Page 1863 - Week 06 - Wednesday, 1 May 1991
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
depending on the size of the estate, involve a larger cost than going to solicitors. But, of course, that cost is borne by the beneficiaries rather than by the person seeking to have the will made.
We are pleased that the cost-cutting axe of the Priorities Review Board has not been wielded in this case and that the Public Trustee's office will continue to provide an important public and social function, albeit with a greater degree of fee charging. Fee charging on a cost recovery basis will not be opposed by the Opposition in this case because we do not see that there is any degree of social inequity involved in it. Indeed, it is fair enough that the persons who are inheriting a degree of wealth, even if it is only a small estate, should have something to do with paying the costs of the administration. Therefore, Mr Deputy Speaker, the Opposition supports both of these Bills.
MR COLLAERY (Attorney-General) (4.20), in reply: I welcome the comments from the other side of the house. These are minor amendments to the Administration and Probate Act 1929 and the Public Trustee Act 1985. The amendments simply will increase the monetary limits used to define small estates, and I am grateful that Mr Connolly acknowledges that that is the intent. They will result in an increase in the number of estates able to have the advantage of expeditious treatment by the Public Trustee. Savings in court filing fees will also flow to these estates. It is not often a government gives a concession in that area.
The amendments to the Public Trustee Act will allow the Public Trustee to charge a fee for management of money invested with the common fund. This merely recognises the reality that the Public Trustee must recoup some of the costs of providing the common fund investment facility against interest earned on the investments. The rate at which the fee may be charged will initially be set at one per cent per annum. The effect will simply be a one per cent reduction in the rate of interest returned on the client's investment.
Mr Deputy Speaker, I did hear Mr Connolly refer to will making and the like. I did not quite hear what he said; but that, on my understanding, is not charged and rated with respect to the assets being dealt with in the will. The fee levels impact on the estate at a later date. I think that is what Mr Connolly mentioned.
Mr Connolly: But you have to have your estate administered by the Public Trustee if they do the will.
MR COLLAERY: Yes. I do not want to say whether people should go to the Public Trustee's office or to the private profession for their wills, other than to say that people should seek the best possible service, the best possible advice, for the best possible fee; and that is the way it should be. I commend these amendments to the house and thank the Opposition for their support.
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .