PUBLIC TRUST OFFICE.

Hokitika Guardian, 4 September 1923, Page 4

PUBLIC TRUST OFFICE.

IMPORTANT REDUCTIONS. Concessions of an important nature have been decided upon by the Public Trust Office. Many classes of fees charged in addition to commission for the administration of estates, have been abolished. In a statement on the position, the Public Trustee states: “The principal aim of the Public Trust Office is to render efficient service to its clients and not to amass profits, and whenever the surplus of revenue over expenditure lias warranted the granting of concessions this has been done, either by increasing the return to beneficiaries on amounts held in the common fund, or by a reduction in the charges made for the administration of estates. In 1021 the rate of interest on amounts held in the common fund was raised and the methods under which the interest was computed were made more liberal. Tl:o value of the concessions then given to estates and beneficiaries was estimated at £57,500.

“ Many classes of fees charged by the Public Trustee in addition to the commission for the administration of estates have been abolished. Such fees include those charged for the obtaining of grants of administration, the preparation and filing of stamp accounts, the supervision of repairs to properties, the .settlement of mortgages, the registering of the Public Trutsee’s title to property, and the preparation of conditions of sale.

■' I t has also been decided to abolish the charges made for the inspection of rural properties hv the office rangers, except in very special cases where a charge may he warranted. “ In future, the charges by wav of commission may be said to practically cover the whole services of the office for the administration of ail estate, with the addition, of course, of any actual out of pocket expenses incurred. Apart from the abolition of the special fees, the commission charged for lhc administration of estates, particularly those of substantial value, have been considerably reduced. The charges aie based upon the realisation or transfer of assets in estates, or upon the collection of income.

The following statement will indicate the extent, of the reductions now decided upon :—Charges noon the capital ol estates when realised : the commission charged oil amounts from £SOOO to £IO.OOO has been reduced from 21 per cent to 11,l 1 , per cent; the charge on amounts from £IO,OOO to £50,000 l' iis been reduced from 11 per cent to 1 per cent; the charge on amounts in excess of £50,000 has been reduced from 1 i per cent, to :! per cent. These reductions apply in the case of any testate or intestate estates realised by the Public Trustee or any estate ndmiuistcrce and realised under the l.unatics -act, IPOB, the -Mental Defectives Act, 1011, the Prisons Act, 1008, the Aged and infirm Persons Protection Amendment Act, 1012, the Destitute Persons Act, 1910, and any other estate in respect t„ which the Public Trustee's charges mi realisation are not specifically provided for.

■■ The charges have also been reduced in cases where estates are not realise 1. but are transferred in kind to beneficiaries. The charge on the portion of the value from £5090 to £IO,OOO in such cases lias been reduced from ly per cent to 1 per cent. Tile charge oil the value in excess of £IO,OOO has been reduced from per cent to J per cent. In each of the following cases, namely:.—(a) Where amounts realised by a former executor, trustee, or administrator become vested in the Public Trustee on tire original trusts in the* form of investments or cash; (b) in the case ol a deed ot trust or oi a settlement ante-nuptial or otherwise where tile trust property consists of cash; (c) where sums are received by the Public Trustee under section if oi the Public; Trust Office Amendment Act, 1913, being the legacy or share due to any infant paid over to the Public Trustee by any executor: (d) where an estate is administered by the Public Trustee in two capacities—e.g., as Statutory Committee of a mental patient's estate and later as executor under the will of the deceased patient, or where an estate consists of a share in another estate administered by the Public Trustee; the charge on amounts in excess of £50.01)0 lias been reduced from 1 per

cent to .V per cent. Income Charges: The commission charged on rent or on interest on mortgages hns been reduced from 5

per cent to 2f per cent on amounts in excess of L'soo per niinnni. The concessions apply not only to estates accepted for administration after the Ist April, 1023, hut also to those which are under administration by the Public Trustee on that date. The volume of business transacted by the Public Trustee lias already assumed largo proportions, the total value of assets anil funds under administration on Mist March, 1023, being approximately L"2!),000,(!fi0. The wills hold on behalf of living testators number more than 30,000.”