One of the questions that we often get asked by families is about how they can best structure things to be able to manage their sons, daughters or siblings finances, both now and in the future when parents may no longer be capable, or even around, to help with finances.
To help out with this, in July 2022, we teamed up with lawyer, Troy Palmer, who specialises in this area, to provide an information session on the options that are available to people who are thinking or worried about this issue.
Troy provided information on a range of important areas and answered questions about the different types of finance models available.
The session provided people with information about options available, and identified some of the pitfalls and opportunities that families should consider.
- Who takes over from parents and how do they do it
- Power of attorney.
- Financial Administration and Trustees
- Special Disability Trusts
- Wills for family members and for people who have a disability
Two Keys Learnings From the Night
- Families have a lot of questions and its important that they can speak to people who know about this stuff so they can start to get future finances organised.
- There are a number of systems in place to support families to manage the future finances of people who have a disability once parents are no longer able to do this. Knowing the name of them, doesn’t really help on its own. There are quite a few things and options to consider within each model. They are not all complicated, but some will need the help of experts to set up. To decide which method suits you, talking to someone with expertise or has done it before is definitely a good idea.