ADMINISTRATOR - A person appointed by the Court to manage the estate of a deceased person, usually in respect of an estate where there is not a will.

APPOINTMENT OF GUARDIAN - A guardian for infant children may be appointed under the terms of a Will. However the appointment is not legally binding as at the date of death the appointee may be unable to act as guardian.

ASSETS - All your possessions at the time of your death, including real estate, cash and bank accounts, household furniture and effects, wearing apparel, personal effects and all other investments and insurance policies.

BENEFICIARY - The person named in the will to benefit from the distribution of an estate.

CODICIL - An addition or alteration to a will executed in the same way as a will.

DEFENDANT - the party against whom in a claim is brought in a proceeding.

EXECUTOR - The person or trustee organisation you choose to carry out the terms of your will. Your executor is responsible for the entire administration of an estate until the final distribution of the assets is made to the beneficiaries. During the administration your executor will control all the assets.

ESTATE - All your assets and liabilities at the time of your death, including real estate, cash and bank accounts, household furniture and effects, wearing apparel, personal effects and all other investments and insurance policies.

FUNDS MANAGEMENT SERVICE - Since its inception Public Trustee has held money in trust for its clients and has had the responsibility to invest that money for the benefit of those clients. The skills and management expertise built over the decades have provided the foundation for the significant growth in funds management within Public Trustee. Public Trustee now has in place a fully fledged, diversified funds management service currently investing in excess of $450 million of client funds.

(GRANT OF) PROBATE - The official document issued by the Court confirming that the will is the last made by the deceased. It also gives the Executor/s full authority to deal in matters relating to the estate.

GUARDIAN - is a person who is entrusted by law with the care of another.

INTESTATE- Not having made a will.

INTEREST IN AN ESTATE - is an entitlement to benefit in the distribution of the estate.

LEGACIES - A legacy is a gift of personal estate by a will and usually a legacy of money.

LIFE INTEREST- is interest in an an asset given to a person for the period of his/her life.

PERPETUAL TRUST - is a fiduciary relationship in which one person (the trustee) holds the title to property (trust estate) for the benefits of another (beneficiary) indefinitely.

PLAINTIFF - one who brings an action in a civil case.

PUBLIC TRUSTEE SECTOR COMMON FUNDS - Public Trustee has seven common funds, each of which has been established to invest in classes of investments from a specific sector. The common funds named sector are;

PRUDENT PERSON - The prudent person principle is defined in section 9 of the Trustee (Investment Powers) Amendment Act 1995 of South Australia as: Matters to which trustee must have regard in exercising power of investment 9.(1) Without limiting the matters that a trustee may take into account when exercising a power of investment, a trustee must, so far as they are appropriate to the circumstances of the trust, have regard to-

1. the purposes of the trust and the needs and circumstances of the beneficiaries; and
2. the desirability of diversifying trust investments; and
3. the nature of a risk associated with existing trust investments and other trust property; and
4. the need to maintain the real value of the capital or income of the trust; and
5. the risk of capital or income loss or depreciation; and
6. the potential for capital appreciation; and
7. the likely income return and the timing of income return; and
8. the length of the term of the proposed investment; and
9. the probable duration of the trust; and
10. the liquidity and marketability of the proposed investment during, and on the determination of, the term of the proposed investment; and
11. the aggregate value of the trust estate; and
12. the effect of the proposed investment in relation to the tax liability of the trust; and
13. the likelihood of inflation affecting the value of the proposed investment or other trust property; and
14. the costs (including commissions, fees, charges and duties payable) of making the proposed investment; and
15. the results of a review of existing trust investments.

TAX EXEMPT INVESTORS - These are charitable funds, religious organisations and nonprofit making organisations (Public Funds). Section 78 of the Australian Taxation Act defines a group of funds, institutions or bodies, including Public Funds such as sporting clubs, community organisations, research foundations and such organisations as nonprofit making nursing homes and community-based social support groups.

TRUSTEE - The person holding property upon trust for another person.

TRUST - Money or other assets administered by a third party on behalf of the owners.

UNSOUND MIND - Where a person does not have the ability to be aware of, and fully understand the nature and implications of the document they are signing and the legal relationship into which they are about to enter.