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August is a good month to get life organised! Embrace Dying To Know Day 2023 and tick of the top five things you need to do!
© Danielle Robertson Consulting Pty Ltd t/as DR Care Solutions
While it’s the time to get on with your tax return, the Dying to Know Day (8 August)[1] campaigners suggest it’s a good time to get everything in order for, literally, your dying day.
Tick off the five
A great start is to have in place the following five legal documents[2]:
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An Enduring Power of Attorney so that if you lose the capacity to make legal and financial decisions someone you trust can make them on your behalf.
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An Enduring Guardianship, if you lose the capacity to make health and care and accommodation decisions for yourself, someone you trust can make them on your behalf.
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An Advanced Care Plan, if you lose the capacity to make health choices, you can record your choices in this document in advance.
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A Will, to ensure that on your death your assets are distributed according to your wishes.
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A Binding Death Nomination Form obtained from your superannuation fund, in which you nominate who is to receive your superannuation on your death. Superannuation benefits on death do not automatically form part of your estate to then be distributed through your Will.[2]
Why should you have these documents in place?
The estimates on the number of Australians dying without a Will varies from 50 to 70%, depending on the source.
In my client experience the percentage is around 50%. Certainly, it is a question asked of our clients at our initial client interview: “Do you have your estate documentation in place?”
Why? It makes the process of dying so much easier for you – the client - as your wishes are understood and will be respected. It also helps your loved ones at a time of incredible stress and grief. If you have made it clear what you want, they can go about making it happen.
There are so many questions and tasks that need to be addressed as your health fails and you simply may not have the energy or capacity to address them.
For example, your Enduring Power of Attorney can complete the financial paperwork to ensure you are cared for as you wish, whether that be at home or in residential care. Similarly, the person you appoint as your Enduring Guardian can inform hospital emergency staff that you do not wish to be revived at all costs or can make the decision to find your final home (residential aged care) if need be.
What to do this week?
If you are starting from scratch, set about identifying someone who you would like to be your Enduring Power of Attorney, your Enduring Guardian and the Executor of your Will.
This could be the same person or multiple people. They need to understand what is involved and you need to ensure they are willing to undertake these tasks if you lose capacity.
Who to appoint?
Appoint someone you consider to be a responsible person, one who you know will act in your best interests. The person may be a family member, friend, carer or your family solicitor.
It makes sense to appoint someone younger than you as you want them to be alive when you need them! You may like the position to be held jointly or appoint someone as back up just in case your first choice predeceases you or loses capacity themselves.
When you have decided who you would like to appoint, go and speak to them to make sure they are happy to take on the role. Then visit your solicitor to discuss what you want and have your wishes draw up.
We assist families to develop Life Plans™ outlining a holistic approach to a person’s needs, wants and wishes. We cover off Estate Planning in our Life Plan™ to ensure that the person’s affairs are in order, well before a life event intervenes.
DR Care Solutions - Life Planning Resources
For your convenience, we offer the following free resources available by submitting the forms below:
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End-Of-Life Planning Checklist: Go through a list of tasks to prepare for an end of life.
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Life Ready Register™: Record all your important information in the one place.
Please note: The information in this blog is not to be treated as legal advice. Please speak with your solicitor for legal advice.
Need help caring for a loved one? Please feel free to call me, Danielle Robertson, at any time for an initial discussion on how to set up the right care, support and assistance at the right time and in the right place.
Resources
[1] Dying To Know Day
[2] Dying To Know Day: Take Action
[3] Law Society of New South Wales: Superannuation Death Benefits FAQs
