Areas of Practice

Advice: Are you prepared for your wonderful “Third Age”?

If you’re around 50 to 75 years old, you’re in your Third Age of life. The kids have (hopefully!) moved out, your working life is evolving or ending, and you may be traveling and/or looking to change how you live. In wanting to care for yourself and your family at this time, there are some key questions you’ll want to consider. As specialists in Third Age Law, James Donovan Lawyers recommend you start here:

 Do I have a current Will, and have I created an Enduring Power of Attorney? Families change, as do the resources available to you. If you want your wishes respected, it’s critical you update your Will so that it’s clear and incontestable. Equally, it’s important to set out an Enduring Power of Attorney (EPA) that stipulates who runs your affairs if you can’t, and to provide layers - so that if your first choice is unwilling or unable, another trusted person can step in and make decisions around your care and property if required. If you don’t have an EPA, your nearest will have to apply to the court for one, and that’s an expensive, drawn-out process.

 Am I ready to sell my house and move into a retirement village or managed care? Conveyancing can be complex and highly detailed. We can ensure a “no hooks” settlement and also advise on the Occupation Right Agreement (ORA) you’ll be asked to sign for your new place. Units that allow capital gains are rare, and we can advise on those too. These ORA agreements are usually locked, but we can highlight potential issues, or suggest questions you should ask – especially around fees, and transitioning through different layers of care in the same facility.

 Do I need to update my trust? As your business and living arrangements have evolved, or you have perhaps entered into a second or third relationship, any trusts that you have created will also need to evolve.  We can advise on updating beneficiaries and trustees, creating a memorandum of guidance for your trustees, and how to create a watertight link between your trust(s) and your Will.

 Third Age is a wonderful time - you’ve earned it! Making sure you’re well prepared legally will ensure it’s even better.