As a result of an accident, ill health or unfortunate circumstances, certain people become incapable of managing their own financial affairs.

Often these people receive a sum of money in the form of an award for damages to compensate them for the losses they have suffered and to provide income to meet future needs. These people are referred to as protected persons.

In such circumstances someone needs to take responsibility for the financial affairs of the protected person. That responsibility is often placed in the hands of a trustee/manager on behalf of the protected person. The money entrusted to the trustee and manager is referred to as the protected estate.

Protection is put in place for the protected person by imposing obligations on the trustee to have adequate insurance, report regularly on the funds held and act in the best interests of the protected person.

The trustee can be an appropriately qualified individual and or incorporated body. Appointments can be either public or private.

How can we help?

Our Private Trustee Service provides a personalised and flexible management service. It is suitable for those people wanting a tailored approach as opposed to receiving a standardised solution that may or may not be the best option.

What are the services provided?

Upon appointment
  • Carry out the directions of the Court or similar jurisdiction set out in the order
  • Full assessment of the protected persons financial needs
  • Preparation of a financial plan for the protected person including appropriate structuring recommendations to facilitate tax and operational efficiency
  • Communicate, adjust and implement the plan including investment of funds
Ongoing management
  • Collect and record investment returns
  • Distribute funds to the protected person or make distributions on behalf of the protected person
  • Complete all reporting obligations to the relevant jurisdictions (including taxation authorities)
  • Attending to ongoing administration of fund assets
  • Review performance against the original plan and make modifications if and when required
  • Deal with requests from the protected person as and when required

Not only is our Private Trustee Service more personalised, it is also more cost effective than other services available.

Private Manager and Trustee Services Specialists

Latest insights from our Wealth Advisory team

13 July 2021 | Minutes to read: 4

Super changes from 1 July 2021: new laws and increased thresholds

From 1 July 2021, a raft of new superannuation laws were introduced including changes to key superannuation...
16 June 2021 | Minutes to read: 4

Year-end strategies for reduced tax exposure and ongoing wealth accumulation

Financial year end can be daunting, but rather than approaching it with disdain and visions of sky-high...
31 May 2021 | Minutes to read: 4

2021 year-end tax planning tips for medical specialists

It is hard to believe that we are in June already, and with only four weeks until...
25 May 2021 | Minutes to read: 2

Top 5 Superannuation Changes from 2021-22 Federal Budget Update

This is a White Paper published by the SMSF Association As expected, this year’s Federal Budget has...
25 May 2021 | Minutes to read: 2

Further changes to Income Protection policies effective 1 October

We recently communicated the upcoming changes to Income Protection proposed to take effect on 1 October 2021....
11 May 2021 | Minutes to read: 2

Revisiting your risk profile

It’s time – whether you’re just starting to build your portfolio or a sophisticated investor with extensive...

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Be Informed

Be Informed is William Buck's regular newsletter, filled with up to date news and relevant advice for individuals and businesses.

Get in touch!