4 Things Health Workers Should Know About Estate Planning

 Posted on September 11, 2024 in Estate Planning

Estate planning is an important part of managing your finances. It allows you to protect your assets, ensure the continuity of your estate, and provide for your heirs after you pass away. Healthcare professionals, in particular, face certain unique challenges that can be addressed through estate planning.

However, estate planning is a complex process that requires a vast knowledge of the law and careful attention to detail. An Illinois estate planning attorney is, therefore, a key resource for healthcare professionals who want to prepare their financial affairs for after their passing.

Here are four things healthcare workers should know about estate planning.

Estate Planning Can Help You Plan for Disability

Perhaps better than anyone, healthcare professionals know how certain disabilities can affect the capacity to make decisions. Comas, cognitive decline, and other conditions can incapacitate a person and interfere with his or her ability to communicate.

A crucial part of estate planning is not only making arrangements for your finances but also for your health if you become incapacitated. Legal tools exist to ensure you receive the medical care you want when you can no longer give informed consent. These tools include:

• Powers of attorney for healthcare
• Advance medical directives 
• Living wills

Because of their professions, health workers are better positioned to anticipate various scenarios and know their medical options in the event they become incapacitated.

Estate Planning Can Help You Protect Your Assets From Liabilities

A major part of the estate planning process is protecting your assets from liabilities. Healthcare professionals such as doctors and nurse practitioners sometimes face medical malpractice claims that can pose threats to their estate. Financial instruments like irrevocable trusts can protect certain assets from falling victim to such liabilities.

Estate Planning Can Help You Manage Student Loan Debt

Healthcare professionals — particularly physicians, nurse practitioners, and registered nurses — are often saddled with student loan debt from extensive education. Although some of this debt, like federal loans, is forgiven upon a person’s death, private loans may not be. This can affect your estate and become a financial burden for your loved ones after your passing. With proper estate planning, you may be able to prevent your beneficiaries from being stuck with your debt.

Estate Planning Can Ensure Continuity of Care for Patients

Some healthcare professionals have spent years building thriving practices that serve many patients and employ staff. It is important to make sure that in the event of your death, incapacitation, or retirement, patient care is not interrupted. An estate planning attorney can walk you through your various options to ensure continuity of care, such as passing the practice over to a family member, selling it, or merging it with another.

Contact a Yorkville, IL Estate Planning Attorney

Healthcare professionals are known for their busy work schedules and long hours, which might cause some to overlook the importance of estate planning. Remember, however, that estate planning protects not only you and your assets but also your loved ones and patients. At Gateville Law Firm, our intimate knowledge of estate planning law allows us to create robust legal protections for our clients who work in the healthcare industry. Schedule a free consultation with a Kendall County, IL estate planning lawyer today by calling 630-780-1034.