Protecting elders: regulating intergenerationally transmitted debt in Australia

Australia, like other western nations, is facing the prospect that in the decades ahead the overall population will age dramatically. This article considers legal issues associated with the aged and intergenerationally transmitted debt. It will be argued that the present legal regulation of guarantees is a complex amalgam of case law, statute and finance industry self-regulatory codes which does not necessarily or adequately take into account the particular vulnerabilities of the aged and the very old or the intergenerational pressures which they may confront. It may be necessary to take significant steps to protect vulnerable elders while still recognizing their rights to exercise personal autonomy. Some proposals for reform are made.