This guide is about things that are important to everyone – family relationships, money, and a place to live. As people age they might feel increasingly vulnerable. Health issues and loneliness are often important factors when deciding to make financial arrangements with those we trust. This guide is for you if you are considering giving or lending someone money, selling your home and giving the money to someone who has agreed to care for you, moving in with a relative, having family move in with you, transferring property to a friend or relative, or sharing your bank account details.
Many older people will be surprised to learn that they have little or no legal protection when it comes to entering into financial arrangements with family and friends. This can leave you financially vulnerable. Some arrangements could affect your Centrelink pension or tax. There may also be important consequences if you need to move into residential care at some stage.
The information in this booklet is intended as a guide to help you maintain your financial independence for as long as possible, and to access help if you need it. It will also help if you have already made any of these changes. If you feel that you are being pressured to move home, sign documents, change financial arrangements, or if someone is taking your money without your approval, talk through your options with Advocare.