Thursday, May 23, 2019

Property Advice for Elderly Clients

     Today on the blog I have guest Will Bail, a link-builder and web developer at LD SEO Sydney. He is here to share the latest advice for elderly clients on raising an income from their home properties. Please welcome him to Meno Mama's site with lots of comment love!


           Property Advice for Elderly Clients


Do you lack the confidence to assist you to settle your property affairs following a decline in health or bereavement? Do you lack close friends or family members who can advise you on how to preserve your assets and properties as you start to age?

It is common for individuals to experience some confusion as they start to age. For this reason, it is important to ensure that you are well-versed with conveyancing in NSW

The following is important property advice for elderly clients:

Raising an Income from the Property 

Elderly individuals who have a considerable value locked up in their properties may want to realize this value while they are still alive. The reason for carrying out such a move may be because the homeowner wants to reinvest that capital or because they are looking for ways to boost their incomes.

At the moment, there exist several plans in the market that have been specifically designed for this particular purpose. But you should note that some of the schemes may not be suitable for an elderly person.

As such, it may be a good idea to seek independent advice before you make any moves on the property market.

Leaving the Residence

There is also a scenario where you may want to move out of that house and into residential care or sheltered accommodation.

In such a case, it would be best to consult a professional on the kinds of accommodation available in your region, and the expenses associated with each. If you choose to follow this route, you may need to gift the house to relatives, your spouse or offspring.

Alternatively, a need may arise for you to move in with those closest to you. 


Practical Means to Successfully Completing the First Steps

1. Get in Touch with the Estate Attorneys 

Contact the attorneys to check whether the elderly individual has all the documents in order. If not, the home seller should make sure that they contact their attorneys. 
The attorney should review all the documents related to that home to confirm that the client’s siblings have the power to transact on behalf of their parents.

If the parent does not have a will or trust, the client should request their attorneys to provide guidance on all matters related to probate issues. This is to guide them on the issues that they need to resolve, e.g., conservatorship status.

2. Gather all the documents together

Where a seller has been named by the parents in their will as a trustee or agent, the person in charge should make sure that all the documents are gathered in one place.
Having secured the well-being, security, and safety of the home sellers’ parents, the home broker should help their clients to explore the available options. For instance, the broker can help the client to decide whether it will make more sense to sell or rent the home. 

It is best for clients to consider seeking the advice and comfort of an adviser they can trust. Advisers can be mental health professionals, family therapists, or even the family doctor. Seeking advice helps ensure that the client will not make a decision they will regret later. 



BIO: 

Wilbert Bail is a link-builder and web developer at LD SEO Sydney. He has an adventurous mind but seldom travels as he would rather stay home and make the client's business website more visible on the internet. He likes techie stuff but won't buy any gadgets that are above $1000, hence no iPhone.



9 comments:

  1. You should add a real estate professional to that list. Who may advise us that renting out the property may be the smart move, providing routine cash flow and a potential inheritance to the family

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  2. Good information! One of our son's is a financial advisor and handles some of our accounts. It's good to have people in the family who knows the score.

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  3. Great tips for a tricky stage in life. I like that Wilbert suggests getting professional advice outside the family (offspring). Because family can have their own agenda and may not advise the elderly parent according to what is best for them but rather, what is in their own best interests. Sad, but it happens. Great post, Marcia. Thanks for sharing the topic and Wilbert's valuable advice.

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    1. That is definitely the tricky part---finding someone you can trust!

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  4. There are so many layers of complexity with this situation. Starting with getting your documents in order is always good advice, no matter you age. It will just make the process easier. I love the advice to seek out experts. This isn't something we should feel pressured to figure out on our own.

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  5. Great stuff!

    These websites might be a good addition:

    https://rmlegalandconveyancing.com.au/

    https://sydneywillslawyer.com.au/

    Love your work :)

    ReplyDelete

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