Disability presents advice opportunities to look at how to generate replacement income as well as the investment of lump sums in many cases. Where the disabled person is the child of your client, special consideration needs to be given to estate planning issues to ensure the child is cared for if the parents pass away.
In many cases, you may not be dealing directly with the client, as another person may need to act on his/her behalf. You should always check that the other person has legal authority through a power of attorney or guardianship order and check whether there are any limits or restrictions to any such authority.
The rules around powers of attorney and guardianship orders vary across the states/territories and you need to consider the rules that apply for the state/territory in which the disabled person lives.
Louise Biti is a director of Strategy Steps – www.strategysteps.com.au
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