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The Elephant in the Room

One thing in life is inevitable, and that is our ultimate demise – see, even when writing theoretically it is difficult to use the word ‘death’. We’re programmed for survival, not so much to dwell on our ultimate destiny although we dream and plan for most of the steps along the way.

Meet Elephant number one.

Our inbuilt reticence about such matters often means we delay organising our affairs for it. Not keeping our wills up to date, nor arranging Power of Attorney lest we eventually can’t make our own decisions. Also, neglecting to prepare advance care directives to deal with potentially difficult future health issues that may arise for us.

The other subject we often avoid addressing is how we’ll look after ourselves and our loved ones in their dotage. There we go again, beating around the bush and not directly acknowledging that for an ever increasing number of us we won’t be able to care for ourselves as we get older. It’s a scary proposition. Statistics show the probability of many of us needing Aged Care services of some sort, is increasing all the time.

Come into the room elephant number two!

Most people delay thinking about their care in old age until the very last minute. Confronting our own mortality and accepting we or our loved ones may not be as mentally agile or competent as before, are not subjects to relish.

Often friends and family see the signs of ‘decline’ but are too polite or even afraid to raise such delicate subjects with loved and respected parents, family and friends. Consequently, many of us find we’re dealing with a complex issue in crisis circumstances when something finally has to be done about the care needs of an aging loved one.

But emotion aside, we’d all prefer to plan these critical last phases of our lives as carefully as any other stage. Taking the right steps now can help retain control over our destiny if our faculties fail us later. Perhaps more importantly, it can make it easier for our loved ones to understand and manage events on our behalf when the need arises.

At Wotherspoon Wealth, we know these issues can be emotionally challenging and technically complex. We have a process to support our clients through the entire process, partnering with relevant experts where appropriate and providing the best Independent Financial Advice at all stages. There’s much to cover in this topic so we’ll address these ‘elephants’ in more detail in a series of blogs over coming weeks. Our previous article about Age and Investing covers a different aspect of this.

  • Estate planning, protecting yourself and your loved ones.
  • Aged Care, identifying the right care and navigating the assessment maze.

If you’d like more information now, or would appreciate the opportunity to talk, then please call us for a conversation.

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Disclaimer: All information in this article is intended to be general in nature for discussion purposes only. So you should not rely on it and seek personalised professional advice before making any decision.