Even though physicians often have the access and ability to generate significant wealth, many report poor financial literacy and education. They may not fully understand the options available to them for passing on their wealth to their next of kin. Options include wills, trusts, or, if one dies without a will, simply following the states intestate succession laws. There are multiple types of trusts that each confer different benefits and drawbacks. Physicians in all stages of their career should be aware of these options and strongly consider working with an estate planning attorney and financial planner.
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