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Deceased Estate Administration and Executor Assist


									   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
• 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.
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 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,
                                                 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
                                                 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
                                                 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        
Trustee as trustee of that trust.                transfer of property or equities.     

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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