Public Trust Office

Stratford Evening Post, Volume XXXIX, Issue 100, 1 September 1923, Page 7

Public Trust Office

IMPORTANT REDUCTIONS Concessions ol an important nature nave neon decided upon by the i'uolic Trust unice. Many classes of ieo s charged in addition to commission for tile acimiiustiatou of estates, have been abolished. In a statement on the position, tb© Public Trustee states: “The principal aim I of the Public Trust office is to reuuer emcieut service to its clients and not Ito 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

lull amounts noia m meunmmu * or by, ft reduction in the charges I mado for the administration of estates. In 1921 the rate of interest on amounts held in the common fund was raised and the methods under which the interest «s computed were made more liberal. The valu of the concessions then cnven to estates and beneficial ies was estimated at £57,500. , . “Many classes of fees charged by the Public Trustee in addition to the commission for the administration ot estates have been abolished. &uch fees include those chargee for the obtaining of grants of ndramistraaon, the preparation and filing of stamp accounts' the supervision ot repairs to nroporties, the settlement of r - mamas, the registering of the Pub Trustee’s title to property, and the preparation of conditions of sale “It has also Icon decided to aomish the charges made for the inspection of rural nroperues by the olhoe rangers, except in very special cases where a charge may bo warranted. -In future die charges by ivay ot commission may be said to practically cover the whole services ot the o.uce for the administration of an estate, with the addition, of course, ot any actual out of pccket expense, incurred Apart froom the abolition of the special fees the charged for the administration of estates, particularly those of substantial value, have been reduced. The charges are based upon the realisation or transfer of assets in estates, or upon the collection o

The following statement will inchcate til© ixtciit of the reductions « decided upon: -Charge, Capital of! Estates when Roalisea. The commission charegd on amounts tarn WOOD to £lo.ooo.hat.been roSo,;oo to reductions cent. to 4 £ 4^cfatfi or apply in the’ the PubinteAate es ■ administerhc Tmstee or any . r mm tics Id and realised under 'Hie Enmities Act iW The Menial Mentis ion The Pnsnns Act, A cod and tS&to Amendment Act lS»12jl.e n «’ ottior Pe-smis Act, L • ~ , Pub ostpto! m resp-ct to wUicn lie Trustee’s charges on reaction are not specifically < ‘The charges have also been dared in cases where estates are not realised, but are transpired m kma to beneficiaries. charge mi the oartion of the value tram £-5000 t" filO n OQ in such cases has been reduced 'from U per cent, to 1 per font. The cha-ge on tile value m ex™RR of £IO.OOO has been reduced from ? p°-r cent, to \ per cent. In of the following cases, namely; (a) Whe’e amounts lealsed bv a former executor, trustee, or ad™inmivatoi* become vested in the Public mmstee en t.h<> orcrinnl tnmtg in the Omul of investments or ensb; 00 in +Vo fjrno of a deed ef trust er of a oa-itlcrmont, nritf-nun+ifl or otherwise where the trust cons-sts_ o* ~oß h ; M i'her 0 sums are received

). v the Pnhh'c Tnis'ec under section -7 of the Public Trust OTce Amendment Act. 1913. hew the legacy or share duo to any infant paid over •co the Puhlip Trustee bv anv executor • (di where an estate is administered bv the Public Trustee in two capacities—e.gi, as Statutory Committee of a mental patient’s estate and later as executor under the will of the deceased nati-mt. or where an estate consists of a share in another administered bv the Pnht? Trustee; the 'harpe on amounts in of £so.ooo'hi* been reduced from 1 per cent, to h per eeht._ _ Tncome Charges; Tlie commission charged on rent or on interest oil mortgages hap been reduced from d per cent, to 2k per cent, on amounts in excess of £SOO per annum. The concessions apply not only to estates coop tod for administration after tho Ist April, 1923. but also to those which are under administration by the Public Trustee on that date The volume of business transacted bv the Publ.c Trustee has already assumed large proportions, the total value of assets and funds under administration on 31st March. 1923, being approximately £29,000.000. The wills held on behalf ol living t testators number more than 3C.000. ’