Re X  NSWSC 275 concerned a young woman (aged 20 years) who had received medical negligence compensation. She made application for an order that funds totalling approximately $1 million held in court (with the NSW Trustee & Guardian), on her account, be paid out to her personally rather than to a protected estate manager. Her intention (supported by her parents) was to pay the monies into a trust.
The court held that in her present circumstances and with an estate comprising liquid funds of approximately one million dollars, the applicant is not capable of managing her own affairs. At :
She can, and should, be personally engaged in all decision making affecting her interests; but, in my assessment, the evidence points firmly towards a current need for a protective regime for management of her estate, allowing her reasonable latitude in the management of her personal, day-to-day finances.
The court declined to approve the private trust arrangement:. A range of reasons for that decision appear in the judgment. The parents of the plaintiff were appointed joint managers of the estate of the plaintiff subject to the orders and direction of the NSW Trustee.