LEGAL COSTS DROP

Sun (Auckland), Volume III, Issue 742, 15 August 1929, Page 10

LEGAL COSTS DROP

CONCESSIONS MADE IN PUBLIC TRUST ECONOMIC CONTROL Under an announcement by the Prime Minister, Sir Joseph Ward, important concessions have been made in the charges for legal and administrative work performed in the Public Trust Office. Sir Joseph has explained the remarkable expansion of the office's activities. In 1914, the value of estates under administration was £ 1 2,282,383. and. this year, £48,334,790. Organisation and the employment of business principles have allowed the conduct ol' the office economically. A large increase in business has been dealt with without a corresponding rise in expense. Threugh the economies. Sir Joseph’s announcement continues, and the rise in business, it has been found possible to grant concessions to clients and beneficiaries of the office. A new scale of charges is proposed for the preparation by the Public Trustee of mortgage documents in connection with loans granted from tlic common fund of the office, or from individual estates or funds under the Public Trustee’s administration. Concessions can be made in the administration of cases under the Workers’ Compensation Act. •'The following statement affords a comparison of the new scale of charges adopted by the Public Trust and those authorised under the scale approved by the New Zealand Law Society," Sir Joseph continues. —Amount of loan: Up to £IOO, 50 per cent, reduction on the charges on the Law Society’s scale; over £IOO up to £SOO, 45 per cent.: over £SOO up to £I,OOO, 40 per cent.: over £I,OOO up to £2,000. 35 per cent.; over £2,000, 33 1-3 per cent. Borrowers from individual estates and superannuation funds under the Public Trustee will benefit from the reductions, and those raising loans on town or country properties also have an advantage. The 2|/per cent, commission rate on moneys held under the Workers’ Compensation Act for administration in terms of a Court order has been decreased to 1 per cent. The admin-, istration fee on small estates where the beneficiaries are in poor financial circumstances has been reduced from £3 3s to £2 2s.

In recent years, the rates of commission on capital and interest in estates have been reduced. In future, the right of persons to have a will appointing the Public Trustee executor prepared free of charge will be established.

With further increases in business and economical management, additional concessions may become possible at a future date.