Make Sure Your Loved Ones Get It When You're Gone: The Need for Estate Planning

Abstract

When someone mentions the phrase “estate planning,” it can invoke images of lawyers, complex legal documents, and wealthy billionaires. Many incorrectly assume that they are either too young or lack the net worth necessary to warrant establishing an estate plan. But the truth is, whether you are a new radiologist just starting your career or a radiologist who has been in practice for many years, you should have an estate plan n place so that you dictate how your ssets will be distributed after your eath, rather than allowing the governent to make the decision for you. Estate planning is a prudent and ensible measure for everyone, reardless of age or the magnitude of ssets. Establishing a basic estate plan s a relatively simple, yet vital, way of nsuring that your estate (regardless f its size) is distributed to your loved nes as you desire, with minimal axes, administrative expenses, conicts, and delays. For reasons decribed in this column, estate lanning provides many benefits and issipates, if not eliminates, much of he angst surrounding the distribuion of your property, as well as the uardianship of your children.