The below information is from the Public Trustee Qld. Reference: Public Trustee Qld
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 as Financial Administrator or Attorney
The Public Trustee provide our clients with access to the following services:
Payment of accounts and bills
We can pay some or all of the client’s bills on their behalf. This can be negotiated with the trust officer and 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.
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.
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.
With our disability service standards, we have made a commitment to involve clients, their carers, family members and other key people in the decision-making processes to ensure that the best results are achieved regarding financial and lifestyle planning matters.
For our new clients
As part of our commitment to promoting independence and quality of life, one of our tasks is to determine the level of personal financial management service required.
It may take a few months to assess and identify a new client’s ongoing needs. Once this has been done and the level of financial management support that best suits the client’s needs is determined, an appropriate fee is set.
If a client’s circumstances alter during the year and they require either more or less support from us, then our fee will be reviewed and adjusted so that it fairly reflects the level of support and services we provide.
How is the Public Trustee fee arrived at?
The client’s financial administration needs are carefully assessed. The fee charged by the Public Trustee has two components and reflects the level of support and services provided.
Estimate of cost
Each individual’s situation is personal and unique. However, if you can give us some clear guidelines as to potential planned living arrangements and anticipated needs we will be happy to provide you with an estimate of fees.
Our staff are available to discuss our services in greater detail. You can also call us to answer any questions you may have. Please call toll free on 1300 651 591.