Awards held on Trust
A Tribunal Member must make an order that an award of assistance be held on trust where the applicant is under a 'legal disability'. This might be because they:
- have had an accident, injury or illness; and/or
- have an intellectual or physical disability (or both); and/or
- are under 18.
A Tribunal Member may also make an order that an award of assistance be held on trust where they consider that the applicant is unfit to manage their own affairs.
Awards of assistance to be held on trust are paid to the Senior Master of the Supreme Court of Victoria (Funds in Court) for investing. Interest is accrued from the date the award is invested until funds are released to the applicant.
Funds in Court will hold funds on trust for a minor until they reach the age of 18 years, at which point Funds in Court will consider releasing the funds to the applicant. In considering release, the Senior Master will have regard to the applicant’s capacity to manage the funds.
In the case of a person under a physical or mental disability, Funds in Court may hold those funds on trust until further order.
An applicant may make application to Funds in Court, Supreme Court of Victoria for release of some or all of their funds prior to them attaining the age of 18 years, or at any time if the funds were directed to be held until further order. Further information regarding applications to funds in Court can be found on the Funds in Court Website.
The contact details for the Funds in Court Office are:
Level 5, 469 La Trobe Street
Melbourne VIC 3000
Tel: 1300 039 390
Fax: 1300 039 388