Just like disability insurance protects us in the event of a career-altering illness or injury, estate planning can help protect your family in the event of incapacity or death. Estate arrangements should be something every doctor considers in his or her financial plan.
At the highest level, an estate plan allows a living person to arrange for things such as healthcare directives in the event of incapacity and the guardianship of minor children and disposition of assets upon death.
An estate plan can contain a variety of documents depending on complexity, including powers of attorney for healthcare or finance, a basic will and/or a living trust. Ultimately, an estate planning attorney is the person who determines which documents are the best for each situation.
Estate plans can become critical for an individual or a couple with young children, allowing them to name guardians for the children and a trusted individual to receive resources to provide for the care of those children. The same applies to those who have children with special needs.
The distinction between guardians and trusted individuals is an important one, as the person or persons you select as guardians may not be the best money managers—and they don’t have to be. You can be as specific as you want when you determine who will manage the money and support for your children.
We recommend updating your estate plan every three to five years, or when a specific life event occurs such as the birth of a child. A financial professional and an estate planning attorney will be your best resources for adjusting and updating your plans.
Is it time to update your estate plan?
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Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal or tax advice or services. Please consult the appropriate professional regarding your legal or tax planning needs.