As an administrator, you may find yourself in a situation where your personal and financial interests conflict with the interests of the protected person.
Potential conflicts of interest
A conflict of interest is any action where your interest competes with or negatively affects the interests of a protected person.
This can occur when you:
- want to borrow money from the protected person’s estate
- propose that either they or a close relative or friend moves into the protected person’s house
- propose that the protected person invest money in a company or business in which the you have an interest
- seek to gain a greater interest in a deceased estate and adversely affect the protected person’s rights and/or entitlements
- are a beneficiary of the protected person’s Will and might benefit from the estate upon their death.
What to do if a conflict arises
If a conflict of interest does arise, it does not mean you have done anything wrong.
It is important to recognise this and identify situations where you are having difficulty making impartial decisions.
If you believe there may be a potential conflict of interest, contact us for advice.
Phone: 8463 7441
If we can’t help, you may be referred to SACAT for further advice and direction.