PUBLIC TRUST OFFICE.

Shannon News, 11 September 1923, Page 3

PUBLIC TRUST OFFICE.

IMPORTANT REDUCTIONS. Concessions of an important nature have been decided upon by the Public Trust Many classes of fees charged in addition to commission for thie administration of estates, have been abolished. In a statement on tbe 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 has warranted the granting pf concessions this has been, done, either by increasing the {return to beneficiajries on amounts held in the common fund, or by a reduction in the'charges made for the administration Qf) estates. In 1921 the* hate' of interest on amounts held in the common fund was raised and the methods under which the interest wias computed were made more liberal. The value of the concessions then given to estates and beneficiaries was estimated at £57,500.

{“M'any classes of fees charged by the Public Trustee in addition to the commission for the administration of estates have been abolished. Such fees include tlhose 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 Trustee’s title to property, and the preparation of conditions of sale. “It has also been decided to abolish the charges made for the inspection of rural properties by the office rangers, except in very special cases where a charge may 'be warranted. “In future, the'charges" by way of commission may be said to practically cover the whole services of the office for the administration of an 'estate, . with the addition, of course, of any actual out of pocket expenses incurred. Apart from the abolition of the special .fees, the commission chargee for the administration of estates, particularly those of substantial value, have been considerably reduced. Tb - charges are ba&ed 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 upon the Capital of Estates when Realised: The commission charged-on 'amounts from £SOOO to £IO,OOO has been reduced from Sja per cent, to l.j per cent; the charge on amounts from £IO,OOO to. £50,000 has been reduced from li per cent, to 1 per cent.; the charge on amounts in excess of £50,000 has been reduced from Vi per cent, to £ per cent. These reductions apply in the case of any testate ior intestate 'estates realised by the Public Trustee or any estate administered and realised under the Lunatic-Act, 1908, the Mental Defectives Act, 1911, the Prisons Act, 1908, the Aged and Infirm Persons Protec-- , tion Amendment Act, 1912,■ the Destitute Persons Act, 1910, and any other estate in respect to which the Public Trustee's charges on realisation, are not specifically provided for.. “The charges have also been reduced in ■ cases where estates are not realised, but are transferred in kind to beneficiaries. The charge on the portion of the value from £SOOO to £IO,OOO in such dases has been reduced from l.i per cent, to 1 per cent. The charge on the value in excess of £IO,OOO has been reduced from £ per -ce&t, to , 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 oh the original trusts in the form of investments'or dash; (b) in the case of a. deed of trust or of a settlement, ante-nuptial or otherwise where the trust property consists of cash; (c) where sums are received by the Public Trustee unrlei section 17 of the Public Trust Office Amendment Act, 1913, being the legacy or share due to any infant paid i over to the Public Trustee by any executor- (d) where an estate is 'administered by the Public Trustee in two as Statutory Conrantee 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 m another e ‘ _ administered by the Public Trustee: the charsre on amounts m excess oi £50.000 has -been reduced from 1 per cent, to h per cent. . *. Income Charges": The commission charges on rent or on interest on mortgages has been reduced from, o per cent, to 2| per cent, on amounts in excess of £SOO per annum,. The concessions apply not only to estates accented for administration after the Ist Anrii, 1923, but.also to those which n’re under administration bv the Publip Tn-stee. on .that dote. The volume of business transacted by the Public Trustee has already assumed large proportions, the total value of assets nd funds under administration on 31 st March. 1923, being approximately £0() 000 000 The wills held on benan of living testators number more than 36,000.” "