Using an attorney who works in the area of estates and trusts assures that you will have all the documents needed for you and your family’s situation.
First get a plan in place. In my twenty plus years in the estate industry this is often the most common mistake made by dentists and other busy professionals. To have an up-to-date plan it is best to have a great group of advisors. Know also that this is not a one and done event. To protect yourself and your loved ones you should have a plan in place once you begin accumulating assets and dependents.
Using an attorney who works in the area of estates and trusts assures that you will have all the documents needed for you and your family’s situation. The documents that may be needed include; a will, trusts, buy and sell agreement or other documents for the liquidation of your practice, financial power of attorney, and a healthcare power of attorney. Those listed enumerate a few of the categories or documents that you will want to discuss with your advisor.
A good advisor will also walk you through the process of checking your beneficiary designations and review your distribution elections for retirement assets.
Life insurance needs should be reviewed and coordinated with your estate plan. Early on in your career consider and address your disability insurance needs. For older professionals there should at least be a discussion about long-term care insurance.
This basic outline will hopefully prompt you to begin or update your current plan if needed.
- Wills
- Trusts
- Power of Attorney and Health Care Directives
- Letters of instructions to your family
- Insurance