Who can make emergency medical decisions for you when you can’t?


Most adults are presumed to have the mental capacity to give consent themselves.  But what happens when you can’t make decisions for yourself?

The person next in line to make decisions for you is referred to as the person responsible and it might not be your next of kin.

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Why you can’t leave your superannuation to your parents, even if you wanted to

Most people have some form of superannuation and it’s not long until the question gets asked, 'Who gets my Super if I die?'

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Estate Planning Quick Tips

What can be written in a Letter of Wishes?

Our Modern Estate Planning services is called Finally SortedA Letter of Wishes is part of your family backup plan documents and its purpose is to provide general guidance to the Executor or Trustee of a person’s estate following their death.

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If you have kids, you need to name a Guardian for them as part of your Will — this is how you do it.

How to choose a Guardian for your children

Getting your Will in place probably feels a lot like flossing — it's uncomfortable work for no current obvious result — we know we should do it but we either put it off or fall into the bad habit of simply finding more reasons to keep putting it off completely.

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Modern Estate Planning is about a workable plan—not a just a Will

It involves a powerful combination of 5 key documents and an ongoing management system that works quietly in the background for you like a personal backup system.

So what’s your plan?

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A common trait of successful people is they accept that life is always unpredictable.

The problem we all face is when we don’t understand something or its relevance to our lives, it’s easier not to think about it.

Sometimes just not knowing where to start or where to go for advice can freeze many people into inaction.

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There are many ways to own property with other people

Different ownership structures bring different rights and responsibilities so it makes sense to understand the basics.

When a single property is owned by more than one person (or company) it can be owned either as;

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Why every parent needs a Plan B for their children's future

The effect of the death of a parent on our children's future

Can we measure the future impact of the loss of a parent? While this is different family to family, what is measurable is the effect of the financial loss during the most difficult time in a child's life.

A report by ING Australia studied the future impact the loss of a parent can have on a family and the role sound financial advice can play in helping families pick up the pieces. Additional research was conducted 5 years later by ANZ with similar results.

Measuring the financial impact on a child's future when they loose a parent

The study found the loss of a parent can have a devastating effect on a family’s lifestyle adding to the already significant impact on the lives and mental well-being of children – with almost a third (32%) of families having to move house within two years as a result of financial pressure,

Summary of the main findings

The future impact on a child of the loss of a parent

  • Of all children surveyed, almost half (48%) said their academic performance worsened after their parent died
  • Just over half (51%) were diagnosed with clinical depression
  • Looking specifically at those children who were forced to change schools due to financial pressure, over three-quarters (78%) experienced a decline in academic performance
  • Over 69% of these were later diagnosed with clinical depression.

This shows just how hard it can be for children to cope with the loss of a parent – especially if they have the added upheaval of moving away from their home, school, and possibly even their friendship group.

It also highlights the vital role life insurance can play in helping a family pick up the pieces.

With the right level of life insurance cover, parents are better able to provide the ongoing financial support a family needs in the event of sickness or injury. That could include paying off the mortgage, staying on top of household bills, and paying long-term education costs – giving children the best chance of getting on with their lives.

Key findings included

Some of the reports key findings

  • 63% of respondents had less than a week’s warning prior to a parent’s death.
  • 64% of deaths were the family’s main or equal financial provider.
  • 32% of families moved house as a result of financial pressure within the two years after the loss.
  • 48% of those who were children experienced worsened academic performance (78% of those who changed schools).
  • 1 in 2 children who lost a parent suffered from clinical depression. This increased to 69% when children had to change schools due to financial pressure.
  • 78% of those who did not have insurance agreed that in hindsight it would have helped if their parent/partner had had life insurance.

Important: If you have professional insurance in place specifically for this eventuality, make sure to review it annually.

If you don’t have insurance in place or you're not sure what you're really covered for, consider carefully the impact that sickness, injury or even unexpected death, would have on your family, your business and those that rely upon you.
Better still Contact us today for a chat.
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Questions to ask when planning your Will

7 Key Issues to consider when you're planning on making a Will.

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