Wealth Preservation and Estate Planning for Doctors

Doctors spend years building their careers and financial security. But what happens if life changes suddenly through illness, incapacity, or even death? For many doctors, Estate Planning is left until “later,” only to realise that later may be too late.

Wealth preservation and Estate Planning are about protecting what you’ve worked hard to build and ensuring your family and practice are taken care of.

Why Estate Planning Matters For Doctors

Your financial life is often more complex than average. You may have:

• Multiple properties.

• Significant superannuation.

• Investments outside of super.

• An ownership stake in a medical practice.

• A blended family or dependents.

  
  

Without a clear plan, these assets can be tied up in disputes or eroded by unnecessary tax.

The Core Documents You Need

At minimum, every doctor should have:

• A valid, up-to-date will.

• Enduring power of attorney for financial matters.

• Medical decision-making authority (advance care directive).

• A binding death benefit nomination for superannuation.

• Consideration of a testamentary trust to pass assets to children in a tax-effective way.

  
  

These documents ensure decisions are made by the people you trust and assets are distributed as you intend.

Protecting Your Practice

If you own or co-own a practice, succession planning is critical. Consider:

• A buy-sell agreement with partners, funded by insurance if needed.

• Key person insurance to safeguard cash flow if a partner dies or is unable to work.

• A clear plan for patients and staff in the event of your sudden absence.

Structuring Assets for Protection

How you hold assets affects their vulnerability. For example, holding investments in a trust rather than your personal name can shield them from legal or professional claims. Similarly, reviewing how property, super, and practice shares are structured ensures they’re preserved for the right people.

Review Regularly

Estate planning is not a one-time exercise. Marriage, divorce, children, buying or selling a practice, or changes in tax law all warrant an update. A review every few years keeps your plan relevant.

Key Takeaway

Estate planning isn’t just about the end of life. It’s about peace of mind today, knowing that if something unexpected happens, your family, patients, and colleagues are supported. For doctors, it’s a crucial part of true financial wellbeing.

If you have questions about your Financial Planning or Estate Planning requirements, reach out to BFD Financial Planning today for specialist guidance and support. Your financial future deserves careful consideration, and we're here to help you every step of the way.

Contact us today. info@bfdfp.com

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General Advice Disclaimer

The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.

Although, every effort has been made to verify the accuracy and correctness of information, BFD Financial Planning, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.