When and how to start the conversation
Pick a calm moment, not a hospital waiting room. Frame it as care rather than control. “I want to understand your wishes so I can support you properly” lands better than “we need to sort out your affairs”. Involve siblings early so nobody feels blindsided later and consider asking your adviser to help facilitate the first meeting. A neutral third party often helps take the heat out of family dynamics.
Key topics to cover
- Wills. Are they current? Do they reflect blended families, gifts already made, or assets bought since the last update?
- Powers of attorney. An enduring power of attorney lets someone manage financial and legal decisions if a parent loses capacity. These documents are governed by state and territory law, so the rules differ depending on where your parents live1.
- Enduring guardianship or medical decision-making. This is separate from financial power of attorney and covers healthcare and lifestyle choices.
- Superannuation and death benefits. A binding death benefit nomination tells the fund who you would like to get the balance.
- Home Care or Residential Aged care. If you require additional support/care in future, how would these services be funded?
Balancing dignity with practical planning
Nobody wants to feel like their independence is being taken away. Keep parents in the driver’s seat wherever possible, focus on “what if” scenarios rather than worst-case predictions, and revisit the conversation regularly rather than treating it as a once-off.
Where an adviser adds value
A good adviser coordinates the moving parts, from aligning super nominations with the will, to modelling aged care costs under the new fee structure, to liaising with solicitors on powers of attorney. Getting this right early avoids rushed decisions later.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
[1] State and territory public trustee offices; enduring power of attorney requirements vary by jurisdiction.