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Services
- fees and charges
Estate
Administration - fees and charges
Disbursements
- fees and charges
Fees & Charges Brochure
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About
our fees and charges
Public Trustee
aims to provide the best possible service with charges that are
competitive
and reasonable.
Wills are
prepared free of charge where Public Trustee is named as executor. These
wills are held in safe custody without charge.
Charges are
not incurred until after your death when Public Trustee assumes the role
of executor.
All fees
and charges include 10% GST.
Our charge
is a commission which is calculated on the capital value of the estate.
The commission is charged for the work involved in administering your
estate and reflects the financial responsibility assumed by Public Trustee
while your money and valuable assets are under our control prior to distribution.
Public Trustee guarantees the security of your assets and ensures adherence
to the terms of your will. There are also some one-off fees and charges
for special services, such as the preparation of legal documents.
All commissions,
fees and charges raised by Public Trustee are prescribed by legislation;
the "Public Trustee Act 1995", and specified in Regulations
to that Act.
Commission
and some fees are waived for estates of minimal assets or in the case
of hardship.
Commissions
are charged on a decreasing scale. Our experienced, friendly staff will
provide full details of fees and charges.
Capital
Commission *
1) Commission
is not charged on joint assets.
2) Commission
is halved in the case of a transfer to or sale on behalf of a spouse,
of a matrimonial home.
3) Commission
is charged on the deceased person's share only of a property owned as
tenants in common.
Commission
is based on the capital value of the estate. This value is split into
parts to calculate the applicable charge rate:
- first
part, from $5,000 to $100,000 at 4.4%
- second
part, from $100,000 to $200,000 at 3.3%
- third
part, from $200,000 to $400,000 at 2.2% and then
- any remainder
over $400,000 at 1.1%
This means
that the total capital commission on any estate over $5,000 willl not
exceed the maximum rate of 4.4%. As the capital value of the estate increases
over $100,000, the total commission rate drops below 4.4%. This is best
illustrated in the following examples:
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Estate
Gross Value
|
Commission
Rate
|
|
$25,000
|
4.40%
|
|
$125,000
|
4.18%
|
|
$225,000
|
3.67%
|
|
$325,000
|
3.22%
|
|
$425,000
|
2.91%
|
Where the
gross value of the estate is less than $5,000 the following minimum rates
apply: $55 on gross estates to $500, increasing to $220 on gross estates
between $2,001 and $5,000.
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Income
Commission *
A commission
of 5.5% is charged for any income received by the estate and collected
by Public Trustee. A commission of 2.75% is charged for the collection
of rents managed by an external agent.
Other
fees and charges*
There are
other expenses involved in the administration of estates. These include
fees and charges for certain Public Trustee services which may only be
required for certain estates and are therefore only charged when the service
is needed. Fees are also charged when the actual work required may vary
significantly or the fees are subject to certain discretionary reductions,
when the fee charged may vary from estate to estate. Provision of legal
and other services to the estate may also involve a fee or charge to the
estate as disbursement.
Public Trustee
also provides certain non-estate services on a fee for service basis.
If you are
interested in more detail these fees are published as leaflets available
at the office or by going to
Services,
Estate
Administration or
Disbursements.
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