Estate planning (Will, Enduring Power of Attorney , Enduring Guardianship) Fees & Charges

If the estate planning documents are complex to prepare an hourly fee of $295 (pro rata) may apply.

A standard Will and enduring power of attorney are prepared free for Seniors and Australian Government Pensioner concession card holders when the Public Trustee is appointed as executor/attorney (card must be presented and only applies to one appointment in a 12-month period).

• If you nominate Public Trustee as your executor fees will apply when we are required to administer your estate when you pass away
• If you nominate Public Trustee your attorney fees will apply if we are required to manage your affairs due to your impaired decision-making ability or if you choose for us to manage your financial affairs.
• Existing clients of the Public Trustee receive a 10% discount to prepare/revise new estate planning documents.
• Fees for couples are based on the assumption instructions are similar.
• Will (with an enduring power of attorney), Enduring power of attorney and guardianship preparation fees are based on the following standard appointment times
  • Single person – 1 hour to take instructions + 30 minutes to draft the documents + 30 minutes for the documents to be signed.
  • Couples – 1.5 hours to take instructions + 30 minutes to draft the documents + 30 minutes for the documents to be signed.
• If you need more time than a standard appointment to provide your instructions and/or for us to provide advice to complete your documents, we will discuss your options with you before additional time is charged.  If required additional time has an hourly charge of $295 billable on a pro rata basis of $29.50 for each 6 minute unit actually undertaken to complete your documentation. 
• There is an additional Government registration fee to register an enduring guardianship and or an enduring power of attorney. If the Public Trustee is asked to register an enduring power of attorney an administration fee is also charged. Enduring guardianship documents must be registered by the individual.
• Telephone, online and office appointments are available

Estate Administration Fees and Charges:

A minimum fee will depend on the complexity of the estate and range from $1,500 to $4,500. 

Income Commission:

• The Public Trustee charges 6.6% commission on the receipt of all income such as interest, dividends, pensions and rental income (where the Public Trustee is managing the property).  
• 3.3% commission is charged on rental income where the Public Trustee is not managing the property.

Investment Management Fee:

• A 1.1% per annum fee is charged on funds invested in our Common Fund or Group Investment Fund. This fee is deducted from your gross earnings before any distributions are made to your account.
• A 1.1% per annum fee may also apply to invested funds not directly managed by the Public Trustee.

The following fees and charges may apply: 

• account keeping fee ($13.50 per month);
• domestic cheque drawing ($6.00) and direct credit ($3.20);
• international bank transfers ($24.00) and international bank drafts ($32.00), excluding any 3rd party transaction and processing fees;
• investment review fees for developing an investment strategy for the client portfolio. The fee charged is dependent upon the complexity of individual circumstances;
• depending on the complexity of the matter a fee will be charged for the preparation and lodgment of income tax returns and other taxation services including the establishment of the acquisition details of assets for capital gains tax purposes;
• fee for conveyancing and other services provided in relation to the sale, purchase or transfer of a property; and/or
• work of a particularly complex nature not covered above will be charged at an hourly rate.

Legal Services

The cost of legal services from our legal practitioners depends on how difficult the task is. The Public Trustee will not charge more than the maximum hourly attendance rate set out in the Supreme Court Rules 2000. This is currently set between $194.00 and $423.00.

Sometimes, the Public Trustee can seek outside practitioners to provide legal services. These services will be charged at the firm’s market rate.

Trust Fees

Acting as trustee of a court awarded trust

The Public Trustee might be appointed trustee of a court awarded trust, for example:

• Damages trusts;
• MAIB Compensation (Minor) trusts;
• Criminal Injuries Compensation trusts;
• Workers Compensation trusts;
• Workers Compensation (Deceased Worker) trusts;
• Special Disability Trusts;
• Unclaimed Monies (received from outside Public Trustee); and
• Superannuation trust.

The following capital commission is charged from January 1, 2020:

Acting as trustee arising from an estate

In the case of a trust that arises from an estate, once the estate administration phase is complete, our role changes from executor or administrator to that of trustee. The nature of the administration then changes from an estate to a trust.

No further capital commission will be charged, however other costs will apply.

Appointed as a new trustee

You can request us to act as a new trustee of a trust. The request will be reviewed by our corporate solicitor prior to acceptance of that appointment.

Capital commissions will be charged on the gross value of any unrealised assets handed over to us by a former executor, administrator or trustee as follows:

(From 1 January 2020)

Capital commissions on realised assets (capital and income) handed over to the Public Trustee by a former executor, administrator or trustee will incur a 2.2% fee. 

Acting as trustee for a genuine trust

A ‘genuine trust’ is established during the lifetime of a testator (a person who makes a valid will) for the benefit of a third party. We are then required to administer the Will as executor of the testator’s estate.

No capital commission will be raised in the original estate, although other costs will apply.

Other Costs that apply to trusts

Income Commission:

• The Public Trustee charges a 6.6% fee on the receipt of all income such as interest, dividends, pensions and rental income (where the Public Trustee is managing the property).
• A 3.3% fee is charged on rental income where the Public Trustee is not managing the property.
• If income is received from an estate administered by the Public Trustee, there is a 3.3% fee.

Investment Management Fee:

• A 1.1% per annum fee is charged on funds invested in our Common Fund or Group Investment Fund. This fee is deducted from your gross earnings before any distributions are made to your account.
• A 1.1% per annum fee may also apply to invested funds not directly managed by the Public Trustee.

The following fees and charges may apply: 

• account keeping fee ($13.50 per month);
• domestic cheque drawing ($6.00) and direct credit ($3.20);
• international bank transfers ($24.00) and international bank drafts ($32.00), excluding any 3rd party transaction and processing fees;
• investment review fees for developing an investment strategy for the client portfolio. The fee charged is dependent upon the complexity of individual circumstances;
• depending on the complexity of the matter a fee will be charged for the preparation and lodgment of income tax returns and other taxation services including the establishment of the acquisition details of assets for capital gains tax purposes;
• a fee for conveyancing and other services provided in relation to the sale, purchase or transfer of a property; and/or
• work of a particularly complex nature not covered above will be charged at an hourly rate.

Legal Services

The cost of legal services from our legal practitioners depends on how difficult the task is. The Public Trustee will not charge more than the maximum hourly attendance rate set out in the Supreme Court Rules 2000. This is currently set between $194.00 and $423.00.

Sometimes, the Public Trustee can seek outside practitioners to provide legal services. These services will be charged at the firm’s market rate.

Financial Administration Fees and Charges

Emergency Orders

If the Tasmanian Civil and Administrative Tribunal (the Tribunal) makes an emergency order to appoint the Public Trustee as your financial administrator, the following fees apply

• management fees are to be charged on an hourly rate basis ($120);
• no capital commission will be taken; and
• income commissions will be taken in accordance with standard rate.

 A time sheet is kept on file for these matters.

Please Note: If multiple staff members are required to attend a client visit, the hourly rate will be charged for each staff member.

If an Emergency Order is converted to a Full Order

• the hourly fees charged to the date of the conversion will be waived; and
• capital commissions will be taken in accordance with standard rates.

Permanent Appointment

From 1 January 2016, if the Tribunal appoints the Public Trustee as a financial administrator, the following fees will be charged:

 For clients with assets under $10,000

• no establishment or annual review or report fees;
• no monthly account fees;
• no capital commission; and
• no income commissions.

 For clients with assets between $10,000 and under $100,000

• no establishment or annual review or report fees;
• no monthly account fees;
• no capital commission; and
• a reduced fee of 2.75 % is charged on the receipt of all income such as interest, dividends, and pensions.

 For clients with assets over $100,000

• $601.00 one-off establishment fee;
• $65.00 fee for completing the annual report required by the Tribunal: and
• $150.00 fee for completing the 3 yearly review and report required by the Tribunal.
• $13.50 account keeping fee per month;
• a fee on any assets realised during the financial administration (e.g. collection of bank account, property sale) is charged at the same rate as administering an estate (see chart below); and

• When the administration ends, a commission of 2.2% is taken on the current value of the assets which have not been realised during the administration.

 Income Commission

• The Public Trustee charges a 6.6% fee on the receipt of all income such as interest, dividends, pensions and rental income (where the Public Trustee is managing the property). The fee is reduced to 2.75% for represented person clients with assets between $10,000 and under $100,000. No fee is charged for clients with assets under $10,000.
• A 3.3% fee is charged on rental income where the Public Trustee is not managing the property.
• If income is received from an estate administered by the Public Trustee there is a 3.3% fee.

Investment Management Fee

• A 1.1% per annum fee is charged on funds invested in our Common Fund or Group Investment Fund. This fee is deducted from your gross earnings before any distributions are made to your account.
• A 1.1% per annum fee may also apply to invested funds not directly managed by the Public Trustee.

The following fees and charges may apply: 

• account keeping fee ($13.50 per month);
• domestic cheque drawing ($6.00) and direct credit ($3.20);
• international bank transfers ($24.00) and international bank drafts ($32.00), excluding any 3rd party transaction and processing fees;
• investment review fees for developing an investment strategy for the client portfolio. The fee charged is dependent upon the complexity of individual circumstances;
• depending on the complexity of the matter a fee will be charged for the preparation and lodgment of income tax returns and other taxation services including the establishment of the acquisition details of assets for capital gains tax purposes;
• fee for conveyancing and other services provided in relation to the sale, purchase or transfer of a property; and/or
• work of a particularly complex nature not covered above will be charged at an hourly rate.

Legal Services

The cost of legal services from our legal practitioners depends on how difficult the task is. The Public Trustee will not charge more than the maximum hourly attendance rate set out in the Supreme Court Rules 2000. This is currently set between $194.00 and $423.00.

Sometimes, the Public Trustee can seek outside practitioners to provide legal services. These services will be charged at the firm’s market rate.

Out of Pocket Expenses