WHERE THERE’S A WILL
ARE YOUR AFFAIRS IN ORDER?
Faced with the prospect of planning for life’s worst-case scenarios – losing your physical or mental faculties, being unable to make decisions or care for yourself and, of course, your death – most of us prefer to climb into bed and pull the blankets over our head.
The plain fact is, when it comes to these big issues, most of us are worryingly unprepared, according to recent surveys. As a nation, it seems that far too few of us have made a will or set in place arrangements for others to take over decision-making and manage our financial affairs if we become unable to.
Research undertaken by the NSW Government also showed that, while 85 per centof adults with ageing parents expected to be involved in some aspect of decision-making for them:
These can be thorny topics, with families perhaps feeling uncomfortable about raising questions relating to money, ailing health or personal independence with their ageing relatives. Yet, without the proper paperwork in place, families (and friends) can find themselves in legal limbo. For instance, they would be powerless to act in the best interests of their loved one in cases where illness or injury has left that person unable to make their own decisions.
‘We like to believe things only happen to other people and that somehow we are invincible, but the truth is we are not, and we should all prepare for the future,’ says NSW Minister for Ageing, John Ajaka, who launched the ‘Get it in black and white’ community drive in 2013, to urge people to consider the issue.
‘Planning for later life is like having an insurance policy in place, except it covers your health and financial requirements, and ensures your loved ones are looked after when you are no longer around,’ he says.
So it’s time to throw off the blankets, face up to the facts and put in place arrangements for the big three essentials – your will, power of attorney and
We like to believe things only happen to other people and that somehow we are invincible
guardianship. This way, you and your family will not get caught up in all the potential crossfire of trying to negotiate a legal minefield. The requirements for each of these aspects may vary from state to state, so it’s best you get advice from your solicitor.
MAKE YOUR WILL
Everyone over the age of 18 should have a will, as dying intestate (without a will) creates all sorts of complications that your loved ones don’t need when they are grieving. Dying intestate means the government becomes involved in your estate – that is, all of your assets at the time of your death – and makes the final decision on how it is distributed. There are slight differences between states and territories, so make sure you are aware of your government’s position.
You may think your financial affairs are pretty uncomplicated and that how your assets are to be dispersed after you have gone should be fairly obvious, but if you haven’t written it down in a document – signed by witnesses – your best intentions amount to nothing. Everything needs to be set out clearly and unequivocally.