MANY people are not having one of the most important conversations with their loved ones.
Despite widely reported increases of illnesses like Alzheimer’s disease, dementia, strokes and cancers, latest research shows most people are not prepared for the possibility something adverse could happen to themselves or their ageing parents.
While the majority (98 per cent) of adults with ageing parents on the North Coast expect to be involved in some aspect of decision making for their parents should this be required, 76 per cent have not discussed with them how their finances would be managed, 46 per cent have not spoken about what medical or health treatment they would (or would not) want, 57 per cent haven’t discussed where they would live and 55 per cent have not spoken about how their parents wish their estate to be distributed after they die.
A new NSW Government campaign – Get it in black and white – is designed to encourage people to seek out the right information, have these conversations now, and take control of their own plans for later life while they have the capacity to do so.
According to the CEO of NSW Trustee and Guardian, Imelda Dodds, if you leave it until it is too late, loved ones may be left guessing your financial, health, and lifestyle needs. This will mean they may have to go through time-consuming application processes at a tribunal to obtain permission to manage your affairs.
“This is often the last thing people need at a time that is already likely to be stressful and overwhelming,” she said.
“Similarly if you don’t have a will, your estate will be intestate and the Succession Act 2006 will determine who receives your estate and your loved ones may not inherit.”
Recent research carried out on behalf of NSW Trustee and Guardian showed only nine per cent of Australian adults on the North Coast have a clear understanding of the documents that relate to pre-planning – a will, power of attorney and enduring guardianship.
Developed by a team of stakeholders including the Office for Ageing, NSW Trustee and Guardian, Public Guardian and NSW Ministry of Health, the campaign encourages people to visit a comprehensive website, www.planningaheadtools.com.au
The online resource provides simple and straightforward information about how and why people need to take control and make legal, financial and health decisions now rather than waiting until it is too late.
“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,” Ms Dodds said.
The website includes a section for health and legal professionals and of course individuals wanting to find information for themselves, carers or families.
