Opening a limited account or the management of the earnings of a client with diminished capacity
This page contains information on what you as a guardian should take into account when planning the placing of your client’s funds in a limited account, in the implementation of changes to a limited account or when taking up the management of the earnings of a client with diminished capacity.
A limited account refers to an account from which funds can only be withdrawn or transferred with the permission of the guardianship authority. If you as a guardian want to place your client’s funds in limited account, your will need permission from the guardianship authority to do so. When funds have been placed in the limited account, you will need permission for the withdrawal of funds from the account or for changing the terms and conditions of the account.
If you have placed your client’s funds in a limited account, the guardianship authority can extend the accounting period for the annual statement or grant an exemption from submitting an annual account.
If you are the guardian of a client with diminished capacity and you observe that you should take on the management of your client’s earnings to ensure the best interest of your client, you will need a permit to do so. A client with diminished capacity refers to a minor or an adult, who has been declared incompetent. However, you must ensure that your client has free access to a sufficient amount of funds.