Doctors work hard, they work long hours, and they have a fairly selfless job in which they take on challenges and even risks to help others when they need it most.
Do you suffer from a chronic illness? Whether it is severe or mild, you want to consider it carefully when you do your estate planning. It can have a big impact on the type of planning that you do.
All of your life, you've worked hard to save your assets and put money aside. Now that you're writing out your estate plan, you want to leave some of that money to your grandchildren.
Do you have any financial documents with a beneficiary, e.g., a life insurance policy? Maybe you have a retirement fund with a beneficiary who is supposed to get the contents of that fund when you pass away.
Estate planning is something you have never addressed because you just did not know where to get started. Now you're thinking you absolutely want to get a plan in place. What should you do first?
You got married 20 years ago, had children and got divorced. Now you're getting married again. Is it time to think about estate planning? Do you need to create a plan or update the one you have?
You want your children to have your house after you pass away. However, you do not want to give it to them as a gift in advance because you plan to live there until you pass away. Likewise, you don't want to sell it to them. So, if you just stay in the home and wait, what happens?
When you think about estate planning, who do you think it should focus on the most? Do you think it's for couples? Is it primarily for men? Is it a women's issue?
For most people, estate planning just means leaving their assets to their children. When deciding who should make medical decisions for them and who should handle their financial affairs at the end of their lives, they also pick children.
To make sure someone will take care of their children if they pass away, parents often pick guardians. They can do this as part of the estate planning process. The guardians only apply until the children are no longer minors, in most cases.