Resources for property managers

What are property managers?

Property managers are individuals who look after the financial affairs of someone (known as the protected person) – usually a family member – who no longer has the mental capacity to manage their own affairs.

When someone loses mental capacity to manage their own financial affairs and they haven’t previously put an enduring power of attorney (EPA) in place with their wishes, an application can be made to the Family Court to appoint a property manager to manage their financial affairs.

Usually, the manager will be a family member, friend or trustee company. They will manage the financial affairs of the protected person.

The property manager is then accountable to the Family Court and must provide regular financial statements.
The law that lays out how property managers must operate is the Protection of Personal and Property Rights Act 1988.

Read on to find out more or see our frequently asked questions.

Why is Public Trust involved?

The Court uses Public Trust to check the property manager’s financial statements. Public Trust then provides an opinion to the Court on the correctness of the statements submitted.

The cost of Public Trust’s examination is set by the Act at $132 (including GST) per hour, and these costs are usually paid out of the estate of the protected person. Public Trust invoices as the examination progresses.

The Act requires Public Trust to review the reports submitted and report back to the Court. It is our role to check that the report reflects what is occurring with the funds under management.

Public Trust aims to complete its examination within 3 months (as long as conditions are met). If Public Trust requires further information or clarification from the property manager, the property manager has 30 days to respond.

If the property manager does not provide information within the 30 day period, Public Trust will issue an examination opinion based on information on hand. This may lead the Family Court to investigate further with the property manager.

What types of statements need to be prepared by the property manager?

  • Property statement (first time)

    Prepare a statement of property of the protected person's property (i.e. all assets and liabilities) at the date of the order and submit to the Court with supporting documentation within 3 months from the date of the order.

  • Annual statement (ongoing)

    Prepare an annual statement of the protected person’s property as at the anniversary date of the order and submit to the Court with supporting documentation. The report must cover the management of all property (assets and liabilities) under management, including a summary of all receipts and payments during the period ending on the anniversary date.

  • Final statement (last time)

    This is required if the protected person dies or on cessation/discharge of orders or when the manager's responsibilities end on the applicable date. The report must cover the management of all property (assets and liabilities) under management, including a summary of all receipts and payments during the period ending on the date of death or management stopping. The final statement needs to be submitted to Court with supporting documentation within 30 days of death or cessation/discharge of the order.

Templates for financial statements

Are you a property manager who needs to prepare statements? Our templates can make your life easier.

Property statement (XLS 403kb) Use at the beginning of the property manager’s appointment.
Annual statement (XLS 405kb) Ongoing use.
Final statement (XLS 405kb) Use at the end of the property manager’s appointment.

What supporting documentation must you send with financial statements?

Download our handy checklist of supporting documentation to submit with your financial statement.
Types of supporting documentation

Does the statement submitted to the Court need to be examined by Public Trust?

All statements must be examined by Public Trust unless a corporate trustee is the property manager.

Further information

See our list of frequently asked questions for more information.

Property Manager FAQs

For 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.

For information about Public Trust’s examination of financial statements, please contact Public Trust at PrivateManagers@publictrust.co.nz or phone 0800 782 766.