Where someone is unable to fully manage their property or financial affairs because they are not mentally capable, a property manager can be appointed by the Family Court to look after these things for the person.
When family relationships are complex, it is really important to have clear, and effective ownership of property.
Recently, it’s been highlighted to me how important it is to have a Will and to make sure it is up to date. A Will deals with your property upon your death. Property includes real estate, vehicles, bank accounts, life insurance policies, shares, your Kiwisaver/superannuation account and your ‘stuff’ in general.
What happens when a family member becomes mentally incapable through injury or illness and there is no enduring power of attorney in place?
What if my child is born with an intellectual disability and they are unable to care for themselves and sort their own finances when they are an adult?
You may be able to apply to the Family Court for appointment as a welfare guardian and/or property manager.
One of the things many people think about in times like these (actually it also seems to be right before Christmas or going on holiday) is whether they have a will in place, or need to make changes.
We don’t want you to be anxious so here’s a few things to think about to put you at ease.