Managing someone's affairs as a Property Manager
If someone is no longer able to manage their own finances or property, a property manager is appointed. Property managers look after the financial affairs of a person who is deemed mentally incapable. The property manager will usually be a family member, friend, or trustee company.
There are laws that govern how a property manager must act, and what they can do for the protected person. Read on to find out what your responsibilities are as property manager including a breakdown of the statements you need to make, or call us for advice.
From October 3, the Ministry of Justice has made changes to costs around private manager services.
What does the Property Manager need to do?
The property manager is accountable to the Family Court and must provide regular financial statements, according to the Protection of Personal and Property Rights Act 1988.
There are various documentations that need to be prepared, including:
Property statement (first time)
Within 3 months of appointment by the Family Court, the property manager must prepare a statement of all assets and liabilities within the protected person’s property, correct as at the date of the order.
Annual statement (ongoing)
An annual statement of the protected person’s property is due to the court on each anniversary of the order, within 30 days. This must cover the management of all property ( assets and Liabilities) , including a summary of receipts and payments for the 12 month period between the last statement and the order anniversary date.
Final statement (last time)
When the property manager’s responsibilities end (due to discharge of the order or death of the protected person), a final statement must be submitted to the court within 30 days. This report must cover the management of all property, including a summary of receipts and payment up to the cessation date.
More information
For further information about the Protection of Personal and Property Rights Act or your responsibilities as a property manager, please contact your local court or legal representative, or refer to the information found here.
For a visual PPPR Act summary, click here
For a printable Private Manager information document, click here
This sheet lays out the steps managers must take to manage someone's property, contains information on the statements that must be filed, and Public Trust's involvement in the process.
To find out more about what a Property Manager does, click here to visit the Ministry of Justice Website.
How is Public Trust involved?
The Protection of Personal and Property Rights Act 1988 (PPPR Act) prescribes how property management is to take place.
Section 46 of the PPPR Act outlines Public Trust’s role in this process: that we are required to review the statements submitted by property managers, and report back to the court.
The court uses Public Trust to check the property manager’s financial statements and ensure that the statements reflect what is occurring with their assets, liabilities and funds under management.
We will review the statements against the supporting documents provided and file a report with both the court and the manager on completion of the review.
For more information about Public Trust’s examination of financial statements, please get in touch.
