The incidence of dementia is on the increase It’s well known that in Australia, we’re living much longer than we used to. But increasingly our bodies are outliving our minds.

And dementia is on the increase – so much so that it’s now one of the Australian government’s nine top health priorities – right up there with heart disease and cancer.

Unlike heart disease and cancer, however, dementia can seriously compromise your ability to make an enforceable Will, and make succession plans generally – which can have a devastating effect on all concerned. Of Australians aged 65+ how many do you think would have been diagnosed with dementia – 1 in 50? 1 in 20? It’s actually 1 in 10*.

 

And for Australians aged 85+, the incidence is even higher. 3 in 10. In fact, the true incidence may well be higher still – due to many cases going undiagnosed*. The problem for us all is that this is far too high a risk to trust to luck. If we procrastinate about getting our family succession planning sorted out, it may be too late – because we could lose our mental capacity. And any plans we have made or then try to make, Wills included, could be extremely vulnerable to challenges based on lack of testamentary capacity.

The only logical alternative is to get this done now – while we’re still of sound mind. And make sure everyone involved is fully aware of our plans and intentions – from the outset and ongoing. While you’re still of sound mind…

 

Talk to your adviser

Speak to your adviser today about how we can help get your family succession plan sorted swiftly and affordably – before it’s too late.

 

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*Source: Australian Institute of Health and Welfare, Australian Government, http://www.aihw.gov.au/dementia 
The information contained within, including taxation, does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances and reading any product disclosure statements. RI Advice Group Pty Ltd ABN 23 001 774 125, AFSL 238429.
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