Doctors should be diligent about estate planning

Doctors and health care providers understand the unpredictability of life more than many others. They see how quickly someone’s health can change and why it’s important to have certain financial and legal plans in place. Unfortunately, doctors often overlook the importance of estate planning, delaying necessary steps for important matters regarding their estate and potential future health care needs.

If a doctor already has an estate plan, he or she would be wise to consider the need for updating these plans after major life changes. Divorce, remarriage, the birth of children and other events can necessitate updates in important documents. Doctors have busy and stressful jobs, but it’s crucial to take the time to address these matters.

Care providers should be especially aware of why it is important to plan for the potential of incapacitation. A serious accident or grave illness may leave an individual unable to speak for himself or herself. Certain estate planning documents provide the ability to outline what type of medical care someone may or may not want. There is also a way to appointment a trusted individual to make important decisions regarding medical care.

Estate planning allows physicians to have control over what happens to their estate after they pass. It also allows them the ability to control certain medical issues and potential complications. Their professional background allows them to be specific and thoughtful when making plans they may need in the future. Delays in planning can be detrimental for loved ones left behind and others who may have to make challenging decisions on behalf of an incapacitated individual.