As you become older, your residential living needs change, and moving may become necessary.
There are four general types of residential arrangements that you can consider. Retirement village living, shared living, rest-home living and Hospital care. This article discusses retirement village living in particular, and your lawyer’s role in such a decision.
The Retirement Villages Act 2003 governs retirement villages. Generally speaking, the purpose of the Act is to protect the interests of residents and intending residents of retirement villages. The Act was introduced on the recommendation of the Law Commission to remedy a perceived gap in the Government oversight of residential accommodation for people in vulnerable situations. You must obtain the advice of a lawyer before signing any agreement with the retirement village.
The lawyer will discuss your situation with you in detail, including:
- the provisions of the Occupation Right agreement
- the particular type of property ownership you will receive
- the risk of such an investment
- your financial situation
- your health and therefore likely need of care or likelihood of short residence in the village
- your family situation and hopes in relation to providing for your children, and
- your temperament and level of independence and therefore likelihood of enjoying village life.
Moving as you get older is a big decision. If you would like advice on your residential living arrangements and plans, please contact one of our experienced life planning specialists.