Information about financial management orders
If a person's decision-making ability is impaired due to disability, age, mental illness or injury, another person, private trustee company or NSW Trustee & Guardian may be appointed as a financial manager by a court or tribunal to make financial decisions on their behalf under a financial management order.
What does a financial manager do?
A financial manager is responsible for looking after all (or part) of another person's financial and legal affairs, including:
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cash
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shares
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real estate
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superannuation
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business interests
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motor vehicles
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debts.
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Who can a court or tribunal appoint as a financial manager?
You can download our Financial Management Handbook for more information.
Who can be appointed as a financial manager?
| Private financial manager |
a family member, friend or Trustee company (more than one person can be appointed to make decisions together). |
|---|---|
| NSW Trustee & Guardian | if no family member or friend is willing or able to take on the role of private financial manager, then the court or tribunal will appoint us to manage all, or part, of the person’s financial and legal affairs. |
Definitions
- tribunal
A legal forum to make and review decisions and settle conflicts. Tribunals are like courts but are usually more specialised and less formal.
Frequently asked questions
What does 'capacity' to make financial decisions mean?
'Capacity' is your ability to make decisions for yourself.
It means you can show that you understand the situation, facts, information and consequences of your choices including weighing up the risks and benefits and are able to clearly communicate consistent or stable choices to others. If you can't follow these steps to make your own financial decisions, you may be considered to:
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lack capacity due to disability, including intellectual disability, dementia, brain injury or mental illness
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temporarily lack capacity, for example if you’re in a coma following an accident
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be able to make some decisions but not others.
Specifically, your capacity to make financial decisions includes:
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managing accommodation, for example, maintaining a house, renting or boarding
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general banking, including making sure you have money to buy what you need
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paying bills for services such as water, electricity, gas and phone
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buying food and clothes
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deciding what things to buy and sell, including important items such as cars and investments
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Whether to take legal proceedings to protect or recover your property or ensure a property settlement under family law or make a claim for interest in a deceased estate.
Who can apply for a financial management order?
If you have genuine concern for the welfare of another person having serious difficulty managing their own financial affairs, you can make an application for a financial management order. In most cases, an application is made by a:
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family member
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close friend
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social worker
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healthcare professional.
How to apply for a financial management order?
A court or tribunal assesses any application to decide a person’s capacity to make their own financial decisions.
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You can make an application for a financial management order to the Guardianship Division of NSW Civil and Administrative Tribunal (NCAT) or the Supreme Court of NSW
NCAT can appoint an individual person or NSW Trustee & Guardian to be a person’s financial manager under a financial management order.
As separate organisations, NCAT make their decisions independently of NSW Trustee & Guardian. -
Doctors, social workers and other health care professionals can apply for an order to the Mental Health Review Tribunal.