PUBLIC TRUST OFFICE

Patea Mail, Volume XLVI, 3 September 1923, Page 3

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 has 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 192.1 the rate of interest on amounts hold in the common fund was raised, and the methods under which the interest was computed were made more liberal. The 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 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 eases 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 charged for the administration of estates, particularly those of substantial value, have been considerably reduced. The charges arc based upon the realisation or transfer of assets in estates, or upon the collection of income."