Public Trustee

An act of 1906 referring to England and Wales provides for the appointment of a public trustee to administer estates of small value, to act as custodian trustee, or as ordinary trustee or judicial trustee, or to administer the property of a convict under the Forfeiture Act The Consolidated Fund is made liable to make good all sums required to discharge any liability which the public trustee, if he were a private trustee, would be personally liable to discharge. His fees are fixed by the treasury with the sanction of the Lord Chancellor. He may employ solicitors, bankers, accountants, brokers and such other persons as he may consider necessary, and in doing so may take into consideration — subject to the interests of the trust — the wishes of the creator of the trust, the other trustees (if any) and the beneficiaries. The accounts of any trust are, on the application of any trustee or beneficiary, to be audited by such solicitor or public accountant as may be agreed by the applicant and the trustees, in default of agreement by the public trustee or some person appointed by him. The act took effect January 1, 1908. See Lewin, Trusts, 12th ed., where they are said to be a corporation sole with the right of perpetual succession.