Step 1: Identify and Organize All Assets for Estate Planning

The first step in any estate planning process is to take a complete inventory of your assets. For busy physicians, it’s easy to overlook accounts or benefits that may later impact your estate.

Here are some commonly forgotten assets that should be included in your estate plan:

• Employer-provided life insurance – Many physicians, especially those at large organizations like Mayo Clinic, have employer-paid and voluntary life insurance policies that can significantly increase the value of their estate.

• Pension benefits – Even if you’re still working, an accrued pension has value. If you pass away before retirement, the lump-sum payment becomes part of your estate.

• Life Insurance Side Funds – Mayo doctors often have life insurance side funds that can accumulate substantial balances.

• Senior living deposits – Refundable deposits at care facilities can be worth tens or hundreds of thousands of dollars and should be considered during estate planning.

At Yanowitz Law Firm, we provide clients with an organized estate planning intake form that helps determine total net worth and ensures that no assets are missed.

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Step 2: Choose Your Beneficiaries and Charitable Gifts

Once your assets are listed, the next estate planning step is deciding who will inherit your property.

You’ll want to consider:

• Close family members, friends, and charitable organizations.

• Whether to leave specific dollar gifts (for example, $10,000 to a niece or sibling).

• How to provide for pets, including funds for their care.

A key tip is to commit to a plan that works today—you can always update it later as your life evolves.

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Step 4: Create a Trust-Based Estate Plan to Avoid Probate

The most effective estate planning tool for many physicians is a revocable living trust.

A trust-based plan allows your estate to be administered without probate, saving your family time, money, and stress. Benefits include:

• Privacy – Trusts keep your financial affairs out of public record.

• Efficiency – Successor trustees can act immediately without court involvement.

• Simplicity – Families avoid probate hearings and attorney fees.

At Yanowitz Law Firm, we tailor each estate plan to fit your assets and family goals, ensuring it’s as streamlined and effective as possible.

Step 5: Properly Title and Align All Assets with Your Estate Plan

One of the most overlooked yet critical steps in estate planning is asset titling. Even the best trust or will can fail if assets aren’t properly aligned with it.

At Yanowitz Law Firm, we provide each client with detailed guidance on:

• Titling assets between spouses to balance ownership and minimize taxes.

• Updating beneficiary designations for accounts, policies, and investments.

• Ensuring all assets are titled to avoid probate.

For our Mayo Clinic clients, we make estate planning even easier by handling all benefit forms. We complete your pension, life insurance, 403(b), and 457(b) forms, have you sign them in-office, and submit them directly to Mayo Staff Services—saving you time and ensuring total accuracy.

Step 6: Review and Update Your Estate Plan Regularly

An effective estate plan should grow with you. Major life events—such as marriage, childbirth, relocation, or business changes—should trigger an estate plan review.

We recommend reviewing your estate plan every three years or sooner if your circumstances change significantly.

Frequently Asked Questions

1. Why is estate planning important for physicians?
Physicians often have complex assets and benefit packages. A comprehensive estate plan ensures your wealth is protected, taxes are minimized, and your family is cared for.

2. How can estate planning help me avoid probate?
A revocable trust-based estate plan allows your assets to pass directly to your beneficiaries without court involvement, saving time, money, and stress.

3. How often should I update my estate plan?
Review your estate plan every three years—or immediately after major life changes such as marriage, divorce, relocation, or significant financial shifts.

Author

Claire creates wills and trusts which provide security and peace of mind. She compassionately listens to her clients’ dreams, goals, and fears and then fashions plans that best meet their needs. It is important to Claire that her clients understand different options and make decisions that are right for them. She loves to educate clients by drawing out complicated concepts.

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