PUBLIC TRUST OFFICE.

Hokitika Guardian, 15 August 1929, Page 7

PUBLIC TRUST OFFICE.

CHARGES REDUCED. The Prime Minister (the Right Hon. Sir Joseph Ward; announces that important reductions in the changes made' for legal and administration work performed in the Public Trust Office will take effect as from Ist July, 1929. As a resu.t of economies which have been introduced and the _ very gratifying increase in business, it has beep found possible to grant valuable concessions to clients and beneficiaries of the Office and it is proposed tearing into effect a new scale of charges for the preparation by the Public Trustee of mortgage documents ir connection with loans granted fron the Commofi Fund of the Public TrusOffices or from, individual estates o funds under the Public Trustee’s ad ministration and to make importan concessions in the administration o< cases arising under the Workers’ Com- . ° i pensation Act. A perusal of the new scale of fee* will show the valuable concessions made.

THE NEW SCALE,

The following scale affords a comparison of the new scale of charfjst adopted by the Public Trust Office anc. the charges authorised under the scak approved by the New Zealand Law Society.

Amount of Loan, up to £ICO, re r duction on Law Society charges, 5b per cent; £IOO to £SOO, 45 per cent. £SOO to £IOOO, 40 per cent; £lood tc £2obo, 35 per cent; exceeding £2OUo, 33 1-3 per cent. Section 100 of the Public Trust Office Amendment Act, 1921-22, make, it illegal for any person to charge i. procuration fee in obtaining a loan from the Public Trust Office. It will be seen from, the scale that the reductions which are considerabh will benefit more ■ especiallythost .classes whose financial needs are moderate in; amount and who have hith erto felt the burden of heavy iega charges in arranging their finance The preparation.of the documents .wi be undertaken by the professional stall, of the Public Trust Office and; th; ..charges made though moderate will; b sufficient to renumeriue the office fo; the work done. ’ . ■

Those cases arising under the Workers’ Compensation Act are also , deserving of the concessions, made. ' Thi Public Trustee is frequently called oi to admiiiister moneys received* unde; die Workers’ Compensation Act t at present they are subject to jj charge by way of commission at the rate of 2i per cent but from Ist Julj last the charge has been reduced to ] per cent. Such a reduction will no only considerably benefit the bene ficiaries, but will commend itself 1x the public generally. In frequent cases the Public Trus tee purchases a house on behalf of tin widow and children of the. deceaset worker taking a mortgage back frofi the widow to secure the amount advanced, which is generally liquidat ed by payments made for the main tenance of the' dependants. In futui< no charge whatever will be made fo the preparation of the necessary docu ments, the whole cost being coverec by the small charge of. 1 per ceiy made for the general administration of the compensation, moneys. The Public Trustee is called upoi to administer numbers of small es tates. where the beneficiaries are lefi in unfortunate financial circumstances The minimum charge for the admin istration of such estates has been re duced from £3 3s to £2 2s thus benefiting those who participate in the dis tribution of the estate.

preparation of wills. It has been the seitled policy of tin Public Trust Office to grant concessions to its clients and beneficiarie: as the financial position of the Offici made such concessions possible. Ii recent years the rates, of commission charged on both capital and inter.es. in estates have been reduced am many, classes of fees charged by, tin Public Trustee for special service have been abolished. The Publi : Trustee has for many years past pre pared free of charge all wills in -whicl he is appointed executor. As it has - been suggested in sown quarters that the Public Trustee col lects a charge for this work when tin estate comes into his hands for; ad ministration, the posit ism will b made clear by the issue of a, regula tion to the effect that the commissioi ciiarged for the administration of ai estate shall be held to include . tin cost of preparation of the will. Tin right of any person to have a Wi appointing the Public Trustee execo tor prepared free of charge will thu be established. The Office is assured of a largamount of future business in that tin Public Trustee holds the Wills of nv>r than 63,000 living persons for sqf custody under which he is appointer executor, these Wills affecting as sets of an estimated value of £251, 000,000. New Zealanders in England and pronv nent London business men speak ver highly of him. An extension of lr term of office would he very popular.’