By John Tonkin, July 2026
As a financial adviser, I spend a great deal of time helping public hospital specialists build wealth, protect their families, and prepare for retirement. One area that is often overlooked, however, is estate planning.
Many doctors have excellent investment portfolios, substantial KiwiSaver balances, insurance cover and valuable family assets. Yet surprisingly, some have Wills that are years out of date—or no Enduring Power of Attorney (EPA) at all.
These documents are just as important as your investment strategy.
A Will Gives You Control
A current Will ensures that your assets are distributed according to your wishes after your death.
Without a valid Will, your estate is administered under New Zealand’s intestacy laws. This means legislation—not you—determines who receives your assets and who administers your estate. The outcome may not reflect your intentions or your family’s needs.
A properly drafted Will allows you to:
Decide who inherits your assets.
Appoint guardians for young children.
Choose the executor you trust to administer your estate.
Make specific gifts to family members or charities.
Help minimise family disputes during an already difficult time.
Your Circumstances Change More Often Than You Think
Many specialists write a Will early in their careers and never revisit it.
However, your financial and personal circumstances may have changed significantly through:
Marriage or separation.
The birth of children or grandchildren.
Purchasing or selling property.
Building substantial investment portfolios.
Growing KiwiSaver and retirement savings.
Receiving inheritances.
Changes in tax or estate laws.
A good rule of thumb is to review your Will every three to five years, or sooner after any major life event.
An Enduring Power of Attorney Protects You While You Are Alive
Many people assume estate planning only applies after death.
In reality, becoming unable to make decisions due to illness, accident or cognitive decline can create even greater difficulties.
An Enduring Power of Attorney (EPA) allows someone you trust to make decisions on your behalf if you lose mental capacity.
There are generally two types:
Property EPA – allowing someone to manage your financial affairs.
Personal Care and Welfare EPA – allowing someone to make health and personal care decisions.
Without an EPA, your family may need to apply to the court to obtain authority to act on your behalf. This process can be expensive, time-consuming and stressful at a time when your family is already under pressure.
Doctors Often Have More Complex Financial Affairs
Public hospital specialists frequently accumulate significant wealth over the course of their careers.
This may include:
Investment portfolios.
KiwiSaver balances.
Rental properties.
Family trusts.
Company ownership.
Insurance policies.
Private practice interests.
These assets require thoughtful estate planning to ensure they can be managed efficiently if something unexpected happens.
Protecting Your Family
The greatest benefit of having current legal documents is the certainty they provide.
Your family will know:
who should make decisions,
how your assets should be distributed,
who has authority to manage your affairs, and
what your wishes are during a difficult period.
Good estate planning reduces uncertainty, minimises conflict and gives loved ones greater confidence when important decisions need to be made.
Estate Planning Should Form Part of Your Overall Financial Plan
A Will and an Enduring Power of Attorney should not be viewed as stand-alone legal documents.
They should work alongside your:
retirement strategy,
KiwiSaver,
investment portfolio,
insurance programme,
trust arrangements (where applicable), and
succession planning.
Reviewing these documents regularly ensures your legal arrangements continue to reflect your financial goals and family circumstances.
Final Thoughts
As specialists, you spend your career caring for others. Taking the time to keep your Will and Enduring Power of Attorney up to date is one of the most important ways you can care for your own family.
No one likes thinking about illness or death, but planning ahead provides certainty, protects those you love and ensures the wealth you have worked so hard to build is managed according to your wishes.
A simple review every few years can make an enormous difference when it matters most.
