Difference between revisions of "Committeeship"
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The court can restrict your powers. For example, it might say you can't sell any of the person's real estate without first getting its permission or the consent of the Public Guardian and Trustee. Or the court may restrict your access to an investment so that you can access the income from the investment, but not the investment itself. But otherwise, it will be up to you to handle the person's estate, always keeping in mind the needs of the person and their family. | The court can restrict your powers. For example, it might say you can't sell any of the person's real estate without first getting its permission or the consent of the Public Guardian and Trustee. Or the court may restrict your access to an investment so that you can access the income from the investment, but not the investment itself. But otherwise, it will be up to you to handle the person's estate, always keeping in mind the needs of the person and their family. | ||
The Trustee Act controls what you can invest in. If you invest in things the ''Trustee Act'' does not allow, you may have to pay the estate for any losses. The law says you have to be a prudent investor. This means you cannot invest in high-risk or speculative things. You may want to get professional advice before you make any investment decisions. | The ''Trustee Act'' controls what you can invest in. If you invest in things the ''Trustee Act'' does not allow, you may have to pay the estate for any losses. The law says you have to be a prudent investor. This means you cannot invest in high-risk or speculative things. You may want to get professional advice before you make any investment decisions. | ||
Normally, you can't use the person's property or get any benefit from it. There are exceptions to this—for example, when a husband or wife is committee for their spouse. A husband who becomes incapable must still help support his wife and children. So if his wife is the committee, she can use some of his assets or income for her own living expenses. If you are a committee and believe you can use the person's assets or income to support a family member or yourself, you should first check with the Public Guardian and Trustee or your lawyer. | Normally, you can't use the person's property or get any benefit from it. There are exceptions to this—for example, when a husband or wife is committee for their spouse. A husband who becomes incapable must still help support his wife and children. So if his wife is the committee, she can use some of his assets or income for her own living expenses. If you are a committee and believe you can use the person's assets or income to support a family member or yourself, you should first check with the Public Guardian and Trustee or your lawyer. | ||