Australian retirement considerations: estate planning and living arrangements

Date: Dec 27, 2013

As you head for retirement age, there are a number of factors you need to consider. These may include estate planning and which retirement village you and your partner want to live in.

The estate lawyers at Craddock Murray Neumann can guide you through the first consideration - and even help your family members dispute a will if need be, but what about the second?

"Moving into a retirement village is a significant lifestyle and financial decision and people need to make informed choices in considering such a move," said Minister for Consumer Affairs, Heidi Victoria, in a December 20 statement.

That's why the government's decided to introduce new rules and regulations to help people access data about retirement villages, as well as understand their rights and obligations.

Ms Victoria revealed there's currently 37,000 older Australians living in retirement villages or other, similar types of accommodation across the state. She believes it's something more and more people will consider in future.

As of July 2014, all retirement villages will need to offer residents a "factsheet" containing all of the necessary information about the accommodation they provide. They will also have to present other, relevant documents to residents upon request.

The government is also looking to standardise retirement village contracts, so they're easier to understand and compare across the board.