What is a Financial Administrator?
A Financial Administrator is the individual or organisation that manages or administers the financial affairs of a person aged 18 years and over who lacks the capacity to manage their own financial affairs (referred to as a “represented person”).
When is an Administrator Required?
Some people do not have the ability to independently manage their financial affairs as a result of a disability. If they do not have an Enduring Power of Attorney in place, someone who cares about them will need to refer the situation to the Guardianship and Administration Board (the “Board”).
An Administrator’s role ceases at the death of the represented person.
How is an Administrator Appointed?
Administrators are appointed by the Board.
The Board will only appoint an Administrator where a person is aged 18 years and over and:
- has a disability
- cannot make reasonable decisions about financial and property matters because of his or her disability
- there is not a less restrictive or less formal way of providing assistance
- to have an administrator would be in the person’s best interests
What are the duties of an Administrator?
Some of the duties an Administrator may be required to undertake include:
- protecting assets
- dealing with personal property and real estate
- collecting income which may include dividends from shares, rents, pension entitlements or interest
- developing a budget management plan
- paying bills, accounts, accommodation and personal expenses
- developing and maintaining an appropriate investment portfolio
- completing income tax returns and pension reviews
- liaising with government, community and private agencies
- providing full financial statements to appropriate authorities
An Administrator does not deal with lifestyle or medical issues.
- Minister opens the new Public Trustees office
- Advocacy Tasmania seminar during Seniors Week
- Elder Abuse Prevention Strategy
- The Walk Against Elder Abuse
- What is estate planning video
- Public Trustee’s Launceston office expansion
- Weekend Sunrise highlights how to legally get your affairs in order without forking out a fortune.
- Our Launceston office has moved next door
- Queenstown Will & estate planning day
- Our Guide to being a Beneficiary