What is a Trust?
A trust is a legal arrangement in which money or property is managed by one person or organisation (the Trustee) for the benefit of another (the Beneficiary).
People often establish Trusts to protect assets in the future or provide on-going financial security for family, dependents, charities or causes.
Appointment of the Public Trustee
The Public Trustee offers substantial trust services and is often appointed as:
- the trustee of a Court Trust (court appointed trust) - here the Public Trustee holds a court award on trust and then uses it in the best interests of the beneficiary, in accordance with the law.
- the trustee of a Compensation Trust
- an Administrator of a Represented Person’s financial affairs - here the Public Trustee takes on the responsibility of managing the assets and financial affairs of a Represented Person, in the best interests of that person. The Public Trustee can only be appointed to manage an individual's financial affairs by the State Administrative Tribunal.
- a trustee through a Will (anyone can nominate the Public Trustee by this method) and
- A trustee through a Trust Deed (anyone can nominate the Public Trustee by this method).