Financial administration

What is Financial Administration?

Sometimes in life, an adult needs assistance with managing their financial affairs. This may be due to an intellectual disability, psychiatric illness, acquired brain injury or an age related illness. Without support, the adult’s needs may not be met or they may be vulnerable to exploitation or neglect.

For example, an adult may not budget effectively to meet their needs, adequately insure their car or home or apply for their full government pension benefits. The Public Trustee can assist by acting as Financial Administrator or Financial Attorney.

The Public Trustee's friendly and experienced staff will consider the unique circumstances of each client and we tailor our services to meet individual needs.

Considerations for the appointment of a proposed Administrator or Attorney include the financial ability and accountability of a proposed Administrator or Attorney and the potential for conflict between the parties. Administrators and Attorneys for financial matters need the skills and experience to make impartial decisions that best protect a person’s interests and promote their quality of life.

As the largest and most experienced administrator in Queensland, The Public Trustee is uniquely placed to meet the diverse needs of Queenslanders.

The Public Trustee is permanent, experienced and impartial. We never go on holidays or get sick and we are here throughout an adult's life to provide support as required.

The Public Trustee believes in serving the interests of our clients with discretion, compassion and empathy. We are committed to consulting with our clients, their families and their carers. The Public Trustee protects the interests of others in an impartial yet caring manner.

 

 

The Public Trustee as Financial Administrator or Attorney

The Public Trustee has extensive experience and expertise in acting as administrator and financial attorney. We provide our clients with access to the following services:

 

Personal Trust Officer

A personal Trust Officer is appointed to assist each client with the management of their financial affairs. The Trust Officer can be contacted directly by telephone, facsimile, email or in person by appointment. The Trust Officer is also supported by a range of professionals to achieve the best possible outcomes for each client. This includes experts in investments, financial planning, property management, taxation and legal matters.

 

Financial Management Plan

Once a Trust Officer has been appointed they will contact the client and their support network to prepare a Financial Management Plan.

A Financial Management Plan enables the Public Trustee to tailor services which consider each client’s lifestyle goals and support needs. A Financial Management Plan also provides an opportunity for clients and their existing support network to contribute their views and requirements. Each client or their nominated contact person is presented with a copy of the completed plan.

As part of the plan, each client is also assisted in developing a budget detailing all income and expenses as well as future capital expenditure. The budget supports the client’s lifestyle to ensure their needs are met both now and into the future. The trust officer will work with the client to change the budget if the client’s circumstances change.

Some clients also require financial planning advice. Where required, a Statement of Advice is prepared as part of the Financial Management Plan. The Statement of Advice takes into account the client’s budget, assets and liabilities, lifestyle and financial goals as well as their immediate and longer term needs. The Statement of Advice ensures the client’s money is invested to provide sufficient income and capital to promote their financial security and quality of life. The Statement of Advice is presented to the client or the nominated contact person prior to implementation and is reviewed at least once a year or earlier if required.

 

Payment of accounts and bills

We can pay some or all of the client’s bills on their behalf. This includes accommodation, living expenses, insurance, medical and pharmaceutical expenses as well as property costs such as rates and insurance. These expenses are included in the client’s budget to ensure that sufficient funds are available for payment.

 

Income and investments

We help clients to receive their full income entitlements such as Centrelink benefits. Each client’s taxation obligations are reviewed annually.

 

Statement of account

We provide annual statements of account showing all the income received by our office, bills we have paid and the client’s assets and liabilities. If the client has Public Trustee Investment products, quarterly statements are provided detailing the income earned.

 

Impartial and permanent

The Public Trustee is permanent and impartial and we’ve been serving Queenslanders for over 100 years. As an impartial Administrator or Attorney we will always act only in the client’s interests.

 

Disability support officer

Our Disability Support Officers provide specialised assistance and advice to Trust Officers on a range of issues. This includes government and non-government services, specialist medical equipment, home and vehicle modification and accommodation support services. The Disability Support Officers can also assist in identifying support services to assist clients. Our Disability Support Officers are available without charge to assist clients in maximising their independence and quality of life.

 

Fees

The Public Trustee charges fees for acting as Administrator or Financial Attorney. The fees are based on the level of service provided to each client. However, our services are provided to all Queenslanders irrespective of whether they can afford the actual cost of the services provided. See Fees and Charges for more information.

 

Further information

Our staff are available to discuss our services in greater detail. You can call us to answer any questions you may have toll free on 1300 360 044. You can also obtain further information on our Administrator service and other services online.

Our vision is to be the independent trustee for Queenslanders providing security and peace of mind.

Our vision

The independent trustee for Queenslanders providing security and peace of mind.

The Public Trustee has extensive experience and expertise in acting as administrator and financial attorney.

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Last published: 7/09/2017 1:17:13 AM