Working with NSW Trustee and Guardian

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Working with NSW Trustee and Guardian

Responsibilities of the NSW Trustee and Guardian
Fees
Lodging security
Authorised Visitors
Accounts
Financial records
Annual accounts

Responsibilities of the NSW Trustee and Guardian

The NSW Trustee and Guardian has two clients – the Manager and the person with a disability whose finances have been placed under management. In looking after the interests of both, the NSW Trustee and Guardian is responsible for:

issuing Directions and Authorities that give the Manager individually tailored powers to administer the managed person's estate
deciding on the security needed to protect the managed person’s interests
overseeing the performance of the Manager
deciding on the format for annual accounts
seeking reports from an Authorised Visitor or other professionals about the managed person's needs
releasing funds to meet the managed person’s needs
authorising the sale or purchase of major assets by the Manager
authorising implementation of investment proposals submitted by the Manager
seeking a review of Managers’ appointments if they do not follow the NSW Trustee and Guardian’s directions.

Fees

The NSW Trustee and Guardian Act 2009 and NSW Trustee and Guardian Regulation 2008 require the NSW Trustee and Guardian to charge fees for undertaking the above functions. These fees are payable from the estate of the managed person. The NSW Trustee and Guardian fee schedule for private management services is attached to this handbook as Appendix C.

You must pay all fees charged by the NSW Trustee and Guardian within 21 days of the invoice date. The NSW Trustee and Guardian will send you a reminder if you have not paid the fees by the due date. Failure to pay fees may result in NSW Trustee and Guardian commencing a debt recovery process or seeking a review of the financial management order.

Lodging security

To help protect the estate of the managed person from fraud or loss, NSW Trustee and Guardian decides whether the Manager must lodge particular legal and financial documents or cash deposits with the NSW Trustee and Guardian. These decisions are made on a case by case basis.

You may be required to lodge one or more of the following:

title deed to real estate owned by the managed person
letters from solicitors relating to the non release of title deeds without the NSWTG's prior approval
cash funds to be held by the NSW Trustee and Guardian (funds held by the NSW Trustee and Guardian attract a competitive interest rate)
letters from financial institutions agreeing not to release or deal with investments made by the managed person without first obtaining the written consent of the NSW Trustee and Guardian.

Security requirements are included in the Directions and Authorities. NSW Trustee and Guardian can review the requirements at any time.

Authorised Visitors

The NSW Trustee and Guardian may appoint an Authorised Visitor, who is a health professional with expertise in the field of disability, to prepare independent reports on the managed person.

These reports give the NSW Trustee and Guardian information about:

the managed person's living environment, quality of life and level of social interaction
their mental and intellectual state, including their ability to have an input to decisions
any outstanding needs they may have
their likely future needs.

In the report, the Authorised Visitor may make recommendations for improving the managed person's quality of life. You will be advised of any recommendations on which you should take action.

A fee is charged for visits by an Authorised Visitor and this fee is to be paid from the managed person's estate.

Accounts

All accounts and investments should be held in the managed person’s name alone.

You should particularly note that you cannot open an account in the your name as trustee for the managed person.

Having a single bank, building society or credit union account through which all money is channelled makes it easier for you to keep track of money coming in and going out of the managed person's estate. This account can be an existing account of the managed person or you can open a new account in their name.

Financial records

You are required to keep full details of the managed person's assets, debts, income and expenditure.

In keeping financial records:

where possible, pay by cheque or debit card as this provides proof of payment
keep the receipt when you pay by cash, except for small items
when paying invoices, write "paid" together with the date of payment on the invoice.

Annual accounts

The NSW Trustee and Guardian usually requires you to send in an annual account of the financial dealings you have undertaken for the managed person. This is to ensure you are administering the estate in line with your powers under the Directions and Authorities and any additional approvals given by the NSW Trustee and Guardian.

You also need to prepare a final set of accounts for NSW Trustee and Guardian within a month after being discharged as a Manager or within three months of the death of the managed person.

There are different formats for accounts. The format required depends on the complexity of the managed person's estate. Your liaison officer can advise you on the format you will need to follow and answer other questions about the accounts. The accounts forms and guidelines are available from NSW Trustee and Guardian or on our website at www.lawlink.nsw.gov.au/opc under Publications.