Managing family and expectations
Most families pull together at this time, when a brother, sister or parent is moving to an aged care home (nursing home). It is an emotional milestone for all.
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However all families are different and we all have different pressures in our daily lives. It is usual for one family member to take on the bulk of the responsibility to manage administration and the physical move into the aged care home (nursing home).
This will include:
- Pulling together all the documentation, especially around finances
- Seeking appropriate financial advice
- Searching and negotiating the contract with the aged care home (nursing home)
- Identifying the real estate agent and valuing the family home
- Preparing the family home for sale, including funding repairs and marketing
- Clearing and cleaning the home after the sale
- Managing the legal and financial affairs, including investments of excess funds
- Keeping everybody updated
Our Ray White 'concierge service' specialises in all aspects of apreparing your home for sale. Nobody understands family more than we do, we are a family business in our fourth generation.
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There is no escaping that this can be an intensive and emotional workload, which brings many families undone with misunderstandings and perceived unfairness.
Our advice is to hold a family meeting well in advance – 12 months or more before a move to an aged care home (nursing home) is likely – and to include the person moving to care so that their view is respected.
Identify early who will be responsible for which activities, ensure they have the correct legal documents in place to allow them to do their tasks.
Agreement on ‘strategy’ is also very helpful. For instance:
- Will you pay a RAD or a DAP?
- Will you sell the family home and how will you sell the family home?
- Who will pay for the repairs and sale process?
- What will happen if the home sale isn’t going to deliver the value hoped – will you sell anyway or will the family contribute to care costs until the right price is reached?
Be aware that all of our lives change from year to year. A general understanding may not hold a few years later due to financial and other changes in circumstances for some family members. Equally the directions of the person going in to care can change over time.
A family conference once a year is a wise precaution.
Our advice is to hold a family meeting well in advance 12 months or more before a move to an aged care home (nursing home) is likely and to include the person moving to care so that their view is respected.
Events can destroy the best laid plans. A fall could necessitate a sudden transfer to hospital and within days or weeks the move to an aged care home (nursing home).
The family member appointed to manage the legal and financial tasks and the sale of the family home could themselves be incapacitated or worse. Is there a backup plan including a second person with the legal authority (Enduring Power of Attorney, Enduring Guardianship, bank account access and more) to act?
Events can destroy the best of plans.Be prepared for the unexpected.