7 Minute Wisdom

What a load of rubbish, yet so many people think (or have been convinced by their accountant) they can do everything for them and do it well….

Don’t fall for that control issue accountant have. In my experience, when an accountant says leave it to me, it never gets done - or it get done basically by a GP.

Your future is too important for that to happen. It needs to be fixed by specialists now.

A good plan is created by a team of specialists - financial, taxation, legal, risk, retirement needs and so on.

So whilst you may have a legal document, it is important you have someone who co-ordinates the specialists - a facilitator.

Plus, after someone passes, there are so many human elements which need considering. Where to be buried or cremated, songs for the service, who will give the eulogy etc, what they should do, how to keep the business running + all the things left unsaid?

How have you planned to pass those thoughts on to ensure all left behind are not already squabbling?

7 Minute Will Myth #3 - As long as I have a legal will, it will all work itself out.

7 Minute Will Myth #4 - I just need one person as my executor.

7 Minute Will Myth #5 - It’s best I wait until ______, then I’ll get it all done.

I don't need to have a Testamentary Trust option in my Will! 7 Minute Will Myth #6

Everything I own will pass through my Will. 7 Minute Will Myth #8

I've re-partnered but I don't need to change my Will yet. 7 Minute Will Myth #7

Once its done I can just stick it in the drawer. 7 Minute Will Myth #9

If one child of a family contributes to a family business (therefore growth of an estate), but other siblings choose not to be involved, how can this be clinically measured when it comes to preparing your Will and Legacy Plan? What factors are there to be considered?

Sadly, in situations where advisers, accountants, solicitors, or other facilitators are required to work together, it can be an all too common issue that someone's ego stands in the way of a great outcome for the client.