7 Minute Wisdom - podcast cover

7 Minute Wisdom

Mark Westcott and Tom McVeigh•7minutewisdom.com
Business
Management
Welcome to 7-Minute Wisdom, where we simplify Estate and Succession Planning in short, focused episodes. We highlight key issues, uncover risks, and provide clear, actionable steps to protect your family’s future. It is hosted by Mark Westcott, who has over 30 years of experience guiding business owners to create lasting legacies, and Tom McVeigh, managing director of Life, Legacy, Legal, who has 25+ years of experience in estate and business planning. Get expert advice without the complexity—just practical insights to help you take action.
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Episodes

My accountant has known me for years.He say’s he can sort it all out for us. - 7 Minute Will Myth #2

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 an...

Aug 27, 2021•6 min•Season 1Ep. 2

7 MINUTE WISDOM PODCAST #1: FAIR DOESN'T MEAN EQUAL

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?

Jul 02, 2021•5 min

7 MINUTE WISDOM PODCAST #3: THE CONDESCENDING COUNSEL

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.

Jun 25, 2021•7 min

7 MINUTE WISDOM PODCAST #2: FAMILY CONSENSUS MEETING

Contested Wills are becoming more and more common, resulting sadly in families being torn apart and significant legal costs. What steps can be taken to protect your estate and your beneficiaries?

Jun 18, 2021•6 min

7 MINUTE WISDOM PODCAST #4: THE DEFERRAL DILEMMA

When it comes to Estate Planning and drafting a Will, why is it that so many people procrastinate or wait for the perfect situation before getting started? Tragically this habit and attitude can lead to a messy situation if you pass before getting your plan sorted.

Jun 11, 2021•7 min

7 MINUTE WISDOM PODCAST #5: THE UNAWARE SQUARED TRAP

The greatest danger in estate planning could be the fact that you simply don't know what you don't know. Could there be something missing from the advice you have received? A thorough, detailed discovery questionnaire is essential to eliminate potential issues.

Jun 03, 2021•7 min

7 MINUTE WISDOM PODCAST #6: SPECIAL NEEDS CHILDREN

Children with special needs often require specific planning and individual arrangements when it comes to preparing your Will and Legacy Plan. Not only as to who will provide the ongoing care, but primarily in many cases the need for adequate finance for the child's care is the greatest issue.

May 27, 2021•5 min

7 MINUTE WISDOM PODCAST #7: THE BLACK SHEEP

A real issue in many families which people often do not wish to admit or discuss could be a family member or beneficiary with a substance or behavioural addiction. These condition might prevent them for managing their inheritance effectively and as you really intended.

May 20, 2021•5 min

7 MINUTE WISDOM PODCAST #8: THE DEAR MARY LETTER

For those left behind when you are gone. An often very emotional but clear and concise letter to your spouse, children or others offering advice on the financial position, what to do next and who to trust.

May 13, 2021•6 min

7 MINUTE WISDOM PODCAST #12: THE BENEFITS OF A TESTAMENTARY TRUST

There are mixed opinions about whether Testamentary Trusts are worth the cost and effort to set up. Tom explains the benefits and how they offer greater control and protection of your estate from potential relationship breakdown, bankruptcy and tax.

Apr 29, 2021•7 min

7 MINUTE WISDOM PODCAST #11: ESTATE PLANNING, NOT JUST A WILL

Many people believe an up to date Will is all that is required for their Estate Plan. Realistically a Will is just the start, just the foundation. Tom discusses what else is required even for those who have apparently simple structures.

Apr 22, 2021•7 min

7 MINUTE WISDOM PODCAST #10: THE DELINQUENT DOCUMENTS TRAP

Sadly we have seen many cases when failing to make simple updates to your Will and Estate documents can lead to disaster. When was the last time you reviewed your personal and business documents? What events have transpired that are relevant to your Estate Plan?

Apr 15, 2021•6 min

7 MINUTE WISDOM PODCAST #13: THE BUSINESS PARTNER FROM HELL

Business partnerships begin with the best of intentions and positive outlook. However, if the partnership breaks down or if one partner suddenly passes, this can often lead to an unqualified beneficiary becoming involved. Effective planning is essential to protect your years of hard work and success.

Apr 02, 2021•7 min

7 MINUTE WISDOM PODCAST #15: YOU MAY NOT OWN WHAT YOU THINK YOU OWN

Your family home, your life insurance policies, your superannuation. Some of the most valuable assets that contribute to your estate. Don’t let them be passed down to the wrong beneficiary because of an oversight or misunderstanding of the terms.

Apr 01, 2021•7 min

7 MINUTE WISDOM PODCAST #16 DUE DILIGENCE

Estate Planning, it’s more than just completing your Will. Beneath the surface there can be a lot of factors that could lead to potential dangers or a negative impact on your legacy intent. Trust in the people who are experts in this field and allow them to secure your situation.

Mar 26, 2021•7 min

7 MINUTE WISDOM PODCAST #17: PLANNING FROM THE HEART

Estate Planning, it's not just the hard facts and figures. More valuable are the emotional facts—those which you draw from your heart. The instructions you leave behind that will help your family when they are grief stricken with your loss.

Mar 19, 2021•7 min

7 MINUTE WISDOM PODCAST #18: POWER OF ATTORNEYS

It is important to understand the roles and responsbilities of those you choose to have as part of your Estate Planning Team. Power of Attorney, Enduring Power of Attorney, Advanced Health Directive. Understanding these duties and making some thoughtful decisions now regarding your financial and health outcomes will prevent a lot of stress and strain for your loved ones at the time.

Mar 12, 2021•7 min

7 MINUTE WISDOM PODCAST #19: HOW TO CHOOSE YOUR EXECUTORS

A lot of people struggle to choose the people who they want to ultimately represent them on their passing. A family member will have your best intentions at heart, and someone with business and professional experience will be valuable for key decision making.

Mar 05, 2021•7 min

A solicitor is all you need with your estate plan? - 7 Minute Will Myth #1

7 Minute Will Myth #1 A solicitor is all you need with your estate plan? Absolutely not!! 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...

Jan 15, 2020•4 min•Season 1Ep. 1
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