Top 5 Estate Planning and Asset Protection Tips for Nurse Practitioners

 Posted on October 10, 2025 in Estate Planning

As a nurse, you dedicate your life to caring for others. When it comes to protecting your own future, however, it is easy to put planning on the back burner. Between demanding shifts, patient care, and administrative work, estate planning may not feel like a top priority. But your career comes with financial and professional risks that make planning ahead essential.

At Gateville Law Firm, our Plainfield, IL estate planning attorney can help you start thinking about your long-term financial goals and how to protect your values in an estate plan. Whether you work in a hospital, clinic, or private practice, these estate planning and asset protection tips can help you secure your financial future.

Five Estate Planning Tips for Nurses in Illinois

Write a Comprehensive Will and Trust

A will ensures your assets are distributed according to your wishes, rather than state law. Without one, the Illinois Probate Act (755 ILCS 5/2-1) dictates who inherits your property in ways that may not align with what you actually want.

Adding a revocable living trust can give you even more flexibility. With a trust, you can transfer property and financial accounts into your trust’s name while maintaining control during your lifetime. This arrangement also provides continuity if you become incapacitated. Most importantly, perhaps, it can prevent your loved ones from needing to go through probate court.

Protect Yourself from Professional Liability

Even the most skilled nurse practitioners face risks of malpractice or professional liability claims. While insurance is critical, it may not always be enough to protect your personal assets. Establishing a limited liability company (LLC) for your practice or side business can help separate business and personal property.

You may also benefit from a domestic asset protection trust (DAPT), which can safeguard personal assets from creditors under certain conditions. Illinois law recognizes asset protection strategies that are properly structured and not designed to defraud creditors. An experienced estate planning attorney can help you set these up the right way.

Name Powers of Attorney for Health Care and Finances

If you become injured or ill, someone needs legal authority to make decisions for you. Under Illinois law, you can appoint a power of attorney for health care and a power of attorney for property (755 ILCS 45/1-1).

Your health care power of attorney allows a trusted person to make medical decisions that would align with your own. Your financial power of attorney gives someone authority to manage your bank accounts, investments, and bills if you cannot.

Plan for Long-Term Care and Disability

As a medical professional, you know how unpredictable life can be. A long-term disability or serious illness could affect your ability to work and earn income. Planning ahead with long-term care insurance or disability insurance can provide financial security if you ever face such challenges.

You can also set up a special needs or supplemental trust to support a loved one who depends on you. This can allow them to remain eligible for government benefits while receiving additional financial support.

Keep Beneficiaries and Accounts Updated

One of the most overlooked parts of estate planning is keeping your beneficiary designations current. Accounts such as retirement plans, life insurance policies, and investment portfolios often bypass your will entirely, meaning they go directly to the person listed on the account.

Review these designations annually or after major life events like marriage, divorce, or the birth of a child. Outdated information could result in assets going to the wrong person, even if your will says otherwise.

Contact a Plainfield, IL Estate Planning Attorney Today

Nurse practitioners have essential jobs. Your financial future deserves just as much care and attention as your patients receive. At Gateville Law Firm, our Will County estate planning attorney has over 20 years of experience helping medical professionals like you safeguard hard-earned wealth. Call our office today at 630-780-1034 to schedule a consultation and start building your plan for the future.