Wealth Connexion explains how you can continue to manage your investments after entering aged care.
Entering aged care is a significant life transition, that is fraught with logistical and financial challenges. One critical aspect that needs attention during this transition is the management of your investments to ensure you financial security and peace of mind. Continue reading this blog to discover practical ways in which you can ensure the effective management of your investments during this new chapter of your life.
Assess your financial situation
In your transition to aged care, it is important to have a clear understanding of your current financial situation as well as assess whether you are still capable of managing your financial affairs and investments on your own. Transitioning into aged care does not have to mean that you will no longer have control over your investments, however, if you feel that you are no longer in a position to manage your investments, you should consult a trusted financial planner regarding aged care financial advice to establish what your options may be.
Seek assistance from others
In circumstances where you require some assistance, a good place to start is by discussing your needs with your close family members to see if they would be willing to help. Family members can assist you with managing your investments, for example, by conducting rental inspections of your investment properties on your behalf. Additionally, family members can help you to keep on top of any bills or ongoing expenses that you may have associated with these investments. If you are seeking advice from family, please make sure they have an up-to-date understanding of financial advice, especially regarding pensions and superannuation. If you are ever unsure about any advice received from a family member, contact a trusted financial planner.
Implement an enduring power of attorney
If you are planning on getting help with your investment management, it is important that this is formalised properly by having a written agreement in place. Establishing an enduring power of attorney will allow you to designate someone you trust to manage your investments and financial affairs in circumstances when you are unable to do so. This legal document will give the appointed person the authority to make investment decisions and manage everyday financial tasks on your behalf and ensure that your assets are being managed to your benefit. This is a significant decision to make, and as such should only be made after receiving aged care financial advice from an experienced financial planner.
Simplify your investments
Complex investment portfolios can become increasingly challenging to manage as you age, especially if you are faced with any health challenges or deficits. An option in this instance could be to simplify your investments. This could take shape in the form of consolidating your investment accounts, choosing passive over active management, shifting to lower-risk investments or selling investment properties. The ultimate goal being to reduce the time and effort required for the management of these investments while still ensuring that you have enough cash-flow to fund the rest of your life. If you are considering downsizing or simplifying your investment portfolio, contact Wealth Connexion for expert aged care financial advice.
