Physicians spend a great deal of time caring for the health and well-being of others. Doctors and other health care professionals also think about their families and wish to care for them financially. Physicians in Florida might even think about the interests of business partners. Such things may weigh on the mind when considering estate planning options.
A physician may possess a broader perspective about the necessity for estate planning than others. Since physicians spend so much time caring for people’s health, they might realize that anyone could become sick or injured at any time, including doctors. Physicians might also understand that everyone faces their mortality at some point, so a physician could gain an appreciation for the value of drawing up a will.
A “last will and testament” frequently comes to mind when people think about estate planning. A will points out who receives particular assets after someone dies. A will could also stipulate specific directives in its text. For example, a physician who owns a successful practice may designate that the business must be sold upon his or her passing.
While many people realize that a will often plays a vital role in estate planning, it is not the only aspect of such deliberations. Physicians recognize that a person may become incapacitated from illness or end up in a coma or on life support. Who then makes the health-related decisions on behalf of the individual unable to speak for him or herself? A health care proxy would designate that authority to a named individual. A living will dictates the incapacitated person’s decisions in advance of such situations. These contracts are part of estate planning as well.
A physician might even think about handing over power of attorney to a trusted person. Handing over one’s financial authority to another person might be beneficial under certain circumstances. Choosing a someone trustworthy could be vital when deciding on who receives power of attorney.
Physicians and other professionals might wish to think about estate planning with the help of an attorney. Proper planning might make specific scenarios easier to handle for themselves, their loved ones and business partners.