Many people think it’s relevant to put a will in place and then tick off their estate plan. However, what would happen if you were in a serious car accident and ended up in the intensive care unit of your local hospital? You sustain brain injuries, your body is wrecked, you spend a month in intensive care and then go to a rehabilitation facility for an extended period.
Or perhaps you are out for dinner with friends having a joyous time and in the next instant you have a stroke, with the devastating effect that you are now totally incapacitated and can no longer make decisions for yourself.
Who will run your business? Who will look after your investments and other financial interests, including paying your household bills? Who will care for you and decide where you will live?
Most people do not like to think of these incidents happening as they are way too daunting and far removed from our daily lives – unless, of course, you know someone who has suffered a sudden debilitating change. We think we are all immune to this, that it happens to others, but the reality is it can happen to anyone.
So, it’s crucial that you consider this eventuality as part of your estate plan and put the relevant documents in place so the people who make decisions on your behalf regarding financial, legal, guardianship and medical issues if you can no longer do it yourself will be the people you want making such decisions for you.
If you don’t put these arrangements in place, you are leaving everything to chance, and it may mean someone you would not want making decisions for you will be granted authority to make them on your behalf.
How does it work?
This story is from the November 2021 edition of Money Magazine Australia.
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This story is from the November 2021 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
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