Financial protection information
We have collated a range of information and resources from various organisations here for you to access. Many of the links will take you to an external website where you can access what you are looking for. Compass.info is another great source of elder abuse information. To navigate, click a topic below or ‘back to the top’ to return to this menu.
Gifts and loans
BEFORE you transfer money or assets to a family member or friend, it is important to document (and differentiate) whether the exchange is a gift or loan, as well as whether there are other conditions attached to the exchange. To learn more, try the following:
Sharing a home with family
Making the choice to live with family members comes with some particular legal considerations. Regardless of the housing situation, it is recommended that you seek advice and make formal agreements prior. To learn more:
Many older people consider exchanging their property and/or assets in exchange for the right to live somewhere, as well as ongoing support and care into the future. Usually, these agreements are made between family members and are sometimes referred to as ‘assets for care’ arrangements. Many families make verbal or informal agreements, however a formal or documented agreement is almost always preferable, particularly if things don’t work out. To learn more about family agreements and how they can be used in these circumstances you can view the following resources:
Reverse mortgages/ equity release
Reverse mortgages and other methods of raising money from the family home should be considered very carefully. To learn more read:
Where to find financial advice
Approaching retirement (and beyond) often presents people with big financial decisions that need to be approached carefully. In particular, you need to consider who and where you seek advice from, in order to make informed decisions.
Retirement villages and manufactured homes
The Caxton Legal website hosts a number of factsheets on topics related to retirement living, retirement villages and manufactured homes.