A helping hand when it mattered most turned this man’s life around

When one man’s fall left him unable to return home, a trusted decision-maker stepped in to secure his comfort, dignity and financial stability.

Mark* had always been an independent and active man. In his 80s, he lived in an apartment block on the third floor alone and received little to no help with his daily tasks. But when he recently suffered a fall, doctors told that he could not return to his beloved apartment or independent life. He was instructed to move into residential aged care so he could be looked after properly. 

Suddenly, Mark’s circumstances changed. With no family or close friends nearby to support him, he faced an uncertain and daunting future – until he reached out to Equity Trustees for financial advice and guidance.

Having appointed Equity Trustees as his Enduring Power of Attorney (EPA), Mark was able to access immediate support. A dedicated adviser stepped in to help manage his financial and personal affairs, ensuring he could continue making informed decisions with confidence.

“At the time of Mark’s fall, he had no one – no family members or friends who could help him find alternative accommodation or assist with his affairs,” says Sandy, National Manager – Advice at Equity Trustees. “But because he had nominated us as his EPA, we were able to step in and support him in making those financial decisions.”

Sandy’s first step was to understand Mark’s unique circumstances and personal preferences. 

“If you try and imagine someone who’s elderly, living by themselves, and then told they can’t go home, they have no idea what to do. So I went through the process of understanding his personal position and what he wanted, where he would like to live.”

Mark chose the location of his aged care facility and a placement service assisted in helping him explore facilities in that area so that he could make the final decision about his future home. “A person’s home is such an important place. It was essential that Mark felt empowered about choosing where to live.”

Financial considerations after a fall

While the emotional side of Mark’s story was significant, the financial complexity was equally challenging. Sandy explains that many people in similar circumstances might have been forced to sell their home immediately to pay for care. Instead, Sandy helped Mark to take a more strategic approach.

“In these situations, people often think selling the home is the only option, but aged care fees are complex. In Mark’s case, we decided to pay the daily accommodation payment, like rent, instead of a lump sum bond. That allowed time to prepare his property for sale and manage his finances effectively.”

By reviewing Mark’s investments and structuring them in a tax-effective way, Sandy was able to minimise costs and maximise his income. “We saved him about $38,000 a year in interest on the cost of aged care, and he also received the Age Pension. That meant he had an additional $29,000 a year. It made a big difference.”

Without that expertise, Mark could have faced rushed financial decisions, lost income, and unnecessary stress during an already difficult time.

Sandy says Mark’s experience highlights why having an EPA is essential. “People don’t like thinking about what might happen if they can’t live at home, but it’s so important to plan ahead. If you don’t have an EPA, it’s very hard for anyone to step in and help you.”

“Those who plan early and engage with professionals feel much more confident about their future. Finance is important, but so is a person’s wellbeing, confidence and peace of mind.”

*Name changed to protect privacy.

“Finance is important, but so is a person’s wellbeing, confidence and peace of mind.”