Your clients are already thinking about aged care, but they may not raise it with you. Most Australians are very concerned about aged care, both in terms of cost, and also whether they want to be in an aged care home in the first place.
A 2024 Survey canvassed 4,700 Australians aged 50 and over, and found that 60 per cent of all respondents expressed worries about how they will cover these expenses. In comparison, this figure was at 38 per cent in 2021 - more info
Over half of people entering permanent residential aged care were aged 85 and over, at that same time the life expectancy for Australians was 83 years of age, that is people are putting it off for as long as possible - more info
The concern about aged care has risen with recent changes that your clients don't fully understand, and unfortunately people are simply avoiding the topic all together.
they want information
I made an aggressively average reel yesterday, before heading to golf, about downsizing and how it takes much longer than people think to find a property with an accessible bathroom. It already has 11,000 views and 96 likes. You can see that post here.
It is not the production quality, or how I look in the video that is driving those views. People are watching the video because they are already thinking about this topic.
The other thing about this topic is, there is nothing the DIY Will providers can offer for this problem. A Power of Attorney is not enough, we know that as lawyers. A Power of Attorney is a start, and the DIY providers cannot even offer that. We can offer a Power of Attorney, as well as an opportunity to write down some of these things that are needed to help the client navigated age care. That might look like an Advance Care Directive, or a Letter of Wishes, or both.
Join us for this Webinar about the Power of Attorney, is it the forgotten child of the Estate Plan? The Will is important, there is a reason it is the golden child, everyone will die and it is probably the thing that has gotten the client into your office. But now they are here, can you get them to seriously think about their aged care preferences and do more than simply give you the name of their Attorney? They won’t ask for that, but actually, many of your clients are already stressing about their aged care. You could speak into this space.
The clients want information but they aren’t asking for it, because they fear that they cannot afford it, or that they do not have enough answers yet. You will need to raise it with them, and point out to them that you are not a financial planner and you are not trying to get them to fund their aged care. You are trying to get them to reduce to writing their preferences around this topic in way that will help them to be heard. If you talk about this as part of your marketing it will also help you to stand out from the crowd.
Free Facebook Group
Have you joined the free Facebook Group where we discuss issues around Estate Planning and also Estates? In this last week we had a real focus on capacity, we discussed a few things including -
Have you refused to take on a client with capacity issues, and how did the client and/or their family react?
Have you audio recorded or video recorded the meetings for evidence of capacity if you think there may be a challenge to the estate?
How close to the signing appointment do you get the report from the GP if it cannot all be done on the same day?
If you are a lawyer and you would like to join the group then go into Facebook, into groups, and search for “NSW Estate Lawyers”. Make sure that you answer the questions because otherwise the Facebook robot will reject you. If you are a lawyer from another state you are welcome to join (if you answer the questions), we do discuss NSW specific things but we also discuss other things that may apply to you.
