ramifications in people’s lives. Doctors need to find a good attorney to assist with estate planning early in their careers, rather than later.
Even doctors who don’t have a lot of assets yet should make a plan. For people who don’t, the state takes over. That can even include appointing guardians for minor children. Leaving those decisions to others means fully ceding control of some very important things. That’s never a good idea.