Self-employed people of all kinds have unique challenges when it comes to estate planning. Dentists and doctors in Ontario who run private practices will need to consider the future of their personal wealth as well as their business or practice when preparing their wills. It all starts with having the right conversations and taking a proactive approach in considering estate planning issues.
Some people neglect estate planning because they see it as being too complicated. Taking things one step at a time is a good idea here. Start with a basic will, then move into naming a medical power of attorney and double-checking life insurance policies. Even simply having the right names listed in the right documents can be a huge help when it comes to estate administration.
Thinking about estate planning in terms of "stuff" rather than people can cause things to feel overwhelming. It is often easiest to first come up with a protocol for who will care for what after passing; for example, naming an executor and planning for the transition of a clinic. After that, property can be addressed according to this protocol.
One of the things that can contribute to estate plans becoming overwhelming to dentists and doctors is trying to do it without any support. The "do it yourself" method not only adds stress, but can also increase the likelihood of wills being called into question later down the line. Speaking with an Ontario lawyer about estate plans and having them draw up paperwork is a good way to avoid this confusion.