Safeguarding your family

The importance of planning for Financial Trustees and Executors of individuals with intellectual disability.

In the journey of caring for a loved one with intellectual disability, planning for their future is paramount. If you currently administer your family member’s financial affairs, you may need to consider who could undertake this role should you lose capacity to do so in the future. Without proper nomination, families may find themselves limited in options.

A trustee (in the case of a disability trust) or financial administrator plays a vital role in ensuring the financial wellbeing and ongoing quality of life for the person they are responsible for. It’s not just about managing assets, but also understanding the unique requirements and aspirations of the beneficiary.

The role of trustee or financial administrator can be an individual or a professional organisation. When planning your estate, it is important that these decisions are captured in your Will and we encourage you to discuss these arrangements with key people including your own Enduring Power of Attorney and Executor.

Can I appoint Bayley House to act as a trustee for my family member when I die?

We understand the importance of planning for your family member’s future, and we appreciate your trust in Bayley House. However, in adherence to our policies, Bayley House does not provide trustee services. We believe it is in the best interests of your family member to have an independent trustee with specialised expertise in legal and financial matters. This ensures impartial management of their assets, securing their financial wellbeing. An independent trustee is equipped to support the changing needs of your family member and can adapt to evolving circumstances as they age.

As a starting point, we encourage you to explore the possibility of asking a trusted family member or friend to act as a trustee. This can provide a familiar and supportive foundation for your family member’s financial planning. Alternatively, considering a professional trustee that will appoint a case manager with the necessary legal and financial expertise can offer a seamless transition and further enhance the long-term financial security for your family member. Australian Unity, Equity Trustees and State Trustees currently offer these services. The same options should be considered when nominating an Executor in your family member’s Will.

We appreciate planning your estate and making provisions for your loved one with an intellectual disability can be uniquely challenging. We suggest you seek legal/financial advice from professionals with experience and expertise in working with families in similar situations.

The following resources may provide further clarity when deciding how to create the most suitable trustee arrangement for your family member.

Resources

Carers Victoria

Services Australia

Australian Unity

Equity Trustees

State Trustees