- Published on
KembaraXtra – Legal Terms – Public Trustee
The Public Trustee is a public officer appointed by the Lord Chancellor under the Public Trustee Act 1906. The office is constituted as a corporation sole, meaning it has a continuous legal identity independent of the individual holding the office. The Public Trustee may act in several fiduciary capacities, including as executor of a will, administrator of a deceased person’s estate, custodian trustee, judicial trustee, or ordinary trustee. The purpose of the office is to provide reliable and impartial administration of trusts and estates, particularly where no suitable private trustee is available.
The Public Trustee cannot accept every type of trust. Certain trusts are excluded, including those exclusively for charitable or religious purposes, trusts governed by foreign law, and trusts involving the active management of a business. Nevertheless, the Public Trustee has a duty to administer small estates unless there is a valid reason for refusal. The office therefore plays an important role in ensuring proper administration of estates and protection of beneficiaries where private arrangements may be unsuitable or unavailable.
The Public Trustee is a public officer appointed by the Lord Chancellor under the Public Trustee Act 1906. The office is constituted as a corporation sole, meaning it has a continuous legal identity independent of the individual holding the office. The Public Trustee may act in several fiduciary capacities, including as executor of a will, administrator of a deceased person’s estate, custodian trustee, judicial trustee, or ordinary trustee. The purpose of the office is to provide reliable and impartial administration of trusts and estates, particularly where no suitable private trustee is available.
The Public Trustee cannot accept every type of trust. Certain trusts are excluded, including those exclusively for charitable or religious purposes, trusts governed by foreign law, and trusts involving the active management of a business. Nevertheless, the Public Trustee has a duty to administer small estates unless there is a valid reason for refusal. The office therefore plays an important role in ensuring proper administration of estates and protection of beneficiaries where private arrangements may be unsuitable or unavailable.
0 Comments