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Deceased Estate Administration and Executor Assist The Public Trustee provides after a loved one’s death. As quality will-drafting, trustee and executor, we will contact all asset management services to the beneficiaries to arrange a meeting and discuss the process all Western Australians. Solicitors, for dividing the deceased accountants and taxation experts, estate. At this meeting the genealogists, investment and Estate Manager will provide an property managers, Wills officers estimated cost of administering and estate and trust managers will the estate. This estimate is assist you or your loved ones with: subject to change if additional assets or liabilities are found or • Deceased Estate Administration if the information provided by • Executor Assistance beneficiaries at the first meeting changes. • Trustee services • Wills and Will storage How are fees • Enduring Powers of Attorney calculated and when do you pay? If the Public Trustee is named as the executor in a person’s Will, we will provide the full estate Our fees and charges are administration service. reviewed annually and are subject to ministerial approval as well as the scrutiny If a private executor is named, and for some reason of the Parliament of Western Australia. They are based cannot act, or there is no Will, the Public Trustee can be on the amount of effort required to administer the given authority to attend to the administration of the deceased estate. Fees are deducted from the estate before distribution of cash or assets to beneficiaries. estate. Our Executor Assist service can help private executors What are the fees for full executor by obtaining a grant of probate on their behalf and services? assisting with other duties. For deceased estates that the Public Trustee The Public Trustee can also draft or change your commences to administer on or after 1 July 2010: Will. This includes both Wills that nominate the Public Fees are calculated by determining the number and Trustee as your executor and Wills nominating a types of tasks that need to be completed to administer private executor. Please call 1300 746 116 or visit www. the deceased estate. An estate involving many and/or publictrustee.wa.gov.au for further information. complex tasks will cost more to administer than a simple estate that requires few/simple tasks to administer. A What is the process when we are the standard schedule is used to determine how many and executor? the types of tasks that are involved in the process, as well as the cost to perform these tasks. The value of the When you make your initial contact with the Public estate does not influence the cost to administer it. Trustee after a loved one has died, we will request the name and date of death of the deceased person so Examples of fees charged that we can check our records to confirm that we are the executor of their Will. The Public Trustee also checks The following examples illustrate the cost of the death notices against our WA Will Bank and, if we administering two different deceased estates. Costs will are the executor, makes contact with the family shortly differ depending on individual circumstances. Deceased Estate Administration and Executor Assist Jill’s estate Fees for acting as trustee of these What are the fees for types of trusts include an annual Jill’s deceased estate, with a total Executor Assist? value of $192,531.20 included the transaction fee and an annual asset management fee. It may Fees are charged at $188 per hour, following: also include an annual residence with a minimum fee of $188. • A savings account - $80,000 and property management fee Additional out of pocket expenses • A superannuation fund - (although in most cases this fee will (for example, the cost of the $100,000 be waived). A fee for the cessation probate application and Landgate • An overseas pension - $531.20 fees, if applicable) and other of the trust will also apply. These fees • A car -$12,000 fees (such as legal fees or fees for will be further explained when you • 3 beneficiaries meet with an Estate Manager. conducting searches) may also Fee after 1 July 2010: $5,005 apply. These will be explained at Note: Jill also owned a house with Investments your first meeting with an Estate Manager. Fees are payable when her surviving husband, Robert. As When necessary, for example, when probate is granted. the house was jointly owned, it did managing a trust set-up under a not form part of the deceased Will, the Public Trustee may choose What is the process for estate and Jill’s share was to place the trust’s funds in one of Executor Assist? transferred directly to Robert. the four Public Trustee Investment The executor will need to provide Andrew’s estate Funds as well as in the Common the name and date of death of Andrew’s deceased estate, with a Account. Management fees are the deceased person, details of total value of $986,500 included the applicable but these are deducted the deceased person’s assets and following: from the funds before interest liabilities and the original Will. The • An investment property (of payments are credited back to the executor will then complete an which Andrew was the sole trust’s account. Individual fees are authority requesting the Public owner, and is to be sold) - not charged. Money held in the Trustee to act as agent in the $400,000 Common Account earns interest estate. The Public Trustee is unable calculated daily and is credited to provide Executor Assist services • 2 savings accounts - $120,000 to the trust’s account on a twice- if the document is an informal Will, • A superannuation fund - if anyone other than the executor $200,000 yearly basis. The Public Trustee requests to apply for a grant of Investment Funds are sometimes • A car - $15,000 probate or if the deceased person also called Strategic Investment • Wages and pay entitlements - died without a Will. Accounts and are strategic $1,500 common accounts under the Public • A share portfolio (including Trustee Act 1941. shares in 10 different companies) - $250,000 Executor Assist – a service • 6 beneficiaries, one of which to help private executors lived overseas Administering a deceased estate Fee after 1 July 2010: $15,394 is a complex and time consuming Public Trustee Trusts task, often requiring specialist legal, 565 Hay Street, Perth Western Australia 6000 Your Will might specify that a trust financial and administrative skills. Office hours: 8:30am – 4:15pm be established (for example a Our Executor Assist service can help (Mon – Fri) trust that holds assets for a child private executors with certain parts Postal Address GPO Box M946, Perth or disabled beneficiary or gives of their role, such as obtaining the Western Australia 6843 a beneficiary a life tenancy in a Tel: 1300 746 116 grant of probate, lodging tax returns Fax: (08) 9325 2663 property) and name the Public or preparing documents for the email@example.com Trustee as trustee of that trust. transfer of property or equities. www.publictrustee.wa.gov.au Fees and charges are subject to change from time to time without notice. Other fees and charges may also apply. For detailed information regarding our fees, please refer to our Scale of Fees. The information contained in this brochure is to be used as a guide only. It has been prepared without consideration of any specific client and does not constitute legal advice. To the maximum extent permitted by law, the Public Trustee disclaims all liability and responsibility for any direct or indirect loss or damage that may be suffered by any reader through relying on information contained in or omitted from this brochure.
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