Search

Placeholder Content Image

5 legal terms you need to understand

<p>As we grow older we’re required to make a range of decisions regarding our health, wellbeing and assets that will be some of the most important we make in our life.</p> <p>So it goes without saying it’s important to understand the terms.</p> <p>We’ve taken a look at five legal terms every Australian senior needs to understand. Becoming acquainted with these terms is the best way to get the ball rolling. </p> <p><strong>1. Power of Attorney</strong></p> <p>Varying somewhat from state to state, a Power of Attorney is a legal documents giving someone legal authority to manage your financial affairs. This is useful if you find the demands of financial management too much or if you don’t want to burden certain member of your family with the responsibility of looking after your financial affairs.</p> <p><strong>2. Will</strong></p> <p>Generally speaking, a will is a formal document that’s designed to provide direction for the distribution of a person’s property and assents when they pass away. Making a will is no simple task, and requires the consideration of a range of complex financial, legal and tax issues, to ensure that your estate is distributed in accordance to your wishes.</p> <p><strong>3. Beneficiary</strong></p> <p>A beneficiary is the person who receives your assets when you pass away. It’s essential to make sure you have the correct names and details on your will to ensure the right beneficiary receives the right assets, as that is a mistake a lawyer can rarely fix.</p> <p><strong>4. Testamentary trust</strong></p> <p>Testamentary trusts are set up to protect the assets in a will, taking effect when the person who has created the will passes away. A trust is administered by a trustee (appointed in the will), who looks after the benefits of the beneficiaries until the trust expires.</p> <p>A testamentary trust is useful in the following instances:</p> <ul> <li>Beneficiaries are minors or have diminished mental capacity.</li> <li>Beneficiaries are not trusted to use inheritance wisely.</li> <li>Avoid split of family assets in event of a divorce settlement.</li> <li>Avoid split of family assets in event of bankruptcy proceedings.</li> </ul> <p><strong>5. Enduring Guardian</strong></p> <p>An Enduring Guardian can makes decisions on your behalf when you lose capability to do so. And Enduring Guardian has the capacity to make a range of important decisions regarding lifestyles, healthy and medicinal treatments, so it’s important to choose the right person.</p> <p><em>Image: Getty</em></p>

Legal

Placeholder Content Image

Aged care glossary: the terms you need to know

<p>Organising aged care is hard, there’s no doubt about it. Not only is there the emotional turmoil involved, but dealing with the paperwork can be absolutely hellish. So, let’s break down some of the terms you need to know in words you can understand.</p> <ul> <li><strong>ACAT assessment (ACAS in Victoria)</strong> – the test conducted by an Aged Care Assessment Team (ACAT) to assess an elderly individual’s caring needs.</li> <li><strong>Accommodation bond</strong> – just like when you rent a house, you must pay a bond to the aged care facility. The amount you pay is determined by a <a href="/health/caring/2016/06/how-can-i-afford-aged-care/" target="_blank"><strong><span style="text-decoration: underline;">means test</span></strong></a> and is used to improve the quality of the facility.</li> <li><strong>Accommodation charge</strong> – the fee you pay each week on top of daily care fees.</li> <li><strong>Ageing in place</strong> – care options available to those who wish to stay at home.</li> <li><strong>Domestic assistance</strong> – hired help around the house to assist with day-to-day activities like chores, shopping and paying bills.</li> <li><strong>HACC funded service</strong> – a service which is paid for by the Government’s Home and Community Care (HACC).</li> <li><strong>High care</strong> – care services for those unable to look after themselves and require constant supervision.</li> <li><strong>Home Care Packages</strong> – the Government provides four levels of care funding to help elderly people remain at home longer. Level one and two are for low-care individuals, three is intermediate care, and four is for those with high care needs. All levels include supplements for veterans and dementia sufferers.</li> <li><strong>Low care</strong> – care services for those who require some assistance with personal care, meals, accommodation and maintenance.</li> <li><strong>Non-secure dementia care</strong> – facilities which do not offer a specific and secure wing for dementia patients</li> <li><strong>Palliative care</strong> – care services which offer pain management and mental health services for terminally ill patients.</li> <li><strong>Resident agreement</strong> – the contract between the aged care provider and the patient, outlining both parties’ rights and obligations.</li> <li><strong>Residential aged care</strong> – aged care facilities for those who are unable to safely remain in their homes.</li> <li><strong>Respite care</strong> – care services for people who temporarily require professional care due to a temporary illness, injury, or simply to give their family or friends a break from caring duties.</li> <li><strong>Secure dementia care</strong> – facilities which offer a specific and secure wing for dementia patients.</li> <li><strong>Supported living</strong> – a community of apartments and homes where care is provided in the form of meals, home maintenance and personal care.</li> <li><strong>Supported residential facility</strong> – an aged care facility that is not funded by the Government.</li> <li><strong>Supported residential services</strong> – aged care services that are not funded by the Government.</li> <li><strong>Transition care</strong> – care services for people who have had a recent hospital stay but would like to return to their home rather than permanently relocating to a residential aged care facility.</li> </ul> <p>Are there any other aged care terms you’d like us to clarify? Let us know in the comments below.</p> <p><strong>Related links:</strong></p> <p><a href="/health/caring/2016/05/signs-of-elderly-abuse-and-neglect/"><span style="text-decoration: underline;"><em><strong>Signs your elderly loved one is suffering abuse or neglect</strong></em></span></a></p> <p><a href="/health/caring/2016/05/how-to-stay-independent-longer/"><span style="text-decoration: underline;"><em><strong>4 ways to stay independent for longer</strong></em></span></a></p> <p><a href="/health/caring/2016/04/right-time-to-look-at-aged-care/"><span style="text-decoration: underline;"><em><strong>When is the right time to move a loved one into aged care?</strong></em></span></a></p>

Caring

Our Partners

Over 60

© Copyright 2024 OverSixty.All Rights Reserved.