Business
Check it out on Itunes | StitcherThis week on Get to the Contest Small Business Podcast, we have Fiona Wicks from Aubrey Brown Lawyers. We talked about all thing estate planning. There is a lot of nuggets of wisdom in this episode so be sure to have a listen.Key Learning from this episode:1. When it comes to estate planning, have a chat with a professional.Do not underestimate a good lawyer when it comes to estate planning. Get the uncomfortable discussions out in the open and all laid out on the table. A really good professional will sit down with you, help stop you from being intimidated, and guide you through the planning process so that you are comfortable asking the uncomfortable questions.2. Estate planning is not just about having a will.A will incorporates your personally held assets, but good estate planning will cover things like your power of attorney and guardianship. Various business related matters such as Superannuations are not covered in wills so make sure that your estate plan addresses what will happen to such. Business succession after a death is also a very important matter that needs to be sorted in an estate planning. 3. Don’t be selfish.Death and wills are not the best topic to discuss but these are facts of life. Death is as certain as living. Don’t leave a problem to your loved ones just because you’ve put your head in the sand and refuse to deal with the topic. Don’t be selfish and step up otherwise you’ll be turning in your grave. 4. Give the full story.When dealing with professionals such as your accountant, lawyers, financial planners, and even your doctors, be completely honest and give them the full story. Truth can sometimes be embarrassing and uncomfortable but being transparent in planning your will and estate is very crucial. If these professionals are going to advise you on how to best structure your affairs, they need to know everything. 5. If you think it, ask itGet comfortable. Don't try to be someone you're not just to impress. You have to be comfortable asking sometimes uncomfortable questions and understanding the outcome especially when dealing with professionals. It is important to be on the same page with your advisor so clear communication is truly important.