Asset Protection and Estate Planning: Considerations for Establishing a Trust

Abstract

As doctors begin their medical careers, after many years of school and clinical training, it’s difficult to focus on unfamiliar concepts such as wills, trusts, and estate planning while dealing with other concerns such as family, work, student loans, and other day-to-day matters that seem to consume every available minute of the day. However, when you consider how much time you have managed to devote to planning many aspects of your life, doesn’t it make some sense to plan for the inevitable and mostly unpredictable end of that life? Failing to make those plans, even when you think that you don’t have anything to plan for or with, can lead to confusion, frustration, and unforeseen complexity for those you love. The goal of estate planning is to simplify the process as much as possible for those who survive you. They will already have enough on their plates without having to navigate the process of handling an estate with no guidance or direction.