What is "public trustee"

n. A public office which acts as a trustee, usually when a sum is required to be deposited as security by legislation, when courts remove another trustee, or for estates where either no executor is named by will or the testator elects wishes to appoint one.

The public trustee is an office established pursuant to national (and, where applicable, state or territory) statute, to act as a trustee, usually where a sum is required to be deposited as security by legislation, where courts remove another trustee, or for estates where either no executor is named by will or the testator elects to name the Public Trustee.

The Public Trust of New Zealand was a government appointed corporation sole providing Trustee services to those unwilling to use private services, or required by the courts or legislation to use the Public Trustee. From 2001 Public Trust ceased to be a corporation sole, adopting a structure similar to a company as a crown entity, and was renamed Public Trust. It administers 50,000 estates, trusts, funds and agencies.