Memory loss in your later years can be difficult, emotionally as well as financially.

That’s why having a conversation with your loved ones, or devising a plan early on, could broaden your options and at the same time, help ensure your wishes are met should things take an unexpected turn. While you may be thinking ‘she’ll be right,’ taking steps toward simplifying your finances while you have your wits about you could benefit you, as well as those that care for you most.

Some statistics

While forgetfulness can be common among older adults, it’s not always cause for concern.

In saying that, the number of Australians living with dementia—something that typically involves progressive memory loss and the inability to perform everyday tasks—is on the rise. According to Alzheimer’s Australia:

  • Three in 10 Australians over age 85 and almost one in 10 over age 65 have dementia
  • Around 1.2 million people nationwide are involved in the care of a person with dementia.

Tips for covering your bases

If it’s something you’ve been thinking about, here are some tips to make sure your bases are covered, and to help eliminate personal and financial risks.

1. Simplify your finances

  • Consider consolidating accounts, credit cards and super funds so you have less to manage.
  • Diarise the regular bills that come in and when they’re due so that they’re accounted for.
  • Think about whether setting up direct debits could take a load off.

2. Sort out your important documents

To make things easier for the person who’ll make decisions if you’re unable to, you may want to set up a file of your personal and financial information, and keep a copy in a safe location, such as with your solicitor. These documents may include:

  • Personal records—birth certificate, marriage certificate, and will
  • Tax file number, Centrelink and Medicare details
  • Bank and super fund information
  • Insurance policies
  • A list of your assets and debts
  • Investment-related information
  • Details of your funeral wishes

3. Make sure your will is up to date and nominate an executor

It’s important you keep your will updated, as it’s a legal document that covers what you’d like to happen with your assets, and potentially your funeral later on. The contents of a will could raise controversy among family members, so it’s good to iron out any issues early on.

If you have nominated an executor to carry out the wishes in your will, let your family know and make sure this person agrees, knows their duties and where your will and other important documents are kept.

4. Appoint an enduring power of attorney

This person will make legal and financial decisions for you, if you can’t. It’s very important to choose someone you trust, as they’ll be responsible for looking after your bank accounts, ongoing bills, and even selling your house if you need to move into a care facility.

5. Confirm your super beneficiaries are current

Some people assume that how and in what proportions you want your super distributed can be included in your will. This isn’t necessarily the case, unless you’ve specified the necessary arrangements with your super fund beforehand, so you’ll need to make sure your beneficiaries are up to date and in order.

6. Determine your wishes around aged care

You may not require aged care, but in case you do, expressing your wishes may help those around you in determining the best course of action. The My Aged Care website ( provides more information.

Source: AMP.

Discover the benefits of a privately owned Licensee.

Voulla Flaskos

Source Accounting

“Capstone made everything so easy by providing all the templates and support we need which makes me feel comfortable that I am in good hands with my licensee. I would highly recommend Capstone to any fellow Accountant."

Tania Magon

Maven Accounting

“I would recommend Capstone to any accountant seeking to become licenced within the financial services industry. Their personal service and support to me and my firm has been exceptional."

Anthony Buckley

Financial Planit

“I joined Capstone Financial Planning in 2003 as I was looking for a Group that could offer a high level of independence and freedom that came from not being institutionally owned."

Maria Picciani

Willow Wealth Management

“Compliance support and feedback is crucial to our business. The Capstone team are always there to assist us in improving and providing best advice and best practice standards. Their input is always positive and constructive."


Nicholson Financial Planning

“I would happily recommend Capstone as a licensee to other advisers. The Capstone staff are friendly, knowledgeable, and professional, and they are genuinely committed to meeting their advisers' needs. I feel very secure in the knowledge that I have Capstone backing my business.”


Acquire Strategic Advisers

“Capstone’s support has been exceptional and consistent from the time our business made the transition. Capstone is continually trying to enhance their service offerings to their advisers, at both the higher level, and more specific lower levels within our business. They are an exceptional licensee and lead from the front.”


Nett Assets

“I can highly recommend Capstone for planners seeking an independent licensee that’s not in your face but provide quality support services. Their service and support is second to none and has allowed us to concentrate on providing our clients with a premium level of service.”


Paradigm Principle

“Having been with Capstone for a number of years, one thing that really stands out is their willingness to help and can do attitude. These are qualities we really appreciate.”