Seniors Week from March 15-23 has the theme Live Life! While everyone hopes that they will live an active, healthy, independent life as they age, recent research suggests that most people in Sydney are not prepared for the possibility of something adverse happening to themselves or their ageing parents.
The vast majority (89 per cent) of adults with ageing parents in Sydney expect to be involved in some aspect of decision making for their parents, should this be required. However, children who have had conversations with their parents about their wishes are in the minority. For example, 74 per cent have not discussed how finances would be managed, 72 per cent have not spoken about what medical or health treatment they would (or would not) want, 67 per cent haven’t discussed where they would live and 63 per cent have not spoken about how their parents wish their estate to be distributed after they die [Lonergan Research, Planning for Later Life Report – study conducted conducted among 1,016 Australians aged 18 years or older, September 2013].
The NSW government has launched a campaign – “Get it in black & white” – 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 Imelda Dodds, CEO of NSW Trustee & Guardian, 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. 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,” Ms Dodds said.
The research carried out on behalf of NSW Trustee & Guardian showed only four per cent of adults in Sydney have a clear understanding of the documents that relate to pre-planning – a Will, Power of Attorney and Enduring Guardianship Appointments. Information about each of these documents can be found on a comprehensive website developed for the campaign: 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.
“We like to believe things only happen to other people and that somehow we’re invincible, but the truth is we are not and we should all prepare for the future. For example, it is particularly concerning that 56 per cent of parents with young children in NSW do not have a Will, so are unlikely to have considered guardianship of their kids,” Ms Dodds said.
“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. She cautioned that the time to do the planning is now: “To prepare legal documents, such as a Power of Attorney, an Enduring Guardian or a Will, you need to have the legal capacity,” she added.
