Two Certainties

"‘tis impossible to be sure of anything but death and taxes" by Christopher Bullock from The Cobbler of Preston (1716) …and later, more notably by Benjamin Franklin.

Not that I want to dwell on the negatives, but Christopher was right. One day I will die, and every day until then I pay taxes.

Today is a Friday. I earned money and it was taxed…one certainty met.

Death was a possibility, as it is every day, though today, I was confronted with the fact that I had a higher than usual risk. More than one person I spoke with raised topics that alluded to that fact, such as asking for my next of kin’s details, asking whether I had an enduring power of attorney appointed, and highlighting that the procedure I was about to undertake had death listed as a potential side-effect.

Thankfully, as I am writing to you now, today was not my last. I did not die.?

The topic though prompted me to consider a few actions that I need to take before heading off on our extended journey. Really, I should consider them anyway, but having a deadline (no pun intended) generally means I am more likely to prioritise the task.

The first is my ‘Last Will and Testament’, let’s call it my ‘Will’ for short. I do have one. I am pretty sure I know where it is and I definitely know where there is a copy.?

I know whom I appointed as the Executor of my estate, and to whom I have bequeathed my assets and belongings. I also know the approximate date of my ‘last’ Will…and, it was a long time ago.

Since writing my Will, my children have grown up and become independent (or, as independent as young adults become), I have met David and we have made a life together, my parents have retired and I have accumulated various assets of significant worth.

Basically, my last Will is pretty old, out of date and when I think about it, does not reflect my current wishes. So…action items:

1. Think about what I actually want, make a list of my significant assets and draft a new Will
2. Get some advice about the current rules and ensure that what I think I want is likely to be effected
3. Discuss my intentions with my family so they are aware I am re-writing my Will, and why I have made some decisions (this will hopefully avoid potential contests and make the execution easier)
4. Write the new Will, ensuring it is clear and compliant with the current standards
5. Find my original Will and replace it with the new version, and replace the copies that I know exist.??

Of course, I hope that my Will is not needed for at least another 50+ years, but you just never know when your time is up.

The greater risk lies in what happens if I don’t die, but cannot act and make decisions for myself. I lead a fairly low-risk life in general, but, when I start to add in travel, possibly in vehicles that may not be fitted with seatbelts, that are being driven on poorly maintained roads hundreds of miles from the nearest equipped hospital by people who may or may not have ever passed a driving test…well, let’s just say the odds may not be ‘ever in my favour’.

My plans for the remainder of the year also include hiking in remote mountains, learning to surf, travelling by plane, train, ferry, and bicycle (oh, heaven help me…new action item, buy padded pants!) which all come with a slightly higher risk of accident or incident than my usual daily activities.

Enter, the Enduring Power of Attorney appointment and Advanced Health Directive. Once again, I have appointed an EPoA and have the necessary documentation…but, it too was created an age ago. I know that I have not discussed anything of significance about my preferences with my attorney in quite some time.

I doubt that he would be comfortable making a decision about anything of consequence while I am on the other side of the world, potentially incapacitated and unable to give my thoughts on the matter. Do I really want him to be put through that stress if something happens? The answer is no, I do not.

Therefore, I have a few new action items:

1. Consider options for whom I think would be a suitable alternative
2. Make a draft list of some of the types of decisions an EPoA may be called upon to make, and what I would do myself if that situation arose
3. Have a chat with the potential attorneys and see if they would make a similar decision on my behalf (noting the question would be asked in a stress-free environment, and, it is unlikely the situation would be stress-free if they were being called on, but we have to start somewhere) and whether they feel it is a role they would be comfortable taking on
4. Make a decision about who, then have the necessary paperwork drawn up and copies kept in all the appropriate places.

Like paying taxes, injury and death have a financial cost as well. Unlike taxes, there is no exact rule that will be applied to the calculation of the cost. It is unknown and unlimited. Fortunately, there are some options to help mitigate the risk of financial ruin because I ‘ate a funny welk’ or ‘stacked it in the surf’ or suffer from any one of the hundreds of common ailments or afflictions that render someone incapable of acting on their own behalf.?

Travel insurance, health insurance, life insurance, disability insurance, income protection, and liability cover are all options to consider. Most of these are already in place and (I believe) cover me for all of the usual circumstances…while I am in my usual environment doing the things that an average person does.

Whether they will cover me if I cannot work because I broke my wrist falling off a camel in the Sahara and needed to be transported to Marrakech for surgery, after I have spent the last few months living in various locations in Europe…well, that is another question entirely.

My procedure today cost thousands of dollars. I am very happy I didn’t die. I am also very happy that it was a decision I made after: a discussion with a known, qualified professional (in English); who gave me a couple of options and a detailed quote (in Australian dollars); that I was able to show my health insurer and determine the amount they would pay and the amount I would be out of pocket, and I was able to pick a date and hospital location that suited me; and checked with my employer that I could have the time off (with pay…less tax of course!). This will not always be the case.

Add to the action items list:

1. Check with ALL of my existing insurers, will they continue to cover me if I am outside of Australia for an extended period of time?
2. Will they cover me for an incident that arises because I was doing something adventurous and may be considered a little bit ‘extreme’? (Get a list of out of the ordinary activities)
3. If the answer is no (based on my current policy), do they offer an alternate product/policy that will cover me (and how much will that cost, what is involved in changing…perhaps a medical)
4. If the answer is yes, are there any steps I need to take to enact that part of the policy, such as notify the insurer in advance…and, if something happens, will they insist on talking to me, or will they agree to talk to my EPoA or next of kin?
5. If all of the above leaves me without cover for some (or all) situations, is there another insurer who does provide adequate cover (and how do I apply, how long does it take, how much does it cost)
6. Once the variables and options are known

• make a decision and take the steps required to arrange the cover, or?
• make a decision to be ‘uninsured’ and for potential/probable situations, create a plan for how that situation is to be dealt with if it does arise (and inform the appropriate people who may need to be involved in actioning that plan)

Wow…luckily I have 28 days until I go. Hopefully, that is enough time to get it all sorted out.

A little saying that I have heard is, “if you cannot afford travel insurance, then you cannot afford to travel”. I think I would add, “if you cannot accept the risk, then do not put yourself in the situation”.?

Fortunately, my risk tolerance is reasonably high…certainly, high enough for this adventure…but, my sensibility is high too, and I put all reasonable measures in place to mitigate the risks that I choose to take. I encourage you to do the same!