Executor Assist referral programme FAQs
Why would my client want Executor Assist?
Whilst being chosen as an Executor is often an honour it is also a significant responsibility. Many Executors are unaware of what is involved in being an Executor, the legal requirements of the role and the time involved to undertake their duties. Our research shows that on average Executors spend over 50 hours winding up an estate. Executor Assist can help your clients to fulfil their duties.
Tell me about Executor Assist
Executor Assist is a service exclusive to Public Trust, that helps Executors to navigate the estate management process, from the time of a person’s passing, through obtaining Probate to the final winding up of the estate. It is designed to take care of some or all of the admin, whilst still enabling the Executor to retain control of the decision making process.
Who is the Executor Assist target market?
Executor Assist is aimed at any Executor who needs some assistance with the estate management process. The will does not have to be held at Public Trust to access this service.
What should I say to my clients about the service?
Executor Assist can provide you with assistance to obtain Probate (the legal documentation required to access any financial asset worth more than $15K), through to all of the administration activities managing the estate. For example, closing accounts, selling assets such as property and shares (in NZ and overseas) settling debts, expenses and taxes, locating beneficiaries etc. Public Trust can also help with distribution of the estate.
What fees does Public Trust charge clients for Executor Assist?
Executor Assist fees are based on the work done, not a percentage of the estate’s value. This is a combination of fixed fees and hourly rates depending on the tasks involved. Public Trust provides an estimate of the cost upfront and keep the client updated throughout the process.
Does the client have to be the Executor of a will held at Public Trust to use the service?
No – this service is available to any Executor, irrespective of where the will is held.
Where can I get more information about Executor Assist?
You can visit the website www.publictrust.co.nz/personal/executorassist.
Or talk to your local Public Trust Customer Centre.
Or call our Contact Centre on 0800783 932.
What are the benefits to me of participating in this scheme?
- You could receive a commission payment for each customer who takes up the Executor Assist service (subject to certain terms and conditions)
- You can add value to the service you already provide by introducing clients to Executor Assist to support and guide them through the estate management process.
Does the Commission include GST?
Yes it does include GST.
What requirements must be met by my client for me to receive the commission?
The client must:
- Use the voucher within the specified time period (6 months from the date on the voucher).
- Sign the Executor Assist letter of engagement.
- Spend more than $1500 including GST on Executor Assist services.
How long on average does it take a client to sign a letter of engagement?
This varies greatly depending on a number of factors including the location of the Executor, whether there are multiple Executors etc.
Will my clients receive anything for using this service?
Your client will receive a discount off their account. They will need to show the referral brochure to get this discount.
How do I set my business up to receive commissions?
Note that only someone who is an authorised signatory for the business can sign you up.
You will need to accept the terms and conditions and provide the following information:
- Name of authorised person
- Legal name of business
- Business address
- Postal address
- Email address
- GST number
- Bank account number
You will receive an email acknowledging your request and in due course a welcome pack confirming that you’re signed up. This will include:
- A letter with your unique customer code on it
- A brochure about Executor Assist for your information
- Brochures to display/ give to your customers about the Executor Assist service.
What do I have to do to refer a client to Executor Assist?
You need to give them a brochure and fill in the box on the back of the brochure with the date you referred them. If you do not fill in this box the referral is invalid.
How will I be paid the commission?
Your commission will be paid directly into your nominated bank account on the 20th of the month. You will be notified by email if you are going to receive a commission payment that month. This email will include an invoice (created on your behalf) for this payment for your tax records.
Will I receive any statements to support my tax return?
Yes we will send you an invoice (created on your behalf) that itemises the referrals you have received commission for and you should use this in your tax returns.
When will I receive my commission payments?
Commission payments will be made on the 20th of each month.
How will I know whether I am going to get a payment?
You will receive an email from Public Trust if you are going to receive a commission payment that month.
What is the cut-off date for commission payments?
Commissions are paid on the 20th of the month for referred customers who have signed their letters of engagement in the period from the 15th day of the previous month to the 14th day of the month of payment.
Will my clients be informed that I will receive a commission payment?
Yes it is a legal requirement to disclose that you may receive a commission payment. This term is included on the brochure that the customer receives and in the letter of engagement the customer signs. As the receiver of a commission payment, you must ensure that you comply with the Secret Commissions Act.
If the client asks me how much commission I am being paid, must I disclose the amount?
We recommend always disclosing the commission amount if asked. As the customer must consent to you being paid a commission, they may withhold their consent if you refuse to disclose the amount to them.
What happens if the customer does not consent to me being paid a commission?
If the customer doesn’t consent to you receiving a commission, Public Trust can’t pay it. However, we will not give the customer any discount off their account.
How do I order brochures to give to the customer about Executor Assist?
- Visit the website:
- Enter your unique referral code.
- You will receive an email acknowledging your request and brochures will be mailed to your postal address in due course.
What do I do if I no longer want to participate in this scheme?
- You need to advise Public Trust in writing, giving 20 working days’ notice that you wish to terminate. You should send your request to terminate to: PT.Marketing@publictrust.co.nz.
- Return any brochures to Public Trust.
If I terminate my participation in this scheme will Public Trust still honour any referrals still in circulation?
Public Trust will continue accepting Referral Vouchers previously distributed to clients up until 6 months after the date of referral.