Financial Statement and Plan

You may need to separate joint accounts that the represented person holds, so that all funds are held in the represented person’s name and can be accounted for accurately. If there are important reasons to keep the joint account, you need to seek VCAT’s approval. If you sell a joint asset, you must make sure that the represented person receives their share of the value. If you are buying a new joint property with the same owners using sale proceeds from a joint asset, it is important that the new asset is owned in the same proportions as the joint asset that was sold. You can seek approval of VCAT for these transactions.

Write to us to request approval: 

• when the order requires you to seek VCAT approval before selling the represented person’s properties, or if the represented person does not want you to sell their property. Write to VCAT to seek approval before starting any sale process.
• if you want to loan the represented person’s money to another person. Tell us the terms of the proposed loan, the name of the borrower, their relationship to the represented person, the amount of the loan, repayment dates, interest payable, any security for the loan, and how making the loan reflects what’s important to the person and promotes their personal and social wellbeing.
• to gift more than $100 of value of the represented person’s property (including money) to another person. Tell us the name(s) of persons receiving gifts, their relationship to the represented person, the amount of the gift and how making the gift reflects what’s important to the person and how it promotes their personal and social wellbeing.
• when you want to renovate the represented person’s property. Tell us about the proposed works, their purpose, the estimated cost and how the renovations reflect what’s important to the person and how it promotes their personal and social wellbeing.
• if you need to take legal action on the represented person’s behalf that hasn’t already been specified in the VCAT order. You may be protected from liability if you get VCAT’s formal approval for specific decisions.

• A gift under $100 of value of the represented person’s property (including money) to a relative, or a close friend. The gift must be reasonable given the represented person’s financial circumstances.
• Donations to charity valued at under $100. A donation to a charity must be a type of donation which the represented person made when they had capacity or might reasonably be expected to make.
• Routine transactions under $1000.00, accommodation and other essential or regular payments as noted in this FSP (subject to VCAT’s approval of your FSP).

If the represented person dies, the administration order ends and the law relating to a deceased estate applies. Tell VCAT in writing that the represented person has died and send us: 

• a death certificate, or 
• notification of death by a professional, such as a doctor who was involved in their care. 

You are responsible for the estate until the date of death. Complete and keep accounts up to then, in case an executor or other authorised person needs these. You can submit the final accounts to VCAT

If the person is medically assessed and found to have capacity to make a will, they may be able to do so. In all cases, you may consult a lawyer to get advice about the options available.