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Public Trust, New Zealand’s largest provider of trustee and estate administration services, today announced revenue of $83.2 million for the full year ended 30 June 2024 (FY24), up 14.3% on the previous financial year. The autonomous Crown entity posted a net profit after tax of $7.1 million and has declared a dividend of $2 million.
Sir Ernest Shackleton’s Polar Medal, one of the world’s most significant treasures from the heroic age of Antarctic exploration, has been gifted to Canterbury Museum by the Adson Trust.
The medal, purchased in a private sale in the United Kingdom, will be displayed in the new and greatly enlarged Antarctic Gallery when the Museum’s Rolleston Avenue buildings reopen towards the end of 2028 after a major five-year redevelopment.
The Adson Trust, a posthumous $10 million bequest left to the Museum by Arthur Henry Harrison, a retired company secretary from Blenheim, is managed by Public Trust.
Experienced leaders Dr Harley Aish, Matthew Harker, Anita Killeen and Karen Price have been appointed to Public Trust’s Board.
“These four new Board members bring fresh perspectives, knowledge and expertise from across a range of sectors that will further strengthen Public Trust’s leadership capability,” says Public Trust Chair Ian Fitzgerald.
Whether it’s the community cause you support, the animal shelter you love, or the cancer charity you’re involved with – leaving a gift in your will can be transformative for New Zealand charities. With bequests to good causes on the rise, Public Trust’s Wills Week 2024 urges New Zealanders to think of their will as a powerful tool.
Wills Week is coming up, 15-21 July 2024. This year, New Zealanders are being encouraged to make or update their will and, after taking care of family and friends, consider including a charitable gift.
It might not be the first thing that springs to mind as you're standing around the barbecue or enjoying a picnic with family over summer, but having the whānau together can be a great opportunity to begin some of the 'big' conversations we all need to have.
Getting your affairs in order by sorting out your will means thinking about questions such as ‘what do I want to happen with my assets after I pass away?’ and ’what would I like to happen at my funeral?’.
While it can feel like an awkward topic to get into – talking about death and the future are important conversations and having them is an act of love for those you care about.
Once a person is diagnosed with dementia, life changes quickly. The person with dementia may start having trouble looking after their wellbeing, their property and their finances, and need help with these tasks.
Fast forward, and they may be able to complete these tasks to varying degrees of success – or not manage them at all on their own.
The number of New Zealanders living with dementia is expected to almost triple to 170,000 by 2050*.
This World Alzheimer’s Month, Public Trust is calling on Kiwi to start the conversation with their loved ones about who might look after their financial affairs and wellbeing in the event of a dementia diagnosis, and to get their enduring powers of attorney (EPAs) sorted.
New research commissioned by Public Trust in its 150th year reveals 65% of parents and guardians with children aged under five in New Zealand do not have a will, highlighting a common misconception that people believe they don’t have assets worth protecting, or that they’re too young to need a will.
This Wills Week 2023, brought to you by Public Trust and running from 17 to 23 July, Public Trust is working hard to disprove these misconceptions and boost the number of New Zealanders with wills. The overall aim of Wills Week is to educate New Zealanders on the importance of protecting the things that matter for the people that matter and empower them with the confidence to write their will.
You might think you don’t have enough assets to leave in a will, but new research shows 85 percent of people want to leave a legacy that goes beyond money and assets and instead make sure they’re passing on things like values to live by, happiness and a good upbringing.
Wills Week 2023, brought to you by Public Trust, runs from 17 to 23 July and aims to show New Zealanders the importance of protecting their legacy and empower them with the confidence to write their will. Nearly 50% of New Zealanders over 18 have a will in place, and we are working hard to significantly boost that number.
Most young families are without adequate protection for their children, assets and legacies if parents die, new research reveals.
The research, commissioned by Public Trust in its 150th year, shows 65% of parents and guardians with children aged under five do not have a will.
This improves slightly in families with older children – among parents and guardians with school aged children, 54% do not have a will in place, and this decreases to 46% among parents and guardians with older children.
Glenys Talivai, Public Trust CEO, says the research findings are “concerning”.
New research shows a staggering 95 percent of Millennial homeowners received financial help to own their own home, closely followed by Gen Z homeowners with 79 percent receiving help.
Young people receiving financial assistance, in some cases called ‘early inheritance’, changes the face of what legacies look like further down the track.
It also contributes to increasing the wealth gap, with young people who are not able to receive financial support from their family less likely to be able to get onto the property ladder.
New research commissioned by Public Trust in its 150th year shows 39 percent of Kiwi say their biggest concern is having enough money for their own retirement.
“For most New Zealanders, their KiwiSaver investment will be a tool to help fund their retirement,” says David Callanan, Public Trust General Manager Corporate Trustee Services.
“I encourage everyone to check their KiwiSaver investment to ensure that they have the appropriate settings for their situation. This includes making sure your contribution rates are sufficient to help set you up for the lifestyle you’d like to enjoy in your retirement.”
The face of intergenerational wealth in New Zealand is changing, with new research released today revealing legacies are more likely linked to connection and values, than money or property for Kiwis.
Although 71 percent of people surveyed say they want to leave a financial legacy, there are more, 85 percent, who want to leave an emotional legacy.
One in five people (20 percent) feel they don’t have enough wealth to worry about protecting it and 39 percent say their biggest concern is having enough for their own retirement.
Public Trust employed some of the first women in the Public Service from 1892 — a year before women won the right to vote in New Zealand.
In 1892, Maud Harrap transferred from the Postal Department to the Public Trust Office as a short-hand typist and became the first woman on staff. Maud was joined later that year by Susan Dimant, and, in 1895, by Julia Skerrett and Emily Smythe, all as short-hand typists.
2023 marks a special anniversary for Public Trust, 150 years since it was established as the world’s first public trustee services organisation.
The Crown entity is now well-known for its provision of estate planning services, including wills and enduring powers of attorney (EPAs), but what is less known is that it was set up to protect some of our society’s most vulnerable people.
Late nineteenth century New Zealand society was haphazard; settlers lived dangerously and moved frequently around the country and beyond. Women and children were particularly vulnerable if widowed or orphaned, as appointed estate trustees had a habit of disappearing.
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"Angela Jackson, from the Public Trust, says “willanthropy” is starting to ramp up. The average bequest currently handled by the trust is $10,000 but Jackson and others in the industry are expecting that to increase as The Great Wealth Transfer – $1.25 trillion of Baby Boomer wealth – gets under way.
Jackson, head of service delivery in the North Island, says there’s a trend of people wanting to contribute not only to charities but to community organisations and sports groups."
"This Wills Week (15 to 21 July), Public Trust is partnering with Philanthropy NZ and is encouraging Bay of Plenty residents to create – or update – their will, and letting people know about the option to include charitable gifts, or bequests, in their will.
"Public Trust Principal Trustee Margaret Burt, based in the Tauranga Customer Centre, says making a bequest is a way Bay of Plenty residents can create a lasting legacy."
"It’s Wills Week starting tomorrow and the Public Trust is encouraging all Kiwis to get a will, and when they do, consider including a bequest to their favourite charity.
Even modest sums such as $1,000 really count for charities. If everyone left a small percentage of their legacy to good causes, charities could do a whole lot more good work.
Public Trust chief executive Glenys Talivai said it’s not just the wealthy who leave to charity.
Anyone can. “They can use their will not only to help their whānau and friends, but also to look after a charity or a cause that they care about.”
During Wills Week 2024, the West Coast Messenger publication shared the message of 'willanthropy' and the option of leaving a gift to charity in your will.
In support of Wills Week 2024, the Blenheim Sun ran an article about the importance of having an up-to-date will and the options for charitable giving.
During Wills Week 2024, The Westerly and Kumeu Courier newspapers shared Stephanie's story, to encourage more people to get a will and consider leaving a gift to charity.
Read The Westerly and Kumeu Courier.
David Callanan, Public Trust's Corporate Trustee Services GM, spoke to RNZ about the proposed KiwiSaver changes.
Working at Public Trust, Callanan said he often saw how important it was for people to plan for the future.
"I encourage everyone to think about their future - I know it is hard, but it's really important. People need to reflect on their goals and long-term plan.
"KiwiSaver is a smart way to save for that future and it makes good financial sense."
Public Trust manages many different asset types, including New Zealand’s largest farm cadet training farm, Smedley Station. Josiah Howard bequeathed his 4500-hectare central Hawke's Bay farm to the Crown in 1919 with instructions that it be used for agricultural education. Since 1931, more than 600 young farmers have successfully graduated with many going on to hold senior positions in the farming industry.
In this Hawke's Bay Today interview, the new education hub at Smedley Station is showcased. They are now building a six-stand wool shed and covered yards.
Public Trust manages many different asset types, including New Zealand’s largest farm cadet training farm, Smedley Station. Josiah Howard bequeathed his 4500 hectare central Hawke's Bay farm to the Crown in 1919 with instructions that it be used for agricultural education. Since 1931, more than 600 young farmers have successfully graduated with many going on to hold senior positions in the farming industry.
In this Gisborne Herald interview, Smedley Station cadets are featured for their achievements.
Listen to Public Trust's Catherine Simpson speak about the importance of a will on the RNZ First Up morning show.
David Callanan, GM Corporate Trustee Services, spoke to journalist Cameron Smith about the increase in KiwiSaver financial hardship withdrawals.
David Callanan, general manager of Corporate Trustee Services at Public Trust - a KiwiSaver supervisor in charge of approving hardship withdrawals - said it was a significant increase and had been continuing for a few years.
“The reality is we’re seeing more widespread vulnerability.
“What we see now is more instances where the kind of event where people previously would have been able to ride out, they aren’t able to anymore.
“And that is because there has been an ongoing increase in general living costs, in particular, the cost of having a roof over your head.”
The decision to withdraw KiwiSaver money was often caused by a one-off cost, such as damage to a vehicle, he said.
Historically it was largely a significant change in employment circumstances or another significant life event such as a marital split, Callanan said.
Amy Cavanaugh was interviewed by Susan Edmunds about the latest trends in KiwiSaver financial hardship withdrawals.
Public Trust head of corporate trustees services transformation Amy Cavanaugh said applications for hardship had picked up year-on-year since 2022.
Public Trust had 9165 applications for withdrawal on the grounds of financial hardship in 2023. In the current financial year, which is 10 months in, there had been 11,987 applications evaluated.
"What we are seeing is more instances where something that people would have previously had savings to cover, they aren't able to any more."
People were struggling with living costs, she said.
"There are more applications for minimum living expenses, when previously it would have been the cost of vehicle repair or a contribution to a loan in arrears. It's living expenses now."
Public Trust's Catherine Simpson spoke to Jane Phare at the New Zealand Herald about unclaimed estates.
Just under half of the adult New Zealand population have a will at any one time, but by the time Kiwis grow old and die, that figure has increased to around 94 per cent.
It’s that 6 per cent of New Zealanders who die intestate that can cause an administrative headache for life insurance companies, banks and other institutions trying to track down who the money should go to. The Public Trust, set up as a Crown entity more than 150 years ago to protect New Zealanders’ legacies, invariably ends up with the task of sorting out the inheritance.
Catherine Simpson, the trust’s head of transformation - retail, says the team goes to great lengths to find who should rightfully inherit, including engaging professional genealogists who trace back family trees, use social media and, in some cases, private investigators.
Public Trust CEO Glenys Talivai was interviewed on The Panel on International Women's Day. Glenys and panellists spoke about whether motherhood is a barrier to leadership to women on International Women's Day.
Stewart Harvey, Principal Trustee at the Hamilton Customer Centre, spoke to journalist Stacey Rangitonga about the importance of an enduring power of attorney (EPA).
Public Trust principal trustee Stewart Harvey says putting off setting up enduring power of attorney (EPA) leads to an expensive, time-consuming court process that can leave people in limbo.
“We’re seeing a lot more need for them and people not having them and then the fallout... is quite significant for a lot of families - and distressing and stressful for them to go through that process.”
Leanne Shallish, Principal Trustee at the Invercargill Customer Centre, spoke to journalist Sneha Johari about the trends in the region and the increase in last-minute wills.
An increase in the number of requests for last-minute wills is being attributed to an increase in dementia and Alzheimer’s disease rates in Southland, and throughout New Zealand.
Public Trust in Invercargill principal trustee Leanne Shallish said these diseases, along with an ageing population, were responsible for the increase.
“Wills need to be made while someone is mentally capable. With many seniors now living in retirement complexes, it is possible that wills are encouraged or even required by complexes before people move into them,” she said.
Glenys Talivai, Public Trust CEO, was a guest on Wallace Chapman's Afternoons show, talking about the importance of outlining your funeral wishes clearly in your will.
David Callanan, GM Corporate Trustee Services, spoke to Susan Edmunds at Stuff about the increase in KiwiSaver Hardship applications.
“We’re clearing more than a thousand a month regularly now and that would have been absolutely unheard of before Covid. That’s just becoming absolutely the norm now.”
As first-home buyers slog to save a mountainous deposit then face the stress and subsequent excitement of buying their first home they should also grapple with something else – death.
Glenys Talivai, CEO of the Public Trust, said it’s important when buying a first home to also write a will to protect the biggest purchase most people ever make, yet too few people do this.
Public Trust research shows only 26% of people aged 35 to 44 have a will. While 45% of that group are actively considering one, the research shows 65% of parents and guardians of children under five do not have a will.
Catherine Simpson, Public Trust Head of Service Delivery, Auckland and North, was interviewed for the Westerly magazine about important discussions with family this holiday period.
"Getting your will sorted is one of the greatest things you can leave behind, giving the people that matter a clear vision of how you wish to share your legacy," explains Catherine.
Read the article on pages 16 and 17 here.
“We encourage advisers to wholly understand the needs of clients, which is more than just the financial outcomes.”
That was the message from David Callanan, GM Corporate Trustee Services at Public Trust, about responsible investing in the latest Asset magazine.
Callanan says there’s a strong expectation from KiwiSaver members in particular that they're getting a good product from a responsible investing perspective.
Callanan speaks about responsible investing from a supervisor point of view — Public Trust supervises more than a third of all KiwiSaver providers in New Zealand. He also covers climate-related disclosure reporting in the latest spring issue of the magazine.
Read the magazine via this link (David’s interview is on pages 12-13).
Public Trust CEO Glenys Talivai was interviewed by Woman magazine for this article on why it's important for those in blended families to have a will.
Tracey Boyes, principal trustee in the Rotorua customer centre, spoke to NZME reporter Michaela Pointon about the importance of having a will if you're in a blended family.
“If a parent dies without a will and they have a blended family, it can be significantly more complicated,” Boyes said.
This year's winners of the Walter William McLean Educational Trust scholarships were celebrated at an event in Gisborne.
Public Trust manages and administers the trust and was delighted to honour these five talented students and support them in their tertiary studies.
Read more (paywall)
Riva-Lee Habib, a student from Tolaga Bay Area School, has been awarded the prestigious Walter William McLean Educational Trust scholarship.
The scholarship, managed and distributed by Public Trust, offers financial support to students pursuing agriculture-related tertiary studies.
Riva-Lee will receive $5,000 to assist her in her Bachelor of Veterinary Nursing program at EIT (Eastern Institute of Technology) in Hawke's Bay next year.
Public Trust CEO Glenys Talivai featured on the Celebrate Good Lives podcast, talking about wills, enduring powers of attorney and funeral planning in a recent episode.
“The greatest gift you can give to your loved ones, is certainty about what you wanted," Talivai explained.
It’s also available wherever you usually get your podcasts, including Spotify, iheartradio or Apple Podcasts.
Hastings Trustee James Ross was interviewed by the Hastings Leader, and also featured online in the Hawke's Bay Today, about the importance of having a will.
"Nearly 50 per cent of New Zealanders over 18 have a will in place, and the Public Trust is working hard to significantly boost that number," the article explained.
"In July, the Public Trust celebrated Will Awareness Week by releasing commissioned research that shows leaving a legacy matters. The research revealed an increasing interest in and value placed on “emotional” legacy, which is less about finances and more about passing on values, taonga and heirlooms.
Public Trust CEO Glenys Talivai explained legacies can be many different things and go beyond money and assets — a legacy can also be about passing on family traditions and values, a favourite artwork passed through generations, or a sentimental jewellery item."
David Callanan, General Manager Corporate Trustee Services (CTS), was interviewed in the Spring issue of Informed Investor, talking about KiwiSaver, retirement savings, and investing over the long term.
Read the article here (the article with David in it is on page 27)
Public Trust was featured in the Korea Review print newspaper, and online version, sharing important information to the Korean community about wills and enduring powers of attorney (EPAs).
Sharesies podcast host Frances Cook interviewed Public Trust CEO Glenys Talivai about why you need to protect your KiwiSaver, shares and home, and what happens if you don’t.
Seven Sharp reporter Lucas De Jong speaks to Public Trust’s Catherine Simpson during Wills Week about the importance of having a will.
“Dying without a will can be messy and have consequences for loved ones.
Research this month from Public Trust ahead of its Wills Week (17 to 23 July) found 65 per cent of parents and guardians with children aged under 5 in New Zealand do not have a will.
The survey of just over 1000 people highlighted a common misconception that people believe they don’t have assets worth protecting, or that they’re too young to need a will.”
“New Zealanders are not leaving money to their children the way they used to - and many are not able to. Not only are times tough, but we're living longer and older people need the money for themselves.
As part of a study to ‘better understand and quantify New Zealander attitudes and actions around intergenerational wealth’, Public Trust commissioned a quantitative survey of more than 1000 Kiwis.”
“David Callanan, Public Trust general manager corporate trustee services, said in a release that the disconnect highlighted in the survey was a ‘surprising insight’.
“’As KiwiSaver accounts can only be used for retirement or a first home deposit in most instances, many people treat their accounts as set and forget for a long period,’ Callanan said.”
Financial journalist Mary Holm talks about our Intergenerational Wealth research on radio show Your Money With Mary Holm on RNZ with Jesse Mulligan.
Tune in to hear Brian Sagala and Public Trust chief executive Glenys Talivai discuss the importance of having a will in place.
“Nick Combs is a new senior portfolio manager in the Public Trust's investment team.
“He joins the 150-year-old Crown entity from his most recent role as Head of Investment Management at the Financial Markets Authority (FMA), where he had oversight responsibilities for managed investment schemes, including KiwiSaver schemes.”
“The ability to complete some of these processes using digital technology could significantly speed things up,” Glenys Talivai says. “We are aware the courts are looking to digitise more of their processes in general and are supportive of their work in this space.”
David Callanan, General Manager Corporate Trustee Services, spoke to The Project team about the dramatic increase in the number of KiwiSaver withdrawal applications in the last 2-3 months.
“At Public Trust we have a culture of care and one of our most important values is that we put people at the heart of everything we do. We take our culture work seriously and have worked with our people to articulate our values and our purpose and to put in place a framework that allows everyone to contribute to strengthening our culture.
“We’ve done a lot of work to build a diverse and inclusive workplace, where our people feel safe to speak up – to share their ideas, raise issues, contribute to improvements and most of all be confident to be uniquely themselves.”
“For 130 years, the team at Public Trust have helped thousands of Marlburians complete a will or Enduring Power of Attorney.”
“West Aucklanders are benefiting from Public Trust’s innovative and accessible NorthWest Customer Centre.”
“Providing a personal touch and accessible options for the Marlborough community is something Public Trust has been proud to do for this local community for over 130 years.”
“Public Trust has been helping Bay of Plenty locals for over 130 years, and the number of people in the region getting their will in place has increased 146 percent in the last three years.”
CEO Glenys Talivai explains to Pacific Media News radio about our new Samoan language brochure and the importance of having a will.
“Figures for March have yet to be released but David Callanan, general manager of Public Trust Corporate Trustee Services - a KiwiSaver supervisor in charge of approving hardship withdrawals for multiple schemes - said he had seen a 52 per cent increase in applications between March 2022 and March 2023.”
Listen in to Mark Leishman and Public Trust chief executive Glenys Talivai discuss the importance of good estate planning on RNZ Nights.
