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Whitehead, Peter --- "Services Provided by Public Trustee NSW to Seniors" [2003] ElderLawRw 5; (2003) 2 Elder Law Review 7


SERVICES PROVIDED BY PUBLIC TRUSTEE NSW TO SENIORS

Peter Whitehead[1]

There are many ages, stages and situations in life that act as natural milestones; points at which it is wise to take stock of goals and achievements, and re-evaluate plans for the future.

At each of these stages people are faced with a changed set of circumstances or responsibilities. Knowing what to do in each situation, and what action to take, is not always easy.

Public Trustee NSW is a self-funded government enterprise providing personal trustee services in NSW. A range of services building personal estate management plans caters for all clients but as we know, many of these plans only come to effect for elderly people. Products and services include: will making, estate administration, trust management, funeral bond and private client services (power of attorney).

Aging creates particular urgency for having a current will. Particular issues for seniors include reviewing a will regularly to ensure beneficiaries still survive, exploring options for trusts for grandchildren, and properly managing later life relationships: life estates and mutual wills may be appropriate options. Reviewing a will frequently also allows for an assessment of testamentary capacity.

Public Trustee NSW manages around 2500 new estates each year, and the same number of long term trusts created by wills. In most of these matters the Public Trustee is appointed executor and trustee. Elderly people bank on Public Trustee’s experience and impartiality in making sure assets are managed prudently, and correctly distributed.

Long term trusts, eg for grandchildren, require proper compliance with trustee investment powers and duties. Seniors are also particularly concerned about an independent party being chosen as executor when Family Provision Act claims are likely. Seniors who are appointed executor and do not feel that they are able to manage the estate can opt to renounce their executor role to Public Trustee.

With an increasing ageing population, it’s more important now than ever before to prepare for the future management of financial affairs. At the time of retirement or becoming a senior citizen, quality of life and health are issues that need to be carefully considered and discussed.

As the population ages, an individual’s needs can vary greatly. Decisions such as the redistribution of your wealth, downsizing a home, even moving into a retirement village, are all commonplace. Often decisions have to be made which require help or substitute decision-making by an Attorney.

Public Trustee NSW provides Private Client Services, designed to manage personal financial matters such as managing income producing assets and share portfolios. Clients access this service by appointing the Public Trustee as Attorney.

Health experts predict that between 1995 and 2041 the number of people with dementia in Australia will increase by 254 per cent. This is because the older population, (those most likely to suffer from dementia), is expected to increase at a faster rate than the total population[2] . The average length of time a person will live with dementia is ten to fourteen years.[3]

Public Trustee NSW can assist in lessening the impact of caring for someone with dementia. Families and carers can act to protect and alleviate the burden through the Active Assist service, which provides support for people through the independent and secure management of their financial affairs.

Seniors generally have the following reasons to consider Private Client Services:

§They may wish to be free of the day to day demands of financial paperwork and record keeping;
§They may be going abroad for an extended period of time and not want to deal with these affairs directly while away;
§They may not wish to burden a friend or family member with the responsibility of looking after these affairs;
§They may simply find the demands of financial management have become too much to handle without assistance, either because of illness or the nature of their assets.

Private Client Services can assist seniors in a flexible way. Three levels of planned assistance are available - Safeguard, Standby and Active. Each plan is designed to cater to specific needs, no matter what age and stage of life. As circumstances change seniors can upgrade or downgrade the level of support required.

Public Trustee NSW is one of the largest life-planning organisations in New South Wales. It currently manages more than $1.2 billion worth of people’s assets and has been trusted with managing personal financial affairs for over 85 years.

In order to meet the commitment of providing services for seniors Public Trustee employs solicitors, accounting and taxation staff and paralegals experienced in trust, estate and attorney administration.

For further information log on to www.pt.nsw.gov.au or phone 1300 364 103.


[1] Public Trustee (Acting) NSW

[2] Henderson, A S and Jorm, A F (1998), Dementia in Australia, Aged and Community Care Service Development and Evaluation Report No 35.

[3] Gregory, R. (1992), Putting the Pieces Together: a National Action Plan for Dementia Care: Mid Term Review of the Aged Care Reform Strategy Stage 2 1991-92, 11, 20.


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