ADMINISTRATION OF ESTATES

Southland Times, Issue 23379, 10 December 1937, Page 13

ADMINISTRATION OF ESTATES

PUBLIC TRUST BUSINESS During the past year 2770 estates and funds of a total value of £5,968,109 were accepted for administration by the Public Trust Office, compared with 2719 of a value of £6,675,965 the previous year. Notwithstanding the reduction in values, the new business for the year was satisfactory (states the report of the Public Trustee, Mr E. O. Hales, for the year ended March 31 last). The total number of estates and funds under administration at the close of the year was 18,874, of an aggregate value of £60,770,814,, as against 19,123, valued at £60,660,310, at the end of the previous year. There is. a decline in numbers and a comparatively small increase in total value as compared with the large volume of new business, and this in accounted for mainly by the circumstances referred to in last year’s report—the effect of the conversion of local-body indebtedness upon the sinking funds held by the Public Trustee and the repayment of existing investment agencies upon maturity. In addition, considerable progress was made during the year with the liquidation of the Investment Executive Trust and related companies. In the other estates and funds under administration the aggregate business has shown an increase exceeding £1,200,000. In addition 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. Ir. other cases the duties are not of an active character; for example, 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 £1,862,210. The number of wills appointing the Public Trustee executor or trustee deposited by testators during the year was 4408, representing a substantial increase over the corresponding figure of 4014 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 The number of wills withdrawn during the year through the death of testators or otherwise was 1965. The number of wills on deposit at the close of the year, 88,321, therefore showed a substantial increase of 2443 over the corresponding figure at the close of the previous year, which itself contituted a record in the history of the office. During the year 3898 wills were redrafted to provide for alterations desired by testators, as compared with 3497 redrafts for the previous year. The Minister in Charge of the Public Trust Office (the Hon. W. Nash) in his report states that the expansion of the Public Trust Office over the past 20 years is shown by the following table giving the value of the business under

administration and the number of wills on deposit at regular intervals:— Value of estates Number of and funds under wills on administration deposit 1917 15,065,583 19,565 1927 41,043,523 53,531 1937 60,770.814 88,321