Nobody wants to lose capacity; unfortunately, it does happen. If you lose capacity, do you want your affairs managed by a stranger?
The NSW Trustee and Guardian is the guardian and/or financial manager of last resort for people found to be unable to make decisions for themselves. Over 16,000 people in NSW currently have the financial affairs and/or medical decisions made by NSW Trustee and Guardian. Almost one third of these people are between the ages of 25 and 50.
What many do not know is the NSW Trustee and Guardian does not provide a free service. It charges its financial management client’s an establishment fee and an annual fee both calculated as a percentage of the client’s assets (excluding their primary residence), together with investment fees. The NSW Trustee and Guardian is a substitute decision maker. This means it makes decisions on behalf of (and in place of) its clients.
To protect, promote and support the rights, dignity, choices and wishes of some of the most vulnerable members of our community, Anthony Morton, an experienced Senior Associate at Commins Hendriks, suggests to his clients “to appoint a trusted family member or friend to be your Attorney and/or Guardian to assist you and make decisions for you should the worst happen. They are more likely to fully understand your situation, be more responsive and carry out their duties in accordance with your wishes”. Commins Hendriks can advise you in relation to Powers of Attorney and Guardianship and assist preparing the necessary paperwork.