Everyone needs will and estate planning. But there are certain cases where estate planning become crucial to maintaining your quality of life. Different professionals, such as doctors or small business owners may require different benefits from their estate planning portfolio.
One person thinks they may only need a health care proxy or power of attorney when they can no longer make decisions for themselves. Estate planning is much more than that. We look at your entire wealth portfolio which may contain insurance, stocks, bonds, healthcare proxy, and/ or trusts.
We look to see where you can get not only the best price but the best investment strategy that will not just protect your money but may grow also your investment for years to come. Let’s say you’re a young doctor and the most you have done with your money or retirement planning is purchase shares of a well-known tech stock, like Apple. While for some this may seem like a wise use of your money, who doesn't love Apple, I would disagree. I'd tell this person, you are headed down a dangerous financial path.
First, I would establish if there is an up-to-date will, a healthcare proxy and power of attorney, especially if you are not married. If you don’t have any of those things, you could be subject to the whims of an unfavorable family member, or worse, the state. And if anything were to happen, you would need someone to step in to take care of your finances, to write out a check to pay for rent or pay other expense and make medical decisions if you can’t without creating a fight between family members, boyfriend, etc... just have someone who can deal with these issues.
From a financial standpoint, this is called power of attorney. From a medical standpoint, it's called a healthcare proxy; in reference to how your assets would be distributed that's where a will comes into play.
Then, finally, as a physician who has a high probability of being sued, next is the matter of putting your assets into protected vehicles; via trusts or life insurance which can’t be sued. Setting up and putting your other assets into trusts you can’t get sued on. All of this combined would protect your life and livelihood for years to come and is specific to your life and lifestyle. This is why will, trusts and estate planning is a necessary part of life and something everyone no matter your station in life should have.