"Grave" Concern for Doctors

September 16, 2008
Physician's Money Digest, May 15 2003, Volume 10, Issue 9

All too often busy people (like doctors) fail to considerpersonal finance basics—although, intellectually,they know better. Survey after survey has confirmedthat more than 2 of 3 physicians don't have a will. Theusual response to this absence of fundamental lifeplanning is, "I never think about it."

Physician's Money Digest

But because the average reader has a high household net worth, and mostare married and have children, the lack of a will representsa reckless state of unpreparedness. Reputablefinancial planners are in near total accord—a will is one of the simplest, yet most powerful, ofestate planning documents.

Prepare a will, or total strangers may decide whobecomes guardian of your children, what happens toyour valuable property, who controls your practice,and how much of your wealth goes to the IRS.

Many people fail to prepare a will because it's easierto postpone a seemingly unpleasant task than toface the reality of mortality. There's a basic conflict inour society—most people want to go to heaven, butthey don't want to die. By preparing a will, you ensurethat your personal goals are met. Your peace of mindis your immediate reward. The cost of just a basic will(although most physicians probably need more) is onlya few hundred dollars. Don't put it off any longer.