In this episode, Brett shares his list of basic estate planning documents every hair salon owner should have.
We’re going to talk a little bit about estate planning today. Now, I know a lot of times when we hear the word estate planning, we think, “Oh, that’s just for the wealthy people.” Or, “Maybe later.” Or, “It’s complicated or expensive.”
But I’m going to dispel all of those myths today and talk about a basic set of estate planning documents that everyone should have.
Now, don’t go to sleep just yet. I’m going to keep this as simple and digestible as possible.
These estate planning documents really are universally important for pretty much everyone. And they don’t have to be expensive or complicated.
Generally, estate planning is all about making sure your property, assets, and money transfer according to your wishes when you die. It also lets you document decisions about your health and money in the event you can’t make decisions yourself.
Basically, a solid estate plan helps protect your loved ones and ensures your wishes are followed.
Now, as I mentioned, estate planning doesn’t have to be complicated or expensive. Indeed, the exact steps you take will depend on your own situation and goals.
But there are some basic estate planning documents that can make everything easier.
The core documents typically included in an estate plan are last will and testament, possibly a revocable living trust, which I’ll talk more about later, a living will, a durable power of attorney, a healthcare power of attorney, and a HIPAA authorization.
Now, there are some individuals who have a more complex situation or an extremely high net worth, who may make use of additional estate planning strategies such as trusts. But I’m not going to go into that level of detail today.
If I did, you definitely would be falling asleep. So, this is your foundation.
Episode Highlights
[03:00] Last will and testament.
[04:15] Living will.
[05:20] Durable power of attorney.
[06:27] Healthcare power of attorney, healthcare proxy, or medical power of attorney.
[00:07:14] HIPAA authorization.
[08:06] Revocable living trust.
[11:00] How to create basic estate planning documents.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.
