Memory loss and dementia can make managing your finances challenging. Simple tasks like checking bank statements, monitoring investments, or paying bills may become difficult over time.
At Fowler’s Group Financial Planning, we understand these challenges and want to help you put safeguards in place early to protect your financial wellbeing.
Start Planning Early
It can be confronting to think about a future where you might struggle to manage your own money. However, early planning is crucial to maintaining control over your financial decisions for as long as possible.
✅ Making a plan now gives you a say in future matters
✅ Provides clarity and peace of mind for loved ones
✅ Dementia Australia offers helpful worksheets and guides
Establish Legal Protections
Enduring Power of Attorney
This legal document allows you to nominate someone you trust to manage your financial and legal affairs when you’re no longer able to.
💡 Choose someone capable, trustworthy, and willing
💬 Discuss your choice with family to avoid future conflict
🔁 You can update your power of attorney if circumstances change
Update Your Will
A valid will ensures your wishes are respected. You must be capable of understanding the decisions you’re making when completing a Will, so it’s best to act early.
📌 Review your existing will or create one
📌 Store it in a secure location and let someone know where it is
📌 Memory issues don’t automatically mean incapacity—but don’t wait
Manage Your Superannuation Effectively
Super requires active attention and planning:
- 📝 Create a binding nomination with your super fund
- 🧾 Nominate your estate if you want your superannuation to flow via your will
- 🔄 Consolidate accounts to simplify management
- 📉 If you have a self-managed super fund (SMSF):
- Consider professional management
- Appoint a trusted legal representative
- Poor management can lead to serious consequences
Organise Your Important Documents
Create a central file of personal and financial documents for easy access. Consider duplicate copies in a secure location like a bank deposit box.
Include:
Personal
- Birth & marriage certificates
- Will & enduring power of attorney
- Tax File Number
- Centrelink or DVA info
Financial
- Bank accounts & loan documents
- Superannuation & investment records
- Insurance policies
- Prepaid funeral plans
Property
- House deeds
- Mortgage details
Health
- Medicare & health insurance info
- Advance health / care directive
- Concession cards
Protect Yourself from Financial Abuse
People with memory loss may become vulnerable to financial abuse. It’s vital that no one pressures or influences your financial choices.
🚩 Watch for signs of undue influence
🛡 Know where to get help if you feel unsafe or unsure
👥 Keep trusted people informed and involved
How Fowler’s Group Can Help
At Fowler’s Group Financial Planning in Cairns, we specialise in guiding individuals and families through these sensitive financial challenges.
We can help you:
✔ Protect your assets
✔ Set up legal safeguards
✔ Structure your finances to withstand memory-related changes
