Public Trustee Act 1979

This Act rests on a small number of central constructs that govern most operational outcomes.

Public Trustee as corporate office: The Public Trustee is a statutory corporation (s 9). The Administrator appoints the Public Trustee (s 8) and the Minister may appoint Deputies (s 8(2)). The Public Trustee is authorised to have staff and facilities provided by the Chief Executive Officer (s 9A), and may delegate powers (s 9B). The Public Trustee may also appoint agents within or beyond the Territory, who remain subject to its control (s 10).

Investment Board and governance: The Investment Board "shall control the investment of money" in common funds (s 12(1)). The Board consists of the Public Trustee (or Deputy) and two Ministerially appointed persons (s 12(3)). The Board can delegate valuation approvals and other investment powers to the Public Trustee (s 13). The Board sets the investment policy for each common fund, and the Public Trustee must determine and may vary classes of investment for a fund (s 23).

Common funds: A key modern regime in the Act permits pooling of monies from multiple estates or other investors in one or more common funds (ss 22-24). The Public Trustee must keep accounts showing amounts standing to the credit of each investor (s 24(1)). Valuations of funds must be made monthly as at the first business day (s 24(5)). Withdrawals and reinvestments occur on the basis of the most recent valuation (s 24(6)). The Act sets out specific allocation rules for income and capital gains or losses after deducting commission, fees and expenses (s 24(4)).

Fees, levies and fiscal flows: The Public Trustee may charge a management fee against each common fund monthly, limited to a prescribed percentage of the fund value (s 24A). A levy may also be charged monthly against each common fund, not exceeding a prescribed percentage (s 28). The Public Trustee must establish a Dividend Account at an ADI approved by the Treasurer and pay fees and levies into that account (s 14). The Treasurer can direct the Public Trustee to pay monies in that account into the Central Holding Authority (s 14(4)). The Minister is empowered to fix commission, fees and charges by Gazette notice and those charges are additional to levies and management fees (s 74).

Accountability and disclosure: The Auditor‑General has unrestricted access to the Public Trustee’s books and must inspect and audit annually, reporting irregularities to the Attorney‑General (s 19). The annual report must include audited statements for each common fund and specific investor information items (s 18(2)). The Public Trustee must provide beneficiaries with appropriate information during administration and must provide an account on application by a person with a proper interest (ss 20A, 20B). For prospective investors (other than estates), the Public Trustee may not accept money unless the prospective investor has first been given an extract from the last annual report containing prescribed investor information (s 24C(2)).

Secrecy and evidentiary presumptions: Staff and board members must maintain secrecy and take an oath of secrecy before commencing duties; breaches attract a maximum penalty of 400 penalty units or two years imprisonment (s 11). Certificates under seal issued by the Public Trustee are accepted as sufficient evidence by courts and registrars without further proof (s 72A).

Statutory powers to act and remedies: The Public Trustee may act in many capacities (executor, trustee, administrator, guardian, receiver, manager) and may be appointed either by instrument, by court, or by consent of private office holders (ss 32-36, 33). Various provisions allow the Public Trustee to act on affidavit evidence, to settle claims on oath, and to run litigation or defend actions in its corporate name (ss 73, 76, 72). The Act also permits the Public Trustee to be manager of unclaimed property and to apply to the Court for vesting or directions; unclaimed money can be converted and paid into the Central Holding Authority (ss 58-67).

Liability and indemnity: The Act limits personal liability for the Public Trustee, its staff, agents and Investment Board members for acts or omissions done in good faith. Where damage results, remedies are against the Public Trustee in its corporate capacity or the Investment Board, and liabilities may be enforced against the Territory and are to be met by the Treasurer (s 97). Regulations may permit guarantees of capital of a specified common fund or guarantees of a prescribed rate of return for cash in a specified common fund (s 97(7)).

These concepts allocate operational roles and financial flows and create the mechanics for pooled investment, fee generation, statutory indemnity and public audit. Key tensions are obvious in the text: the Public Trustee has both commercial functions (managing common funds, charging fees and levies) and public functions (manager of last resort, safe custody, administering unclaimed property) with oversight by the Investment Board, Minister, Treasurer and the courts.

The Act names and affects a set of identifiable actors and interest groups by allocating costs, rights and decision power.

Primary public officeholders and bodies:

• The Public Trustee, including deputies and any agents or representatives (ss 8, 9, 10). The Public Trustee is the central decision‑maker for administration, investment and management of estates and funds.
• The Administrator, who appoints the Public Trustee (s 8).
• The Minister, who appoints two Investment Board members, may determine commissions and has the direction role in fee setting (ss 12(3), 74(2)).
• The Chief Executive Officer, required to provide staff and facilities to the Public Trustee (s 9A).
• The Investment Board, which controls investments of common funds and may delegate powers to the Public Trustee (ss 12, 13).
• The Auditor‑General, with statutory access to books and duty to audit and report (s 19).
• The Treasurer, who approves the ADI for the Dividend Account, may advise on levies (s 14, 28(4)), and is liable to meet liabilities of the Public Trustee or Investment Board (s 97(4)).

Private legal actors and market participants:

• Executors, administrators, private trustees and guardians. The Act permits them to appoint or delegate to the Public Trustee (ss 33, 45) and contemplates substitution of the Public Trustee for private office holders (ss 32, 36).
• Beneficiaries and claimants of estates and trusts, who have rights to account information (ss 20A, 20B) and to apply to Court about the Public Trustee’s administration (s 70).
• Prospective and actual investors in common funds, other than estates, who must be sent investor information prior to investment and annually receive extracts from the Public Trustee’s annual report (s 24C).
• Financial institutions (ADIs) that hold Public Trustee accounts and with which the Public Trustee may open separate accounts for estate businesses (ss 14-17).
• Courts and registrars, who must accept certificates under seal and handle applications involving the Public Trustee (ss 72A, 39, 59).

Fiscal actors and owners:

• The Territory and the Treasurer, who carry contingent exposure for liabilities and receive certain funds into the Central Holding Authority on instruction (ss 14(4), 97(4), 63).
• Owners of property or persons with claims to unclaimed property or bona vacantia, whose property may be managed by the Public Trustee and converted to money payable to the Central Holding Authority if unclaimed (ss 58-67, 67A).

Who pays:

• Estates and trusts administered by the Public Trustee pay commission, fees and charges, and may bear levies charged against common funds into which their money is invested (ss 24A, 28, 74).
• Investors in common funds (other than estates) bear management fees and levies, and must be provided prescribed investor information prior to investing (ss 24A, 24C, 28).
• The Treasurer faces contingent payment obligations to meet liabilities of the Public Trustee or the Investment Board under s 97, subject to recovery rights in certain circumstances (s 97(6)).

Who decides:

• The Administrator appoints the Public Trustee (s 8).
• The Minister appoints Investment Board members and sets commission rates by Gazette (ss 12, 74(2)).
• The Investment Board controls investments and may delegate to the Public Trustee (ss 12, 13).
• The Treasurer approves banking arrangements for the Dividend Account and advises on levy valuation considerations (ss 14, 28(4)).
• Courts have broad powers to make orders, give directions, hear applications by or about the Public Trustee, and to transfer or vest property (ss 33, 59, 66, 69, 70).

The Act channels benefits to two concentrated groups: the statutory body of the Public Trustee and investors in the common fund who rely on pooled investment management; and shifts costs to the estates and investors who fund fees and levies. The text also places oversight obligations on the Auditor‑General and an information duty to beneficiaries.

The Act creates a detailed set of statutory duties for the Public Trustee and corresponding rights that affect operational practice.

Duties to administer and invest:

• Invest estate or trust money in accordance with the trust instrument, as a trustee lawfully may, or in one or more common funds (s 21(1)). That is the primary constraining duty: investments must conform to trust terms, trustee law, or common fund rules.
• Keep separate accounts for businesses of an estate and for particular estates where money is not invested in a common fund (ss 16-17).
• Maintain and value each common fund monthly as at the first business day (s 24(5)). Investments and withdrawals are effected on the basis of the most recent valuation (s 24(6)).
• Keep proper accounts for each common fund and cause them to be audited (s 24B).

Duties of disclosure and reporting:

• Forward an annual report to the Attorney‑General after 30 June including audited statements for each common fund and particular investor information specified at s 18(2)(c). The Attorney‑General must table this report in the Legislative Assembly (s 18).
• Furnish information and provide access to the Auditor‑General at all times and supply information as requested (ss 19-20).
• Provide beneficiaries or their representatives with appropriate information during administration and, on application, an account of assets, liabilities, investments, distributions and other expenditure (ss 20A, 20B). The Public Trustee may charge a reasonable fee for providing accounts (s 20B(3)).

Duties of confidentiality:

• Maintain secrecy of all matters coming to knowledge in relation to the business of the Public Trustee and the Investment Board and related affairs (s 11(1)). New appointees must take an oath of secrecy (s 11(2)). Breach attracts criminal penalties (s 11).

Rights to charge and recover:

• Charge management fees and levies against common funds within prescribed percentage limits (ss 24A, 28). These amounts are to be paid into the Public Trustee’s Dividend Account and may be transferred to the Central Holding Authority on the Treasurer’s direction (ss 14, 14(4)).
• Charge commissions, fees and other charges against estates and trusts, with rates prescribed or determined by the Minister or agreed (s 74). Such charges may be deducted from monies held or recovered by sale or mortgage of property if required (s 74(4)).

Operational rights and powers:

• Act as executor, administrator or trustee and exercise all powers and duties pertaining to those roles when appointed (s 32(4)). The Public Trustee may apply for and obtain grants of administration in prescribed circumstances (ss 34-39).
• Make advances to estates from common funds with Investment Board approval, and to beneficiaries up to two thirds of a share as estimated and approved, subject to interest and security (ss 30-31).
• Acquire property at mortgage sales on behalf of a common fund and manage or dispose of it subject to Investment Board direction (s 26).
• Exercise wide trustee powers such as borrowing, suing or defending proceedings, entering into contracts, granting powers of attorney and obtaining criminal or insolvency remedies in relation to estate property (s 72).

Limitations and safeguards:

• Investment of estate money into a common fund is allowed only if the classes of investment permissible on separate account are the same as or include the classes for the common fund (s 23(3)), which protects investors with narrower authorised classes.
• Advances to estates from common funds are limited by the estimated value of the estate less debts (s 30(2)), and interest and priority rules are set out (ss 30(3)-(5)).
• The Investment Board must meet quorum requirements and the Public Trustee chairs and has casting vote in tied situations (ss 12(4)-(6)).

Evidentiary and procedural rights:

• Certificates under the Public Trustee’s seal are accepted without further proof for matters including authority to act and registration as proprietor under the Land Title Act 2000 (s 72A).
• The Public Trustee may act on information appearing credible and accept claims on affidavit, with the right to require statutory declarations or further evidence (s 73).

Indemnity and liability rules:

• The Public Trustee, employees, agents and Investment Board members have no personal liability for acts or omissions done in good faith (s 97(1)). A person suffering damage has a remedy against the Public Trustee in its corporate capacity or against the Investment Board as if against a private person (s 97(2)). Liability may be enforced against the Territory and is to be met by the Treasurer (s 97(4)), with recovery rights against persons who did not act in good faith (s 97(6)).

Procedural duties to courts and third parties:

• Where a court orders property or money to be paid, the Public Trustee must accept payment and hold it on trust in accordance with the court’s directions (s 71).
• Notice requirements exist where a person applies to a court for orders directing payments, vesting property or appointing the Public Trustee: the applicant must serve notice on the Public Trustee and, if the court makes an order, serve a sealed copy and a statement of affected property within 28 days (s 51). Failure to comply carries penalty units (s 51(2)).

These duties and rights create an operational mix of commercial, administrative and fiduciary responsibilities, with explicit accounting and audit obligations and statutory indemnities designed to channel liability into the corporate Public Trustee and ultimately to the Territory where liabilities arise in that corporate capacity.

The Act contains a limited set of criminal and civil penalties, and multiple statutory enforcement and supervisory mechanisms centred on the courts, the Auditor‑General and the Treasurer.

Criminal penalty:

• Breach of secrecy: s 11(1) specifies a maximum penalty of 400 penalty units or imprisonment for two years for a member of the Public Trustee’s staff, a Deputy, an agent or a member of the Investment Board who fails to maintain secrecy regarding matters that come to their knowledge in relation to the Public Trustee’s business. This is the primary criminal sanction in the Act.

Monetary penalties:

• Non‑compliance with notice after court order: s 51(2) specifies a maximum penalty for a natural person of 100 penalty units and for a body corporate of 500 penalty units where a sealed copy of the order and a statement of property affected are not delivered to the Public Trustee within 28 days. This creates a monetary enforcement lever for timely information to the Public Trustee.

Administrative enforcement and remedial mechanisms:

• Auditor‑General oversight: The Auditor‑General and authorised officers have at all times access to the Public Trustee’s books and must inspect and audit annually (s 19(1)-(2)). The Auditor‑General must draw significant irregularities to the Attorney‑General’s attention and provide a report to the Attorney‑General and the Public Trustee (s 19(2)-(3)). These provisions create continuous financial and compliance scrutiny.
• Court oversight: Multiple provisions enable the Court to give directions, hear ex parte applications by the Public Trustee, require the Public Trustee to prepare and deliver proper accounts, and to order that the Public Trustee produce or pay over money, books and documents (ss 69-70, 20B(4), 70(2)(b)). The Court can appoint the Public Trustee as manager of unclaimed property and subsequently order transfer, conversion or payment into Central Holding Authority (ss 59-66).
• Caveats and registration powers: The Public Trustee may lodge a caveat claiming an equitable mortgage interest to protect a common fund’s interest when it advances money to an estate (s 30(5)). Registrars are required to register such caveats (s 30(5)). These create property protection enforcement tools.

Recovery and priority mechanisms:

• Charges and liens: Commissions, fees and charges incurred by the Public Trustee as manager of property are a charge on the property and rank next in priority to any mortgage or charge existing when the Public Trustee became manager (s 64(1)). Advances from common funds to estates bear interest and are a charge upon the estate’s real and personal property, ranking next in priority to prior mortgages or charges of which the Public Trustee had notice (s 30(3)-(4)). The Public Trustee may enforce and recover amounts by sale, mortgage or charge (s 74(4)(b), s 31(7)).
• Treasurer liability and recovery: Liabilities incurred by the Public Trustee or Investment Board may be enforced against the Public Trustee or Investment Board or the Territory, and are to be met by the Treasurer (s 97(4)). If the Treasurer meets a liability resulting from an act or omission by a person not done in good faith, the Treasurer is entitled to recover that amount from that person (s 97(6)).

Operational enforcement and compliance architecture:

• Reporting and disclosure obligations to beneficiaries and prospective investors (ss 20A, 20B, 24C) orient compliance through transparency and investor protections. For prospective non‑estate investors the Public Trustee must give prescribed investor information before accepting funds (s 24C(2)), creating a pre‑investment disclosure enforcement point.
• Valuation and accounting rules for common funds (s 24) set a timetable and methodology for valuation that functions as a compliance baseline. Investments and withdrawals are effected on the most recent valuation (s 24(6)), giving investors and auditors a reference point.

Regulatory and directional instruments:

• Regulations can create guarantees for common fund capital or specified rate of return for cash in common funds (s 97(7)). Such regulations would be enforcement instruments pressuring fiscal authorities and the Public Trustee’s operation.

In practice, enforcement is a mixture of criminal sanction for confidentiality breaches, monetary penalties for procedural failures, and a supervisory, court‑based regime for financial and fiduciary compliance. The Auditor‑General and the Court are the principal oversight bodies, while the Treasurer carries ultimate fiscal exposure for liabilities of the Public Trustee and the Investment Board under the Act.

The Act is written to operate alongside and in relation to a number of other statutory instruments and legal domains. The text itself references and defers to other laws and instruments in specific ways.

Binding effect and cross‑references:

• The Act binds the Territory (s 6), so its obligations and rights integrate into the Territory’s legal and fiscal systems.
• The Public Trustee holds office and exercises powers in relation to estates, trusts, wills, and court grants, thereby operating in the space regulated by the Administration and Probate Act 1969 and Land Title Act 2000. For example, the Act explicitly uses administration grants and letters of administration concepts that interface with probate law and provides that the Public Trustee may apply for probate or administration (ss 34-39). Certificates under seal are sufficient for registration under the Land Title Act 2000 (s 72A(3)) and the Public Trustee may lodge caveats against land registered under the Land Title Act 2000 (s 30(5)).
• The Public Trustee may act as a "decision maker" for the purposes of the Advance Personal Planning Act 2013 (s 32(j)), explicitly linking advance personal planning law to the appointment powers in this Act.

Allocation of powers where trust instruments or court orders exist:

• Investment duties and powers are subject to trust instruments or court orders. Section 21(1) expressly subordinates the Public Trustee’s investment choices to trusts and orders, providing legal primacy to the settlor’s instrument or the Court’s directions.

Financial and administrative interaction:

• The Act requires the Public Trustee to establish accounts at ADIs approved by the Treasurer and allows the Treasurer to direct that the Public Trustee pay the Dividend Account into the Central Holding Authority (s 14). This binds the Public Trustee into the Territory’s public finance and banking arrangements.
• The Treasurer provides advice relevant to calculation of levies for common fund indemnity values (s 28(4)) and is the payor where the Territory is liable for Public Trustee or Investment Board liabilities (s 97(4)). Regulations under the Act may also provide guarantees (s 97(7)), which would require coordination with public finance rules.

Audit and disclosure:

• The Auditor‑General’s statutory role under this Act (s 19) places the Public Trustee under the same auditing discipline as other public sector entities, creating an interface with the Auditor‑General’s statutory powers and reporting chain to the Attorney‑General.

Corporations and securities law:

• The Act permits the Public Trustee to hold shares and requires companies to record both the Public Trustee and the beneficial estate or person (s 91(3)). The Act also contemplates dealings with other public trustees and similar officers in other jurisdictions and allows the Public Trustee to pay proceeds to like officials administering estates in other jurisdictions without incurring liability (s 95), which intersects with interstate and international private international law on estates.

Exclusions and limits:

• Section 67A(4) expressly excludes property vested in ASIC under the Corporations Act 2001 from the operation of s 67A dealing with bona vacantia. This is an explicit carve‑out connecting Commonwealth corporations law responsibilities back to federal jurisdiction.

Procedural and evidentiary interactions:

• Certificates under the Public Trustee seal are given evidentiary weight across other statutory regimes such as the Land Title Act 2000 and in courts, reducing the need for further proof (s 72A). This affects registration and transactional closure processes in property law.

Finally, the Act expressly preserves prior instruments and continuations under its savings provisions, preserving the validity of actions taken under repealed Acts (s 4). The endnotes record numerous amending Acts that show the Act’s statutory evolution and its need to fit into an updated legal environment. The cumulative effect is that the Public Trustee operates at the intersection of trust law, probate law, public finance and property registration systems, with explicit mechanisms to coordinate with the courts, the Treasurer and the Auditor‑General.

The Act’s endnotes and list of amendments in the reprint record an extensive amendment history. The source lists primary amending instruments and indicates where provisions were inserted, substituted or repealed. Key milestones as reflected in the text are:

• Initial enactment: Public Trustee Act 1979 (Act No. 84, 1979), assent 13 July 1979, commencement 3 December 1979 (Endnotes).
• Early amendments: Public Trustee Amendment Act 1981 (Act No. 52, 1981) made early changes including to s 5 and s 8 (Endnotes List of Amendments).
• Repeated modernisation and structural changes: A series of consequential and amendment Acts across the 1980s, 1990s and 2000s altered definitions, investment and accounting provisions and incorporated changes to relate the Act to new statutes (for example, Corporations and Companies consequential amendments in 1986, 1990 and 2001; Land Title consequential amendments 2000).
• Introduction of objectives: s 4A was inserted by the Public Trustee Amendment Act 2002 (Act No. 8, 2002) and sets out the Act’s objectives: manager of last resort, a public alternative to private services, and establishment of common funds (s 4A).
• Common funds and modern investment regime: Substantial replacements and insertions in Part V and related provisions appear by reference to the Public Trustee Amendment Act 1998 (Act No. 102, 1998), which is repeatedly cited as the instrument that substituted multiple investment and fund provisions (see list showing many sections sub No. 102, 1998). That 1998 amendment package appears to be the origin of the modern common fund and valuation regime (ss 21 onward have substitution notices).
• 2002 and later amendments: s 20A and s 20B (information for beneficiaries and provision of account) were inserted by the 2002 amendment Act (No. 8, 2002, s 6). Section numbering and general amendments continued across the 2000s and 2010s, with statute law revision and other consequential amendments recorded.
• 2013 connection to Advance Personal Planning: The Advance Personal Planning (Consequential Amendments) Act 2013 (Act No. 36, 2013) amended s 32 to include decision makers under that Act (s 32(j)).
• 2024 changes: Justice and Other Legislation Amendment Act 2024 (Act No. 4, 2024) inserted ss 9A-9B (staff and delegation) and amended other provisions (Endnotes and list show ss 9A-9B ins No. 4, 2024, s 97). The 2024 amendments also include transitional commencement notes in the endnotes.
• 2025 transitional amendment: Attorney‑General and Police Legislation Amendment Act 2025 (Act No. 35, 2025) added Part X transitional matter and s 102, which provides that section 8(1A) does not apply in relation to the person holding office as the Public Trustee immediately before the commencement of section 16 of that amending Act (s 102). This indicates an adjustment to the operation of appointment conditions created by earlier amendments.

The list of amendments in the Endnotes is comprehensive for the reprint and shows multiple small and large changes across the decades. The 1998 reform package notably modernised the investment/ fund system and many later amendments introduced transparency and procedural refinements such as mandatory beneficiary information (2002) and staff/delegation arrangements (2024). The Act’s reprint incorporates these changes and records which sections were substituted or inserted by which amending Acts.

The reprinted Act does not list or cite judicial decisions construing its provisions. The text itself establishes multiple routes and remedies that create litigation and application points, but the reprint does not supply case names or judicial interpretations. Therefore the only source‑grounded statement is that the Act contains mechanisms that generate litigation but contains no recorded case law in the text.

Mechanisms that produce litigation or court proceedings under the Act:

• Ex parte and contested applications: The Public Trustee may apply ex parte for appointment as manager of unclaimed property (s 59(2)) and may apply ex parte to the Court for directions (s 69). The Act also permits ex parte applications for a grant of administration to the Public Trustee in certain probate circumstances (s 39(1)).
• Disputes over appointment: The Court may grant leave where necessary for the Public Trustee to be appointed in circumstances where consent is refused or a potential appointer lacks capacity (s 37). Executors, administrators and beneficiaries may seek court consent under ss 33 and 51 and the Court can order the Public Trustee to be appointed where the Public Trustee refuses to accept an appointment and the applicant applies under s 52(2).
• Accounting and review proceedings: Where the Public Trustee fails to provide a proper account, the Court may order that the Public Trustee must prepare and deliver proper accounts or that an officer of the Court investigate administration of the estate (s 20B(4)). Section 70 allows any person with an interest to summon the Public Trustee to answer allegations about administration and permits the Court to make orders for production or payment of money, books, and documents (s 70).
• Property and management disputes: The Act grants the Public Trustee statutory powers to bring or defend actions in its corporate name (s 60(1)(m)), to lodge caveats (s 30(5)), and provides remedies for failure to deliver property to the Public Trustee (s 86). Section 66 allows a court to order that the Public Trustee cease to be manager if an applicant establishes title or if seven years have elapsed without owner discovery and may order conversion of property to money and payment to the Central Holding Authority.

Because the reprint does not provide reported decisions, practitioners must rely on statutory text to identify application points, remedies and evidentiary presumptions such as acceptance of certificates under seal (s 72A) and the power of the Public Trustee to act on information which appears credible (s 73). The Act’s design assumes frequent court engagement in contested or complex administration matters, and provides express ex parte pathways and remedial orders for disappointed parties and for the Public Trustee itself.

The Act contains a number of provisions that give rise to potential operational pitfalls, procedural traps and areas where parties should take care.

Secrecy with criminal sanction and oath requirement: Section 11 requires secrecy by the Public Trustee, deputies, staff, agents and Investment Board members, with a maximum penalty of 400 penalty units or two years imprisonment for breach (s 11(1)). New appointees must subscribe an oath of secrecy (s 11(2)). Practitioners must therefore ensure very strict protocols for disclosure authorised under s 11(3), which permits disclosure only to persons directly interested, their solicitor, for carrying out Public Trustee functions, or where required by another law.

Service and notice timing exposures: Where a court makes an order directing payment or vesting property in the Public Trustee (s 51(2)) the applicant must serve a sealed copy of the order and a statement of the property affected within 28 days, or face penalties (100 penalty units for a natural person; 500 for a corporate body). The statement must include prescribed details (s 51(3)). Failure to comply exposes applicants to significant fines and risks operational delay.

Automatic entitlement to costs in certain probate applications: The Public Trustee is entitled to its costs out of an estate on an application for a grant of administration and is not liable for the costs of any other person in that application (s 43(1)). Where beneficiaries cannot agree and the Public Trustee applies at the request of one or more beneficiaries, the Public Trustee is still entitled to costs out of the estate regardless of whether the Public Trustee is appointed (s 43(2)). Private practitioners and estate parties should account for this cost allocation when contemplating contesting administration.

Wide delegation and evidentiary presumptions: Certificates under the Public Trustee seal are to be accepted without further proof by courts, employees and persons (s 72A). The Act also provides that no court need inquire as to the authority of the Public Trustee to act (s 90). These presumptions facilitate transaction finality but place an onus on third parties to ensure they obtain appropriate instrument checks where necessary.

Advances and security without formal assignment: Advances to beneficiaries of up to two thirds of an estimated share may be made from a common fund, and they become a first charge on that share by force of the Act without any instrument of assignment (s 31(1)-(4)). The Public Trustee may at any time sell, mortgage or charge the share against which the advance was made (s 31(7)). Creditors and practitioners dealing with beneficiary interests should be aware that such statutory charges can appear without traditional assignment formalities.

No bond required and statutory indemnity: The Public Trustee is not required to give a bond or security on appointment (s 96). Coupled with the no personal liability rule for acts done in good faith (s 97(1)), and the Treasurer’s obligation to meet liabilities (s 97(4)), this produces a risk allocation where claimants obtain remedies against the corporate Public Trustee or the Territory rather than officers personally. This affects recovery strategies and potential subrogation pathways.

Fee and levy rate uncertainty: Management fees and levies are capped by reference to prescribed percentages (ss 24A(2), 28(2)). Commission, fees and charges are determined by the Minister by Gazette notice or by agreement (s 74). The Act does not fix specific percentages in the text; rates thus depend on separate regulations or Gazette notices. Investors and estates face uncertainty about fee levels until the Minister prescribes them.

Investment class parity requirement: The Public Trustee must not invest money in a common fund unless classes of investment permitted on separate account are the same as or include classes for the common fund (s 23(3)). This protects some investors but requires administrators to ensure compatibility before pooling funds.

Valuation timing risk: Valuations are monthly (s 24(5)) and investments and withdrawals are effected on the basis of the most recent valuation (s 24(6)). This creates timing exposure for investors and estates when market values change between valuation dates.

Fiscal exposure and recovery mechanics: The Treasurer meets liabilities of the Public Trustee and Investment Board (s 97(4)), but can recover from persons who did not act in good faith (s 97(6)). In practice, this creates contingent public fiscal exposure and potentially slow recovery processes; third parties should consider the practical enforceability of remedies against the Territory or the Public Trustee.

Public Trustee’s power to act on information: The Public Trustee may act on information that appears credible and can accept claims on affidavit alone (s 73). While this enables efficient administration, it increases the risk of erroneous discharges, which are mitigated only by the good‑faith indemnity in s 97.

Interaction with unclaimed property rules and bona vacantia: Section 66 permits the Court to convert property to money and pay to the Central Holding Authority when the owner cannot be ascertained after seven years. Section 67A gives the Public Trustee power to deal with bona vacantia estates, but excludes property vested in ASIC under the Corporations Act 2001 (s 67A(4)). Practitioners dealing with unclaimed property must navigate conversion, claimant recovery through the Treasurer, and the Court’s processes.

Regulatory guarantees contingent on regulations: The Act permits regulations to provide for guarantees of capital or a prescribed rate of return for cash in a specified common fund (s 97(7)). Such guarantees do not exist unless prescribed by regulation and thus cannot be assumed by investors.

Each of these gotchas is a consequence of a statutory mechanism. They change transactional risk‑allocation, require diligence in notice and documentation, and impose operational steps for lawyers and accountants working with the Public Trustee or estates administered by it.

For practitioners, trustees, financial institutions and clients dealing with the Public Trustee, the Act prescribes concrete compliance steps and records to retain. The following checklist distils statutory obligations and operational requirements from the text.

Pre‑appointment and documentation:

• If appointing the Public Trustee or seeking to have the Public Trustee appointed, ensure compliance with notice requirements in s 51. Serve notice on the Public Trustee and, if a court grants an order, serve a sealed copy and a statement of the property affected within 28 days (s 51(2)-(3)). Include prescribed details of property location, holding party and outstanding liabilities.
• Where a trustee delegates to the Public Trustee under s 45, secure written consent and an agreement on fees where relevant and ensure fee amounts do not exceed any prescribed fees (s 45(2)).

Information disclosure and beneficiary rights:

• When acting on behalf of beneficiaries or estates under administration by the Public Trustee, rely on s 20A and s 20B to request information and accounts. Submit applications with proper interest and observe the three‑month rule for repeated account requests (s 20B(2)). Be prepared to pay a reasonable fee if the Public Trustee charges for accounts (s 20B(3)).
• For prospective investors in common funds who are not estates, the Public Trustee must supply an extract from the last annual report containing the investor information listed in s 18(2)(c) and any updates before accepting monies (s 24C(2)). Ensure that this disclosure has been provided and retained.

Investment and common funds:

• If placing estate money into a common fund, confirm that the classes of investment permissible for separate account investments are the same as, or include, the classes permitted for the common fund (s 23(3)). Otherwise a common fund investment is not permitted.
• For investors and their advisers, monitor the valuation timetable. The Public Trustee must value common funds as at the first business day of each month (s 24(5)). Withdrawals and investments are effected based on the most recent valuation (s 24(6)) and management fees and levies are charged monthly or part‑month (ss 24A(1), 28(1)). Factor these dates into liquidity planning.

Fees, levies and fiscal flows:

• Check published Gazette notices for Ministerial determinations of commission, fees and charges under s 74(2). Fee levels are not specified in the Act text itself.
• Ensure that any management fee or levy deduction is within the prescribed percentage caps for the common fund (ss 24A(2), 28(2)). For estates, confirm any agreement on fee amounts where possible.
• Be aware that management fees and levies are paid into the Public Trustee’s Dividend Account (s 14(3)) and that the Treasurer may direct transfer into the Central Holding Authority (s 14(4)). For public finance or tax treatment, coordinate with the Treasurer’s office or central finance.

Accounting and audit readiness:

• Maintain books and records that the Auditor‑General can access at all times (s 19(1)). Expect audits and the Auditor‑General’s duty to report irregularities to the Attorney‑General (s 19(2)). Practitioners working for the Public Trustee must observe public sector auditing standards and disclosure rules.
• Prepare for the content requirements of the annual report the Public Trustee must produce, which include audited statements, the Auditor‑General’s report and investor information for each common fund (s 18(2)).

Property security and registration:

• When a loan or advance is made from a common fund to an estate, note the statutory limits and security steps: advances cannot exceed the estimated value of the estate less debts (s 30(2)), must bear Investment Board‑approved interest (s 30(3)), and the Public Trustee may lodge a caveat as equitable mortgagee to protect the fund (s 30(5)). Ensure the Registrar‑General’s procedures for caveats under the Land Title Act 2000 are followed.
• For advances to beneficiaries under s 31, obtain and rely on the Public Trustee’s certificate under seal which is evidence of the advance and the charge on the share (s 31(4)).

Secrecy, disclosure and authorised release:

• Implement confidentiality controls and ensure staff, deputies and agents take the statutory oath of secrecy before commencing duties (s 11(2)). Only release confidential information in circumstances authorised by s 11(3): to directly interested parties or their solicitors, for performing Public Trustee functions, or if required by other law.

Court engagement and directions:

• Use the Act’s ex parte and direction mechanisms where appropriate. The Public Trustee may apply ex parte for directions (s 69), for manager appointment (s 59), and for probate where appropriate (s 39). If seeking Court intervention about the Public Trustee or affected property, be prepared to rely on Court powers under ss 66-70.
• If disputing the Public Trustee’s administration, a person with interest may apply to the Court under s 70. Prepare documents and evidence to show interest and the factual basis for relief.

Risk management and insurance:

• Acknowledge the indemnity regime: good faith acts are protected from personal liability (s 97(1)). However if a client or third party alleges lack of good faith, the onus to prove bad faith lies on that person in contexts where the Public Trustee has acted (s 97(2)-(3)). Insurers and risk managers should consider the practical effects of s 97 and the Treasurer’s payment obligations for liabilities (s 97(4)).
• If the operation or regulations establish guarantees for common funds (s 97(7)), obtain specific confirmation and ensure the public guarantee terms are recorded.

Practical steps for advisers:

• Before advising a client to invest estate or personal monies with the Public Trustee, obtain the prescribed investor information from the Public Trustee’s latest annual report as required by s 24C(2).
• For practitioners representing private trustees considering delegating functions to the Public Trustee, ensure fee agreement and compliance with any prescribed fee ceilings (s 45(2), s 74).
• For transactions involving property administered by the Public Trustee, insist on a certificate under seal (s 72A) to verify the Public Trustee’s authority and facilitate registration under the Land Title Act 2000 (s 72A(3)).

Record retention, audit trails and statutory notices form the backbone of compliance under the Act. Following the statutory valuation dates, obtaining prescribed investor information, observing notice rules and tightly controlling confidentiality and disclosure are concrete steps to align operations with the Act’s requirements.