Wills & Estates Practice Area: Financial Management Order Specialisation
The Wills & Estates practice area in New Zealand focuses on helping people manage their financial affairs, especially when someone is unable to do so themselves. One important part of this area is the Financial Management Order.
What is a Financial Management Order?
A Financial Management Order is a legal tool that allows a person (known as a "manager") to take care of another person's financial matters. This is often needed when someone is unable to manage their own finances due to reasons like illness, disability, or old age.
How Does It Work?
For example, if an elderly person has difficulty handling their money and paying bills, their family can apply to the New Zealand Family Court for a Financial Management Order. If granted, this order allows a trusted person to manage the elderly person's finances, ensuring that their bills are paid and their money is used wisely.
What Can a Manager Do?
Once a Financial Management Order is in place, the manager can:
- Pay bills and manage bank accounts
- Make decisions about investments
- Handle property and assets
- Ensure that the person's financial needs are met
Why is This Important?
Having a Financial Management Order helps protect vulnerable individuals from financial abuse and ensures that their money is used for their care and wellbeing. It provides peace of mind for families, knowing that their loved ones are being looked after financially.
Conclusion
The Wills & Estates practice area, particularly the Financial Management Order specialisation, plays a vital role in supporting individuals who cannot manage their finances. It helps ensure that their financial affairs are handled properly and with care, reflecting the values of compassion and responsibility in New Zealand.