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Covid 19 Update: We are still open as we are an essential service. We are accepting all the new & existing enquiries either via phone or video conferences. As per NSW govt regulations, we are taking all the necessary hygiene precautions to protect our customers and staff.

What is a financial management order?

What is a financial management order?

A financial management order refers to an order made by a Court, or the NSW Civil and Administrative Tribunal, appointing a person, people or a body (sometimes the NSW Trustee and Guardian) to manage the finances and assets of another person.

The person who is the subject of financial management orders will be suffering from some kind of condition which affects their ability to make decisions for themselves. For example, the person may suffer from a disability that significantly impacts their cognitive capacity, such that their mental functioning is similar to that of a young child.

These orders often only come into place if informal arrangements (such as the usual family arrangements where a disabled child’s parents make decisions for that child) are no longer effective, or there are other circumstances (such as legal reasons) which require something more formal to be put in place.

These are the most similar kinds of orders that we have to the “conservatorship orders” that are the subject of the Brittney Spears case (the “Free Brittney” movement), which arose out of mental health concerns surrounding the singer.

Depending on the person’s condition and circumstances, it may be that the orders do not need to be in place for the entire life of the financially managed person, or even for a prolonged period of time.  As with the Brittney Spears matter, it may be that the person themselves approaches the Court or Tribunal to have those orders varied or removed on the basis that they are, for example –

 

  1. Oppressive;
  2. No longer necessary; and/or
  3. Being used contrary to the person’s best interests (such as where the financial manager is committing some form of abuse, whether that be financial, emotional or physical).

Sometimes issues surrounding financial management orders can become quite difficult and complex, and legal assistance may be required. If you would like advice about a financial management order, including a dispute concerning an order, please do not hesitate to contact our Estate Litigation and Elder Law Solicitors at Brazel Moore Lawyers on (02) 4324 7699.

Leading law firms committed to helping clients cost-effectively will have a range of fixed- priced Initial Consultations to suit most people’s needs in quickly learning what their options are. At Brazel Moore we have an experienced team who can answer your questions and put you on the right track. Click here to see your Initial Consultation options ICLink

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