Anytime your circumstances change it is important to consider the impact this has on your estate plans. This includes when you move into aged care.
Review your will and if needed, update it to reflect any changes.
Review investments with 'death benefits' nominations.
Make sure you have the appropriate powers in place so that someone you trust can make decisions on your behalf.
An Enduring Power of Attorney covers financial decisions even when you are no longer able to make these decisions yourself.
Similarly, an Enduring Guardianship covers decisions on your care and living arrangements.
These documents can only be put in place while you are deemed of sound mind so it's wise to establish them early.
Where to find help
Your Morgans adviser can identify the consequences of any financial restructures and highlight issues that affect your will and specific investments.
Your solicitor can review and redraft the will to reflect your wishes and establish documents to grant the desired powers.
Contact the Morgans Aged Care Advice Team on 1800 807 223 or email email@example.com. Alternatively contact your Morgans adviser or your nearest office to find out more.