Helping you navigate change with peace of mind.
Retirement Living and Estate Planning
As you age, you can face many complex decisions that affect your life including your accommodation, finances and health. We know these moments often cause stress, confusion and worry.
At Novum Law Group, we take the time to know you and your circumstances and offer personalised, compassionate guidance so you can navigate with peace of mind. We can support you in a range of services including estate planning, retirement village contracts and reverse mortgage/equity release contracts.
Retirement Village and Assisted Living Contracts
- Comprehensive advice about various contracts and offers;
- Negotiating on your behalf;
- Clarity around your ongoing fees and responsibilities once you sign;
- Discussing your new living arrangements with your family (if you wish)
Reverse Mortgage and Equity Release Contracts
- Comprehensive advice on reverse mortgage or equity release contracts;
- Clarity around the ongoing relationship between you and your lender, such as your rights, repayment liabilities and responsibilities.
- Wills, including Testamentary Trust Wills
- Enduring Powers of Attorney and Appointments of Medical Treatment Decision Makers
- Binding Death Benefit Nominations for your superannuation fund or SMSF
- Strategic advice to protect your assets and wishes, while minimising tax and disputes
Frequently Asked Questions
What should I consider before entering a Retirement Village Contract?
A retirement village contract is a legal document that sets out the terms and conditions of living in a retirement village. The contract will typically include details such as the type of accommodation being offered, the services and facilities that are available, and the fees and charges that apply.
We can review and advise you of the terms of the contract so that you understand your rights and responsibilities as a resident in the Village, including:
- Whether it is a leasehold or freehold arrangement, and the implications of this for you and your family
- The services and facilities that are available, and any additional fees that may be charged for their use. For example, does the village have a bus or is the village close to public transport, medical and shopping facilities, or entertainment?
- The fees and charges that apply, including any upfront costs, ongoing fees, and exit fees
- The terms of the contract, including how long it lasts and what happens if you wish to leave the village.
- Your rights and responsibilities as a resident, including any restrictions on the use of the property. For example, what is the policy on pets, visitors, and car parking? Further examples might be who will be responsible for repairing and replacing appliances in your unit.
- Your current and future care needs and how the village can accommodate them.
- Whether residents can be involved in decisions about the level of maintenance and services provided, and the costs.
It is a good idea to visit the village and speak with current residents to better get a sense of the community and overall atmosphere.
What is involved in a Retirement Village Contract?
The documents you will be asked to sign will depend on the nature of your ownership rights of your property at the village. The Retirement Villages Act 1986 provides a framework that regulates the relationships between you as a resident, the village, and the manager.
Before you sign a contract, the village must provide you with an information factsheet and disclosure statement in approved form that inform you about your financial and other obligations as a resident. Other documents that the village must also give you include rules or by-laws and site plans if any.
These must be given to you at least 21 days before you sign the contract giving you residence rights.
It is also important to understand that entering a retirement village is not an investment and the costs can be substantial. You should obtain financial advice before entering into a retirement village contract.
Get in touch with one of our lawyers to discuss your needs today.