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Public Trust refuses to act for estate

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  • Public Trust refuses to act for estate

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    The Public Trust has advised that it wll not take over the administration of a Wellington estate unless the beneficiaries waive taking action against the previous trustees for financial irregularities and the alleged abuse of an enduring power of attorney. The dispute arose after the trustees spent over $250k of the trust fund taking one of the estates beneficiaries bankrupt over a $5k debt to the estate.


    The Public Trust had previously declined to take over administration of the estate and Public Trust spokesman John Murfitt said its reasons for doing so were because of a " background of family issues which had little prospect of being resolved- I have considered this matter further and advise Public Trust will not want to be a party in any action against the former trustees, in short until there is unanimous agreement among the beneficiaries Public Trust is not prepared to take over as a replacement trustee."

    In a similar case MP Brendan Horan has filed a High Court affidavit in which he says his political career is "in tatters" over claims he stole money from his mother, and believes the executor of her estate should be removed because he is not handling the allegations fairly Horan says in his affidavit he has "lost confidence in the executor to administer the estate in an even-handed way". He wants the Public Trust to take over running the estate, and new forensic investigators appointed to go over his mother's financial records.

    • Corrigenda
      #1
      Corrigenda commented
      Editing a comment
      Spending $250k to recover (or not depending on the OA) $5k??? And then to expect the beneficiiaries not to take action?? Public Trust want to get real.
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