by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Intouch : In Touch Autumn 2014
IN TOUCH AUTUMN 2014 13 FINANCIAL ADVICE THE FINANCIAL AND LEGAL CONSIDERATIONS OF AGED CARE AND POWERS OF ATTORNEY. SERVICES RESEARCH PROJECT FALLS AND FALLS PREVENTION: EXPLORING THE PERCEPTIONS OF PEOPLE WITH MEMORY LOSS OR DEMENTIA AND THEIR CARERS If you have memory loss/ dementia or care for someone with dementia, we invite you to complete our survey. We would like to know your views and experiences regarding falling and preventing falls. We will ask whether you have fallen, what you did about it, and what you think may have caused it. Even if you have not had a fall, we would still like to hear what you think about falls. Can they be prevented? Is there anything you can do? Is there any help you need to stay on your feet that is not currently available? If you have memory loss or dementia and live at home in the community OR you are a carer of someone with memory loss or dementia, then we would like to hear from you. If you live in a residential care facility or do not read or understand written English, then unfortunately you will not be eligible for the study. Currently there are no evidence- based falls-prevention programs for people with dementia and there is a general lack of research in this area, despite this group having twice the risk for falling than people without dementia. It is crucial that we fnd out what your opinions and experiences are, so we can work together on how best to approach the situation. Our survey will only take about 15 minutes and can be completed by following the link: www.surveymonkey.com/s/ fallsandmemory or you can contact Jacqueline for a paper copy. People who complete the survey go in the draw for one of three $25 gift vouchers if you provide your details so we can tell you if you have won. The survey will be open for only four weeks, so please act soon! If you are interested in participating or would like to know more about the research, please contact Jacqueline Wesson. If the phone is unattended please leave a message. T (02) 9036 7483 E email@example.com One key consideration when entering aged care is the appointment of a trustworthy relative, friend or 'trustee organisation' who can act on your behalf, providing you have the capacity to make that decision. This can be achieved by the creation of a Power of Attorney, which is simply a legal document made by one person (the 'principal') that allows another person or 'trustee organisation' to manage your legal and fnancial affairs while you are alive. This does not mean that you lose control of your fnancial affairs; rather it allows your attorney to manage those fnancial affairs according to your instructions. The Power of Attorney can be revoked at any time providing you have the capacity to do so. There are two types of Powers of Attorney. A General Power of Attorney is usually established to provide for shorter-term appointments such as travelling overseas or one-off transactions. It is important to understand that a General Power of Attorney automatically terminates when the principal loses capacity, at which time the attorney must immediately cease acting on behalf of the principal. Moreover, on losing capacity, another Power of Attorney cannot be created as the principal has lost the capacity to do so. Given the risks associated with a General Power of Attorney, a better option is to establish an Enduring Power of Attorney. An Enduring Power of Attorney is one that will continue to operate after the principal has lost capacity. As with a General Power of Attorney, the attorney will have the authority to manage your legal and fnancial affairs and will continue until the death of the principal, at which time the executor named in the Will of the principal will assume the responsibility of administering the estate. It is important to understand that Powers of Attorney only authorise the attorney to manage the legal and fnancial affairs of the principal. It cannot be used to make medical or lifestyle decisions on behalf of the principal. If you want someone to make medical or lifestyle decisions on your behalf should you lose the capacity to do so, you should appoint an Enduring Guardian. This requires a separate form of appointment. The legal framework of Powers of Attorney can be complex and vary between states. In addition, new legislation came into effect on 13 September 2013 regarding the format of General and Enduring Powers of Attorney and, from 1 March 2014, a new form will be mandatory to create an Enduring Power of Attorney. For these reasons it is critical that expert advice be sought when considering appointing a Power of Attorney or Guardianship. Phillip Cormack FNIA; SF Fin; ADFS (FP) Financial Planning Specialist Authorised Representative Godfrey Pembroke Limited T: 02 9231 5611 E: firstname.lastname@example.org Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Phillip Cormack is an Authorised Representative of Godfrey Pembroke Limited ABN 23 002 336 254, an Australian Financial Ser vices Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. Phillip has had a long association with AlzNSW as a voluntary member of its Investment Advisory Committee. The views expressed in this column are those solely of the author.
In Touch Summer 2013
In Touch Winter 2014