The chance of developing Dementia is…
The number of Australians aged 65+ with dementia is rising fast. Apart from the health issues, dementia has a massive impact on your ability to make an enforceable Will and to arrange your affairs.
What are the chances of developing dementia and what do you need to do about it?
We don’t like to think about the possibility of being diagnosed with dementia because we know it can have a major impact on how we are able to spend the later years of our lives.
However, it is well known that in Australia we are living longer than we used to. This is generally a good thing of course, but not when our bodies are outliving our minds. The incidence of dementia in Australia is steadily on the rise, to the extent that it is one of the Government’s nine health priorities.
Of Australians aged 65+ what proportion do you think are diagnosed with dementia?
1 in every 10.
Of Australians aged 85+ what proportion do you think are diagnosed with dementia?
3 in every 10.
And the worst part is that many more people with dementia go undiagnosed, so the incidence of dementia could actually be much higher.
This is far too high a risk to ignore or just trust to ‘luck’.
If we are not one of the lucky ones who don’t get dementia, we may not have the mental capacity to make Wills, Enduring Guardians and Powers of Attorney. Suddenly, these legal documents become vitally important when you are unable to make decisions. Unfortunately, without legal documents in place, any plans that have been made or are trying to be made could be extremely vulnerable due to lack of testamentary capacity.
The only logical alternative is to get your family succession plan in place now, while you are still of sound mind.
Having you family succession plan in place will make what is inevitably a very difficult situation much easier for you, your carers and your family members.
This is where Addept Wealth can help.
As Financial Advisors it is our responsibility to work with other advisors (e.g. Lawyers and Accountants) to formulate and implement family succession plans. Our aim is to help provide you with a plan that will give you and your family clarity and security; and make everyone’s life as easy as it can be under the circumstances.