As life-expectancy increases, so does the issue of dementia and how it affects legal capacity. When it comes to the future, the only thing we know for certain is that nothing is certain. Estate planning allows us to prepare for various possibilities.
A diagnosis of early onset dementia does not in itself mean a lack of capacity, but as dementia progresses, there will come a time that you do lose legal capacity.
Without proper Estate documents in place, a loss of legal capacity means that decisions in relation to your finances and assets will be made by a tribunal, which can become costly.
Estate planning involves drafting of a Will, an Enduring Power of Attorney and Appointment of Enduring Guardian.
An Enduring Power of Attorney allows you to give another person or agency legal authority to make certain financial decisions, including management of assets, on your behalf, in the event that you suffer some legal incapacity in future.
To read more about dementia and how to future-proof your finances, have a read of this article by Noel Whittaker in the Sydney Morning Herald. Whittaker is a well-respected financial advisor and author of best-selling books on personal finance, known as “one of the world’s foremost authorities” on the subject.
The importance of organising your Wills & Estate documents and being prepared, especially in later life, cannot be overstated.
If you need to get your affairs in order and obtain your Wills & Estates documents, contact Greg Martin or Jacqueline Wainwright on 02 9687 9322.