Financial Management: You Have a Choice
If you have been unfortunate enough to suffer a traumatic brain injury which has rendered you incapable of managing your own financial affairs, you no longer have to have the NSW Trustee & Guardian managing your financial affairs.
You have a choice in appointing someone to manage your financial affairs. Your options are:
- Appoint a family member to manage your financial affairs. Your family member must act as your financial manager with the assistance of a financial adviser, and under the supervision of the NSW Trustee & Guardian.
- Appoint a private trustee company to be your financial manager who will also be under the supervision of the NSW Trustee & Guardian.
Once upon a time it was very difficult, if not impossible to have someone other than the NSW Trustee & Guardian as your financial manager. That is no longer the case.
These days it is a very simple application that is made to the Supreme Court of New South Wales or to the New South Wales Civil and Administrative Tribunal to have someone other than the NSW Trustee & Guardian appointed as your financial manager.
So long as the appropriate evidence is obtained and filed with the application, the courts, and the Tribunal, often appoint family members or trustee companies as financial managers for those who are incapable of managing their own financial affairs.
Part of the evidence includes medical reports and affidavits from medical practitioners commenting on your capacity or incapacity to manage your own financial affairs.
Furthermore in the past it was very difficult, if not impossible to have a financial manager removed, or to change a financial manager, but that is no longer the case. Such an application is also very simple and straightforward, so long as the appropriate evidence is presented to the Court.
The courts are prepared to make orders that are in the best interests of the person that lacks the capacity to manage his or her own financial affairs if capable.
Whilst there are many personal injury law firms in NSW, at Stacks Goudkamp we additionally have expertise in making financial management applications. This is a service that we provide not only to our existing personal injury clients, but clients of other firms and individuals who lack capacity for other reasons.
If you are a person who requires the appointment of a financial manager due to your incapacity, please contact me, Ivan Dzajkovski, on 1800 25 1800 or make an online enquiry, and I would be more than happy to make such an application for you.
If you are a person who was previously the subject of an order appointing a financial manager, and you now believe you can manage your own financial affairs, please also call me on the number above. I would be happy to advise you in relation to the merits of an application to have your financial manager removed.
Written by Ivan Dzajkovski.
Ivan Dzajkovski is a Practice Group Leader at Stacks Goudkamp. Ivan has over 25 years of working in personal injury law. He has particular experience in acting for people with catastrophic injuries and on behalf of people who lack mental capacity. Ivan acted for the Plaintiff in Stubbs v NRMA which at the time was the highest amount of damages awarded in a personal injury claim by a NSW Court.