Adults that suffer from cognitive impairment with a decision making disability may need assistance with their day to day financial affairs. This may include operating bank accounts, paying bills, investing money, selling or buying property, and instructing lawyers to act in legal proceedings.
The NSW Civil & Administrative Tribunal (NCAT) is a state government agency empowered to appoint financial managers for persons that lack decision making ability. Applications are made online followed by an NCAT Tribunal hearing, with no legal representation required.
Parents of children born with a cognitive disability are their legal guardians until adulthood, after which time NCAT can formally appoint them, or any other suitable person, as a financial manager if required.
NCAT hearings are made up of three Tribunal members who consider the best interests of the person about whom they need to determine an outcome, and the hearing process is fairly informal. The Tribunal members also ensure the person who is the subject of the application participates to the best of their ability.
It is prudent for retirees to ensure their financial management appointments, known as Powers of Attorney, are made before any diagnosis is made of dementia or other decease impacting their decision making ability, after which time only NCAT can decide who is appointed to assist them with the management of their financial affairs.
Cecilia Castle is an Accredited Specialist in Family Law, and principal of Castle Lawyers at Asquith. CastleLawyers.com.au
