We saw a new client whose 30 year old daughter has Downs syndrome. The daughter is not mentally capable of managing her own affairs, but has $220,000 in the bank from her disability pension and work that she does as a cleaner for the Police under an assisted placement programme.
Her mother wants to buy a house for the daughter, using the money and came to us because the bank wanted a trust to which it could lend the money.
That idea will not work in this situation. What is needed is an Administration Order whereby the State Administrative Tribunal appoints the mother as the Administrator of the daughter’s financial affairs.
The mother could then buy the house as “X, as administrator of the Y’s estate”, and borrow the balance in that capacity, though the bank may need a personal guarantee from the mother as well.
For State Administrative Tribunal Applications for parents of disabled children, see Michael Paterson & Associates.