Author: Katherine Wilmott
Published: 31 May 2022
Pages: 33

Introduction

Many of your more mature clients are looking at alternatives to home ownership and residential care. Occupation Right Agreements have become the new catch phrase with exciting brand-new retirement villages popping up all over New Zealand.
When a client couple arrives at your office all excited about the new retirement village, they need your advice. “It is brand new, like living in a fancy hotel” says Mrs Silver eagerly, “There are lawn bowls, a pool table, and a bar selling craft beer”, exclaims Mr Silver, “There is no gardening to do, it was becoming far too much at home” continues Mrs Silver excitedly “All our friends are there, we can go for coffee in the café after Tai Chi”, she continues waving around the glossy brochure. “We have discussed it with the kids” says Mr Silver, “and they like the idea. Ummmmm, they don’t know about the family trust though.”
Your clients are looking at an Occupation Right Agreement (ORA).
This paper will help to answer some of those important legal questions away from the glossy brochures, in plain English, so that you can advise your clients, in plain English.

 

Content outline

• Lawyer’s responsibility
• Where do we start?
• The Occupation Right Agreement
• Residents
• Retirement village
• Ending the ORA
• The deferred management fee – those scary figures
• Accompanying documents
• Family trusts & the Trusts Act 2019
• Family Involvement
• Good co-operation from retirement villages

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