Are you better prepared than your patients?

As doctors, you routinely ask patients about advance care directives, power of attorney, and enduring guardianship. Yet you may not have made these arrangements for yourself. We understand why – your professional life is demanding and finding the time to get the right advice and set up the necessary paperwork can linger on your to-do list for years.  

But if you speak to the right people – someone with expertise in estate planning who also understands the professional realities of a career in medicine – the process doesn’t need to be complicated. Ticking this important bit of life admin off your list can bring a real sense of relief.

Why a will isn't enough

Most people think estate planning means having a will. That's certainly essential, particularly given the complexity many doctors face with practice ownership, investments and trusts. Without a valid will, legislation will determine how your estate will be distributed. While dealing with the grief of losing you, your family could then face lengthy delays in administering your estate, or worse, expensive court disputes that can destroy relationships forever.

But here's the critical point: a will only applies when you die. Estate planning is planning for the future, not just your death.

Planning for incapacity

With increasing life expectancy, planning for potential incapacity during your lifetime is equally important. You may have seen firsthand the toll it takes on families dealing with a health crisis when key decisions haven’t been made clear. Suddenly your family may need to seek urgent legal advice for the appointment of a decision maker. When a family is close and amicable this can often be agreed, but when family dynamics are complicated, these disputes can become unnecessarily costly and complex.

For practising doctors, the stakes are even higher. If you become incapacitated, who manages your bank accounts, superannuation, staff, and patient communications? We've seen practices nearly collapse because the doctor appointed a power of attorney who had no understanding of running a medical business.

Getting practical

Consider your specific circumstances:

• Does your partnership agreement/unitholders agreement cover incapacity?
• If you're a sole trader, do you have a succession plan?
• Do you need to appoint power of attorney to different people for business matters and personal or health decisions?

Once you have the right documents in place, make sure the people you've appointed know where to find crucial information. Create a master document listing all relevant information including:

• Bank accounts and superannuation funds
• Insurance policies
• Practice interests and investment properties
• Solicitor and accountant's details
• Digital assets
• Passwords
• Location of important documents

Store this somewhere secure but accessible and make sure various trusted people know where it is or, at the very least, who to contact.

The conversation that matters most

Don't avoid discussing your wishes with those you love. These conversations are never easy, but they're invaluable. One of the most considerate things you can do is to formalise your wishes in various ways so that your loved ones don’t need to make these difficult decisions.

Taking the first step

Estate planning isn't morbid – it's an act of care for the people who matter most to you, and reassurance that your wishes will be implemented.

The start of a new year offers a natural opportunity to tackle this important task. Start with one action: having that challenging conversation with your loved ones and booking an appointment with Avant Law to document your wishes.

Your to-do list and family will thank you for it.

For help with estate planning, contact Avant Law