Financial planner: 4 ways to simplify your affairs for aged care

Looking to prepare for aged care and seeking clear guidance from a seasoned financial planner? Look no further!

Whether you’re just starting the journey or assisting a loved one, navigating the intricacies of financial planning for aged care requires careful consideration of various factors beyond what meets the eye.

In our last blog, we discussed aged care planning: researching facilities made simple. In this article, we will explore planning for aged care: four ways to simplify your affairs and offer straightforward advice to facilitate your journey.

1. Financial advice aged care: removing multiple bank accounts

Let’s start with a practical step: consolidating your bank accounts. Having multiple accounts scattered across various banks can lead to confusion and stress for your loved ones when they need to manage your finances on your behalf.

Imagine the difficulty of tracking down every account and managing them efficiently, especially during times of emotional strain. By simplifying and consolidating your accounts now, you can save your family from unnecessary headaches later.

2. Aged care planning: winding up irrelevant entities

Next, consider the entities you’re associated with, such as companies or truststhat may no longer serve a purpose in your current situation.

We recently had a client whose finances were entangled in a company structure that complicated matters for their loved ones. Don’t let outdated entities add unnecessary complexity to your affairs.

By proactively winding up or simplifying these structures, you can streamline the distribution of assets and minimise the stress on your family members. Almost everyone will want to have a Centrelink assessment to avoid the maximum means tested care fee even if they weren’t eligible for the age pension prior to entering care. When the resident entering care has a complicated financial situation, it makes it very difficult for the Centrelink assessment.

3. Aged care financial planning: keeping your will and enduring power of attorney updated

One of the most critical aspects of simplifying your affairs is ensuring that your legal documents are current. Your will and the enduring power of attorney are vital in dictating how your assets are managed and what decisions are made on your behalf. Maintain a comprehensive dossier of your financial information and share it with your appointed enduring power of attorney. This proactive step ensures that your wishes are known and your affairs can be managed efficiently when the time comes.

4. Financial planner advice: communication with professionals

Effective communication with your financial advisors, accountants, and relevant professionals is key. Ensure they know your nominated beneficiaries and enduring power of attorney.

By keeping them informed, you can ensure that your financial plans align with your intentions and that your loved ones receive the support they need during challenging times.

Financial planner: 4 ways to simplify your affairs for aged care

Planning for aged care can be overwhelming, but by simplifying your affairs now, you can alleviate stress for yourself and your loved ones in the future.

At Precision Wealth Management, we understand the importance of comprehensive financial planning, especially in preparation for life’s transitions. If you need assistance with financial planning and aged care preparation, don’t hesitate to contact us. Together, we can ensure that your affairs are in order, allowing you to focus on what truly matters.

DISCLAIMER – The information provided in this blog is general and does not consider your individual financial needs or objectives. It does not constitute personal advice. We recommend seeking out professional and independent financial, legal and tax advice which has been designed for your individual situation before acting on any information contained below.