PUBLIC TRUST OFFICE

Wairarapa Times-Age, 1 September 1939, Page 8

PUBLIC TRUST OFFICE

INCREASE IN BUSINESS RECORDED. YEAR’S OPERATIONS REVIEWED. During the past year 3089 estates and funds, of a total value of £6,314,532, were accepted for administration, as compared with 2934, of a value of £5,966,359, in the previous year, states the annual report of the Public Trust Office for the year ended March 31, 1939. There was therefore an increase in the number of new estates and funds, and the aggregate value showed a satisfactory increase over the previous year’s new. business. The total number of estates and funds under administration at the close of the year was 19,224, of an aggregate value of £61,715,713, as against 19,068, valued at £60,815,306, at the end of the previous -year. Although, therefore, the administration of many estates was completed during the year, there was an increase in both the number and value of/estates remaining under administration at the end of the year. In addition to the 'business referred to in the previous paragraph, there are many cases where the Public Trustee is required to supervise the administration by private persons of the estates of mental patients and aged and infirm persons. In other cases the duties are not of an active character —e.g., trusteeships for debenture-holders. By including these figures the value of the estates and 'funds under administration at the close of the year would be increased by £l,830;802.

The fact that the Public Trustee specialises in the making of wills and offers this service free'of charge,: to persons desiring new wills prepared or old wills revised where the Public Trustee is appointed executor is reflected in the continued increase in the number of wills received.

In the past year 4919 wills appointing the Public Trustee executor or trustee were deposited by testators, representing a substantial increase over the corresponding figure of 4502 for the previous year. The majority of the wills were prepared by the office. The number of wills withdrawn during the year through the death of testators or otherwise was 2241. At the close of the year there were 93,152 wills on deposit, showing a substantial increase of 2678 over the number at the beginning of the year, which itself constituted a record in the history of the office. During the year 3991 wills were redrafted to provide for alterations desired by testators, as compared with 3981 redrafts for the previous year. The report goes on to state that the new business in the past year comprised estates and trusts of a value of £4,232,491 out of the total of £6,314,532. During the year, 563 intestate estates, valued at £344,597, were accepted for administration. Under the Mental Defective Act, 480 estates, with assets valued at £462,493 came under the control of the office, bringing the total number of such estates under administration to 2404, with assets of a value of £2,747,250. Referring to investment of funds, the report states: The investments completed during the year totalled £1,794,121, which represents an increase of £327,190 on the corresponding figure for the previous year. The total investments completed by the office and still held at March 31, 1939, inclusive of special investments on behalf of estates and funds, amounted to £37,654,612, which represents an increase of £870,305 compared with those held at March 31, 1938. These figures are exclusive of those investments whichcomprise assets of estates at the time they came under the Public Trustee’s administration and which are still held as assets of those estates.