In most jurisdictions, personal injury lawyers can claim the cost of ‘funds management’ when compensation is being claimed for a child or someone with a brain injury.
When your lawyer does their homework on this part of the claim, it can make a huge difference not only to the final settlement sum, but also the quality of life you and your loved one can enjoy for the rest of their life.
You want to ensure that you get to choose the financial management option that will best suit your family. This might be the public trustee, a private trustee company, or sometimes a family member like you. Understanding these options and the differences between the service providers is important.
To claim the cost of private funds management, your lawyer will need an expert report that sets out the ‘cost of funds management’. This is called a ‘funds management report’, or FMR.
Aeran prepares FMRs for you at the request of your lawyer. These reports make clear how much it will cost for the settlement money to be privately managed either to age 18 or for the rest of the injured person’s life. Your lawyer can use the FMR to support the claim for private funds management in the settlement negotiations.
At Aeran, we regularly prepare FMRs for lawyers at no cost and with no obligation. We know the difference that private management makes to future wellbeing and peace of mind.
As your lawyer will explain, you don’t have to choose the cheapest provider, which may be the government public trustee in your state. Especially in larger settlements, you have a choice and can choose private management.
Aeran’s FMRs help your lawyer prove that your choice of private manager is reasonable. The fees we quote are highly competitive and we have a strong reputation for delivering a quality service.
Beyond just preparing FMRs, Aeran is often called upon to explain what they mean to families. We can help you understand the ‘protective system’ that applies in your state or territory.
Aeran advisers enjoy explaining the different options, so that families can weigh up what might be right for them. These discussions are usually held in the lead up to a settlement conference. This can be quite an anxious time! Families usually feel quite stressed at the prospect of having to select a suitable decision-maker or trustee, as the concepts can be unfamiliar and daunting.
We will take the time to explain the system to you. We highlight the choices available, and the initial and ongoing protections. We emphasise that the system is designed to take the pressure off families, to enable your loved one to have the benefit of professional money management.
We highlight the checks and balances designed to keep the money safe, and to keep the focus on the best interests of the injured person. We welcome the participation of your lawyer in all our communication with you.
Families usually feel reassured and empowered once they have a better understanding of the system, their choices, and their ongoing vital role post-settlement.
We don’t charge for these discussions and there is of course no obligation to move forward with us. Our aim is to provide clear information to help people make important decisions with confidence, especially in the lead up to and just post-settlement.