The Public Trustee as Financial Administrator
The Public Trustee as financial administrator has practical experience in managing the financial affairs of thousands of Tasmanians. This professional experience is combined with the personal care of experienced client account managers, who are familiar with our clients’ circumstances and support networks.
The Public Trustee can help
When the Public Trustee is appointed by the Guardianship and Administration Board as your Administrator, it is our responsibility to manage your financial affairs. We ensure that your best interests are promoted and your financial well-being is protected for the long term.
Your money will be held in a separate account at the Public Trustee and we will only use your money to pay for your expenses. Where possible, we will encourage and assist you to become capable of managing your own money.
The Public Trustee has been appointed – what happens next?
One of the first things we will do is arrange a meeting to introduce you and/or your support person to your own client account manager. They will be supported by a range of professionals to achieve the best possible outcomes for you. This may include experts in investments, financial planning, property management, taxation and legal matters.
In this meeting we will:
- talk about our role and responsibilities;
- explain the administration process, including investment of funds and managing any potential legal issues that may arise;
- discuss an affordable budget, and
- explain our fees and charges.
The administration order is effective immediately. However, it does take time for us to ensure everything is set up to manage your financial affairs. We will need to re-direct your income to us, confirm your assets and liabilities, and establish budget arrangements. This can take up to six weeks.
What the Public Trustee can do for you
This includes but is not limited to:
- Develop a budget to help pay your bills (as long as they are agreed in advance with the Public Trustee).
- Transfer money to and from your bank account and use your money to pay your bills.
- Talk to Centrelink for you and organise Centrepay deductions.
- Redirect your income and have your pension paid directly to the Public Trustee.
- Deal with your foreign pension if you are entitled to one.
- Complete your income and assets assessment for your admission to aged care.
- Identify whether anyone owes you money and request that it be paid.
- Deal with Aurora, Telstra, TasWater and other companies for you.
- Organise the insurance and sale or rental of any real estate you may own.
- Contact anyone you owe money to and work out a plan for repayment.
- Provide you with a financial statement setting out all of your income, assets and expenses at least once a year.
- Complete your income tax return and deal with any other investment needs, including shares or other investments.
- With your permission, talk with your support person/s and staff about your financial matters.
- Investigate any legal issues to do with your finances.
What the Public Trustee cannot do for you
- We cannot make your lifestyle (e.g. personal or health care) decisions. That is the role of a guardian or person responsible.
- We cannot decide where you are going to live (although we can say whether you can afford it or not).
- While we can approve payment for services, we cannot organise the services themselves – you or your support person/s will still need to make your appointments, get your own quotes for purchases and do your own shopping.
What the Public Trustee expects from you
- If you need to meet your client account manager, you will contact them in advance to organise a time. We will not be able to meet with you unless you have arranged an appointment.
- If you need extra money from the Public Trustee to pay for a purchase, you will need to discuss this with your client account manager before you buy it.
- You will let us know if you change your phone number, address or name.
- You will let us know if you receive a bill or request for payment.
- You will be polite when you contact us. Swearing, yelling and threatening behaviour will not be tolerated.
Things you cannot do while the Public Trustee is your administrator
- You cannot take out any loans. This includes but is not limited to loans from Centrelink (unless the Guardianship and Administration Board has stated you are to manage your own pension), a bank, credit union or personal finance companies.
- You cannot sign a hire purchase agreement.
- You cannot sign a lease for where you are going to live. This will need to be done by the Public Trustee.
If you have any more questions regarding financial administration, see our Financial Administration FAQs further down this page or contact us to make an appointment.