Estate Planning

Estate planning is one of those things most people know they should do — and keep putting off. It's understandable. The conversations it requires aren't easy ones. But the consequences of leaving it too late, or not doing it properly, can be far-reaching and deeply difficult for the people you care about most.

Done well, estate planning isn't just about having a Will. It's about taking control — of your personal affairs, your family's financial future, and the legacy you leave behind. It means making clear, considered decisions while you're in a position to make them, so that nothing is left to chance.

Some questions worth sitting with…

Before you can plan effectively, it helps to be honest about where things currently stand. These are the questions we encourage every client to consider:

If you died tomorrow, how would your family cope financially — and would there be any surprises in your Will?

If you unexpectedly lost mental capacity through illness or accident, who would be legally authorised to make financial, legal, and medical decisions on your behalf?

Have you and your spouse discussed the possibility of remarriage after one of you passes — and what that might mean for your assets and your children?

How well do your children — and their partners — get along? And how would they handle a significant inheritance together?

Are any of your dependants facing challenges — financial instability, health issues, addiction — that could complicate the distribution of your estate?

Do your children have their own Wills and Powers of Attorney in place?

Are you, your spouse, and your children adequately insured?

If yours is a blended family, how do you ensure the surviving spouse honours your wishes about the final distribution of assets to both sets of children when the time comes?

These aren't comfortable questions — but they're the right ones. And having clear answers to them is the foundation of a sound estate plan.

Don't leave it to chance

It can be tempting to take up an offer of a "free Will" — they're widely advertised and seem like a convenient solution. But the true cost often emerges later. These documents frequently appoint a default executor or trustee who may charge fees of between 1% and 4% of your estate — a significant sum that could easily have been avoided with proper, independent advice.

A genuine estate plan goes well beyond a Will. It encompasses the review, management, and ongoing control of your personal, family, and business affairs — both during your lifetime and after. Getting it right requires qualified, experienced guidance. Getting it wrong can leave your family with consequences that are difficult, expensive, and sometimes impossible to undo.

The right people by your side

We've taken the hard work out of finding the right legal professionals. If you need estate planning advice or a second opinion, we're happy to make a trusted introduction — so you can move forward with confidence, knowing you have the right people in your corner.

Rick Maggi, Financial Advisor, Perth, Westmount Financial