Maverick & Stella
Full-cycle advice for the young professional
#AdviceForYoungProfessionals #YoungExecutive
Feature Articles
Looking into more detail on everyday issues that young professionals should be acting on.
Networking
There is no doubt that as a young professional, your networks and your confidence in networking is essential to future growth. One of the easiest ways to grow both areas is through conferences.
As a young professional, I wrote a longer piece on the advantageous of conference hopping, I have that attached in the feature article space. Check it out for tips, hints and how to maximise the experience.
I started conference hopping during my university years and first three years of my career. It provided opportunities to grow my personal confidence, get exposure to some awesome speakers and gain contacts. As I became more confident, I took on opportunities to actually be part of the organisation of conferences… great way to get uninterrupted access to the speakers and exposure (either by being a moderator, introductory speaker or organiser at the front desk).
My tips and hints include:
-
Why befriending the loners can be a good thing;
-
Speaking up, when to do it and how to do it;
-
Staying close by to the conference is a must;
-
Know the etiquette and the lingo;
-
Prep work is required; and of course,
-
How to stand out for all the right reasons.
Conferences are the easy person’s guide to networking. Choose the right conference and, like a good scout/girl guide: be prepared!
********
Wills. Power of Attorney and Executor.
Another subject that we prefer not to think about, because discussing death is not something we consider when we are young and indestructible.
Now, I am not going to go all legal on you. But wills are legal documents, so always consider the advise of a legal practitioner when it comes to making legal decisions.
Should you have a will? You need a will if you have assets of any form. Think about it, what happens to all your worldly positions when you part? Do you think they magically resolve themselves, bills paid, automatic payments stopped? And what about your online/electronic elements such as social media accounts, online banking etc?
Depending on where you live and the value of your assets, you may find there are laws in place where there is no will, such as a married partner may inherit everything.
Don’t let your death cause more misery to your family and loved ones, by being unprepared. A proper will makes it clear what your intentions are, rather than family members starting a world war with each other over where your beloved goldfish should live.
Simply, you need to be 18, you must have a personal intention to make a will, the will should be made freely without external pressure, you must be able to understand and approve the contents of a will, it needs to be written (nope, Youtube interpretive dance is not acceptable…. at this time) and the will needs to be witnessed by two others.
Wills should be updated when major life events occur or when there are major changes to circumstances. For example marriage, birth, divorce, retirement, change in life path (gave up high powered partnership to become a horticulturist or vise versa). As a rule of thumb, they should be relooked at everything two years, even if your circumstances don’t change.
For your will to be recognised in a legal capacity it needs to be done in a format that meets local laws. Writing your wishes on the back of an envelope with no credible witness or date could result in it being rejected.
Many newsagents have ‘will creation kits’. Otherwise look for a family lawyer specialising in wills or your government public trustee.
Executor
This is a person, chosen by you, named in your will, to carry out your wishes in the instance that you have died. They need to ensure that the distribution of assets to your beneficiaries is undertaken by your wishes. They tend to look after assets for beneficiaries under 18 years of age. Beyond your ability to trust an individual, the role of executor is quite demanding, especially if you have your finances in a mess, they close accounts, pay debts, complete tax returns and resolve any outstanding matters.
Power of Attorney
Often confused with the role of a will, a power of attorney is someone who manages your assets and makes financial decisions on your behalf whilst you are alive, if you are unable to do so. It does not have to be a lawyer, but it is a person you should trust to exercise your wishes if you are ill, in an accident or absent. Sometimes your main will benefactor is your power of attorney. But you should consider the need for a power of attorney at the same time you are organising your will-related affairs. Remember those a power of attorney does not look after your medical or lifestyle decisions, only your estate/financial and their role ends once you have died.
Online details
Do you realise how many online profiles and passwords you have? I bet you go to great lengths to keep passwords private (like you should!) but what happens if you die? If you want your online profiles managed (think Facebook, online savings accounts etc) then you need to have them managed. However you choose to do this, is for you to consider. If you are really worried, you can always have a master password with your will that unlocks a document with all your passwords. Of course, you need to choose your level of security. But if you don’t give access details, then it will take much longer for your Executor or Power of Attorney to gain access to manage these.
Clean up your affairs
If you don’t already, ensure your finances are easily identifiable and accessible. Filing, storage or having a go-to document that lists all your financial dealings assists. If you go to an attorney for your will, they will most likely ask for this information. Think about old saving accounts, old credit cards etc, if you don’t need them, formally close them.
DON’T FORGET to let those close to you know that you have a will and a power of attorney in place!