What does a state trustee do ?

Just a few questions around state trustees.

• With respect to property, what are the functions of a state trustee ?
• How do they come into the property scenario ?
• How can a state trustee become an owner of a property and own a property in another state ?

And, if the owner of a property is a state trustee of another state, is it safe to assume the state trustee is trying to dispose a deceased estate ?

 

Aren't they just public trustees? So if someone dies without a valid will etc or someone to manage their affairs it goes to the public trustee. Im no expert in this regard though so don't take my word for gospel, more of a guess. Terry will know...

Re your property question, i imagine they would handle the sale of a property and subsequent disbursement of funds to any next of kin etc on behalf of the estate and would more often than not go down the auction route to keep things "honest" and at supposed market price with clear sales conditions and definitive disposal date

 

There are various private and govt companies that act as professional trustees.

They can act as trustee for any of the usual situation
- discretionary trust
- executor of a will
- trustee for gifts to children etc
- trustee to sell a property

They generally charge fees which appear to be large at first sight, but they can still be worth considering to reduce personal risk and hassle.

 

They act as custodian, administer and personal guardian (for those living) and attend to accounting, tax and other services and pay benefits to beneficiaries. eg Perpetual, Executor Trustees and others. All are registered by state law under the state Trustees Act to act ...as a professional trustee.

Often a preferred choice for financial care of handicapped and similar who may be vulnerable and who have significant assets.

They have large financial management teams who can manage financial assets quite well v's family who may have zero idea about investments.

 

Thanks for your replies. Cheers.