James Gerrard, Wealth Columnist for the Australian, has written a very thought provoking article today, 3rd November 2025. The article is titled The financial risk that often is overlooked in retirement. I urge you to read the full article in The Australian. You can view it in full if you have a digital subscription or you can purchase The Australian from your local news agent.
The topic that James Gerrard is addressing is that of dementia. The problem is that once your dementia reaches a certain level you will not have the capacity to tell your lawyer and your family how you want your affairs managed. That is why you should read this article in detail and make suitable arrangements.
I can never understand why about 60% of Australians do not have will, let alone an Advance Health Directive. If you have not completed, either of these documents, it is time for you to set aside your busy schedule and reach out to your lawyer. One of the reasons people may put off preparing both these documents is the cost. The Public Trustee can help in this matter, but in the long term the better choice may be to spend the money now and not have to pay additional fees when the public trustee manages your affairs.
James Gerrad suggests the following financial steps to take today. (Read his article for more details)
- Estate Planning
- Take action to protect yourself from the financial cost of dementia
- Ensure you family understand your wishes should you suffer from dementia in the future
- Create a contact list of professionals who look after your affairs.
- Makea statement of assets and liabilities, together with login details which are securely stored.
James Gerraard is principal and director of financial planning firm www.financialadvisor.com.au.
Glenis Phillips SF Fin – Designer of Financial Mappers and Financial Advice
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
