William Buck Private Manager and Trustee Services for Protected Estates
What is a Protected Estate?As a result of an accident, ill health or unfortunate circumstances certain people become incapable of managing their own financial affairs.
Often these people receive a sum of money in the form of an award for damages to compensate them for the losses they have suffered and to provide income to meet future needs. These people are often referred to as protected persons.
In such circumstances someone needs to take responsibility for the financial affairs of the protected person. That responsibility is often placed in the hands of a trustee/manager on behalf of the protected person. The money entrusted to the trustee and manager is referred to as the protected estate.
What is the Legal Basis?
A trustee and manager is normally appointed by a Court or similar authority. The appointment is often pursuant to the Aged & Infirm Persons' Property Act and the trustee responsibilities are administered under the Trustee Act.
The relationship is one of where the manager and trustee administers a trust fund (protected estate) on behalf of a beneficiary (protected person).
Protection is put in place for the protected person by imposing obligations on the trustee to have adequate insurance, report regularly on the funds held and act in the best interests of the protected person.
The trustee can be an appropriately qualified individual and or incorporated body. Appointments can be either public or private.
What are the Services Provided?
The trustee and manager has a number of roles which are usually in three stages:
- Initial appointment
- Implementation
- Ongoing management
1. At the initial appointment stage the services consist of:
- Attending a briefing by the party (normally a solicitor) acting on behalf of the protected person
- Submission of a written service proposal setting out what would be done for the protected person
- Attendance at the court hearings and completion of documentation required (e.g. affidavits)
2. Upon Appointment
- Carry out the directions of the Court or similar jurisdiction set out in the order
- Full assessment of the protected persons financial needs
- Preparation of a financial plan for the protected person including appropriate structuring recommendations to facilitate tax and operational efficiency
- Communicate, adjust and implement the plan including investment of funds
3. Ongoing Management
- Collect and record investment returns
- Distribute funds to the protected person or make disbursements on behalf of the protected person
- Complete all reporting obligations to the relevant jurisdictions (including taxation authorities)
- Attend to ongoing administration of fund assets
- Review performance against the original plan and make modifications if and when required
- Deal with requests from the protected person as and when required
For more information
For more information on our manager and trustee services please download a brochure or contact your local office.
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William Buck Protected Estates Brochure (PDF 607Kb opens in new window) 
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