3 Ways Public Trustees Manage Finances For A Client
Table of Contents
Public Trustees are a team of attorneys, administrators, accountants, and other professionals who act as trustees on behalf of the government (national, state, or tribunal) to provide services related to manage finances for a client. There are various roles that Public Trustees assume and provide legal counsel to help solve your financial issues.
Public Trustees Manage Finances For A Client
1. Trustee
The responsibilities of a Public Trustee include managing the property. Moreover, Public Trustees help maintain the finances of your dependents in case of your death or injury. A trust is a relation between the trustee and the beneficiary. It includes division of assets, providing monthly support, setting up a charity trust, and setting up a trust fund for a minor or a disabled person.
There are various types of trusts that include unit trust, charitable trusts, injury and compensation trust, superannuation trust, etc. In each of these cases, a trustee ensures that the beneficiary gets assets and finances at the right time.
You can hire an individual or an organization, such as State Trustees in Victoria, as a trustee to dispense assets safely to the beneficiaries.
2. Executor
An executor is a person responsible for executing the will of a deceased individual. The will may include the division of assets, property, and belongings. The executor is liable in the case if anything goes wrong. Some Public Trustees also offer Executor services if they are named so in someone’s will. Otherwise, they provide services to an individual who has been named an executor.
The executor’s roles and responsibilities include reading your will, contacting the beneficiaries, transferring assets, filing tax returns, etc.
3. Administrator
A Public Trustee also offers services of Personal Finance Administration. Apart from providing legal counsel regarding your finances, an attorney also manages your income sources and ensures the payment of all bills and accounts on time. Moreover, they also make sure that you maintain a budget.
Public Trustees provide administrative services to those individuals who are unable to manage finances on their own. These include minors, disable people and the elderly. However, someone who has suffered an injury can also seek these services. For someone to avail of these services, they need to prove that they cannot take care of their finances. Usually, it is a guardian who provides relevant evidence on a person’s behalf. In addition to this, they maintain a record of all the incomes, bills, assets, properties, etc.
In addition to this, most Public Trustees also provide administrator services for NDIS. The National Disability Insurance Scheme (NDIS) is a government-led initiative that offers financial support for people with disabilities. The purpose of the scheme is to help disabled individuals achieve their goals and become more independent. You can find more about NDIS on this website.
Public Trustees appoint a Trust Office to help them with the finances. As an NDIS service provider, the aim is to ensure that the client receives benefits from the scheme.
Conclusion
Hiring a Public Trustee to help manage finances for a client can be of great help. In the case of a deceased person, hiring them ensures that your assets and property are in the hands of professionals, who will get the job done.
