The Costs of Planning
Yesterday I wrote briefly on the anticipated continued increase in life expectancy for Canadians, and how that impacts our pension plans and general estate planning. The considerations that we will face with an ever aging population are endless and oft discussed amongst those in the estate planning/litigation field. Yet, it’s possible that ‘planning for the future’ includes ‘planning for a future we may not remember’, and this consideration is quickly moving to the forefront for many.
As people start to live longer, they are inevitably impacted by more illness. Almost everyone I know has a parent, grandparent, sibling, aunt or uncle affected by dementia or Alzheimer’s. It is so common that we almost expect that as we age our memory will fail, eventually to a level where we may become unrecognizable to ourselves. Saddening as that thought is, knowing that we will be well cared for if such disease takes over is a critical part of estate planning. A recent article in the Financial Post touched on how the descent into an unmemorable life can and should impact your long term plan. The article also noted that the varied and possibly significant costs associated with this side of aging isn’t limited to those who themselves are afflicted. As the baby boomers get older, they find themselves caring for their parents, either by personally attending to parental needs and/or by contributing financially to ensure those needs are taken care of. This assistance can put an unexpected financial toll on those who are ‘helping out’.
Estate Litigators routinely see the fallout of those who haven’t planned for this possibility. Guardianship Applications and Applications to Pass Accounts as Attorney for Property are becoming phrases we say everyday. If steps are not taken to plan for the outcome before dementia or Alzheimer’s start taking effect, legal and medical decisions can be much harder to make. Although the initial costs of financial planning, including making a power of attorney and a will, may seem to be a lot, how much is your future worth?
Until Tomorrow,
Nadia M. Harasymowycz - Click here for more information on Nadia Harasymowycz.
