Logo: Public Trustee
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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.
A guardian for infant children may be appointed under the terms of a Will. However, the appointment is not legally binding if at the date of death the appointee may be unable to act as guardian.
All your possessions at the time of your death, including property/real estate, cash and bank accounts, household furniture and effects, clothing, personal effects and all other investments and insurance policies comprise a person’s assets.
The person named in the Will to benefit from the distribution of an estate.
An addition or alteration to a Will executed in the same way as a Will.
The party against whom in a claim is brought in a proceeding.
The person or trustee organisation you choose to carry out the terms of your Will. Your executor is responsible for the entire administration of the estate until the final distribution of the assets is made to the beneficiaries. During the administration your executor will control all the assets.
Your estate comprises all your assets and liabilities at the time of your death, including real estate, cash and bank accounts, household furniture and effects, clothing, personal effects and all other investments and insurance policies.
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 $700 million of client funds.
The official document issued by the Supreme Court Probate Registry 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.
Is a person who is entrusted by law with the care of another.
Dying not having made a Will.
Is an entitlement to benefit in the distribution of a particular estate.
A legacy is a gift of personal estate by a Will and is usually a legacy of money.
Is interest in an asset given to a person for the period of his/her life.
Is a fiduciary relationship in which one person (the trustee) holds the title to property (trust estate) for the benefits of another (beneficiary) indefinitely.
One who brings an action in a civil case.
A person you appoint to manage your financial and legal affairs for whatever reason is called your ‘attorney’. In this context, the ‘attorney’ does not need to be a lawyer or solicitor.
The person, the subject of a guardianship or administration order (or both) under the Guardianship & Administration ACT 1993.
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:
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;
These are charitable funds, religious organisations and non-profit 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 non-profit making nursing homes and community-based social support groups.
The person holding property upon trust for another person.
Money or other assets administered by a third party on behalf of the owners.
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.