Why maintaining your Will is essential when entering aged care

Entering aged care marks a significant life transition. One that brings a mix of practical, emotional, and financial considerations. Amid the focus on accommodation choices, health care needs, and managing finances, one crucial aspect is often overlooked: maintaining your will and ensuring it is up to date.

Preparing for aged care also means preparing for the unexpected. Health can change rapidly, and decisions may need to be made quickly. Having a current will ensures your wishes are clearly documented and legally protected, reducing stress and uncertainty for your loved ones during this often-challenging time.

Changing financial circumstances

Moving into aged care often involves a significant financial commitment. You may sell your family home, access superannuation, or restructure investments to cover accommodation costs. These changes can affect the value and composition of your estate, making maintaining your will essential to ensure your beneficiaries receive what you intend.

If your will includes specific bequests—such as leaving a property or a particular investment to a loved one—those assets may no longer be available. Without an updated will, this can lead to confusion, disappointment, or even legal challenges. You may also hold assets jointly or separately and selling these to fund care can alter how your estate is distributed upon your passing.

Updating beneficiaries

Family structures evolve over time. New grandchildren, marriages, divorces, and the passing of loved ones can all impact your estate planning. If your will hasn’t been updated recently, it may no longer reflect your current wishes.

Maintaining your will allows you to ensure that the right people are included, and excluded, based on your present relationships. This is especially important in blended families, where children from previous relationships may be involved. For example, if one spouse passes away and the entire estate transfers to the surviving partner in aged care, it could unintentionally increase their care fees and reduce the inheritance available to children.

Discussing asset separation and updating your will with a solicitor and our specialist aged care advisers can help preserve your legacy and minimise financial strain on your estate.

Legal and regulatory changes

Laws around wills, trusts, superannuation, and estate disputes change regularly. If your will is more than five years old, it may no longer comply with current legislation. This could leave your estate vulnerable to challenges or unintended tax consequences.

Reviewing your will with a qualified solicitor ensures your estate plan remains valid, effective, and aligned with your wishes. It also allows you to take advantage of any new legal strategies that could benefit your estate and your beneficiaries.

Take control of your legacy

Don’t let outdated documents or overlooked details jeopardise your estate or create unnecessary stress for your loved ones. Maintaining your will can help reduce stress for your family when entering aged care. This is not just a legal formality, it’s a vital step in protecting your legacy and ensuring peace of mind for those you care about.

Speak with a qualified solicitor and one of our accredited aged care financial advisers today to ensure your estate plan is up to date and reflects your current circumstances. Whether you’re updating beneficiaries, restructuring assets, or navigating complex family dynamics, professional guidance when maintaining tour will can make all the difference.

We are here to help, every step of the way

Aged care finances are complex, and the rules around property and the family home can feel overwhelming. Our Alteris Lifestyle and Care team helps you understand your options and how they apply to your family. We guide you through the aged care system—including Centrelink and DVA—and support you in making clear, informed decisions for both the immediate and long term. Learn more about our accredited aged care financial advisers.

Download our guide to aged care

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