Let’s face it: no-one likes to think of death, especially their own. It’s not exactly a great conversation starter, is it? This might explain why so many people end up “dying Intestate” which means they die without a will and, as a consequence, have their assets distributed according to State law.
Our chances of living longer are increasing as life expectancy continue to increase. At age 65 a person’s chance of needing aged care during their remaining lifetime is 68% for females and 48% for males. Old age can be associated with declining cognitive abilities, resulting in problems when managing personal finances.