QLD How Long Will Public Trustee Keep Property on the Market?

[b0b555]

My father-in-law is named in his now deceased partner's will. He is due to inherit a certain amount. As I understand it, there are a few other people who will also receive a certain amount of money, with the remainder going to the partner's son. The only assets of any significance is the property, which is a freestanding unit in an over 50's estate.

The Public Trustee (Queensland) is the executor of will.

My question is, how long can the property be on the market before the PT reduces the price and meets the market price, whatever that might be? Can they hang on to the property for years? Or do they have some guidelines about how long it is reasonable before they have to reduce the price to make the sale?

My FIL's expectations are that he will be dead before he sees any of the money. That seems unfair to me.

 

[Arche]

Probate has to be granted before the property is listed. Has that happened? The executor has a duty to the beneficiaries to get a reasonable price but at tge same has little to gain by holding on forever.
Have a look at the PT website for any guidelines or ring them up and ask a general question.

 

[Ian Curtis]

The Public Trustee (Queensland) is the executor of will...

...how long can the property be on the market before the PT reduces the price and meets the market price, whatever that might be? Can they hang on to the property for years?

Is it resolved? I wouldn't be surprised if it is not because it is common for the Public Trustee to take a couple of years because it collects "management fees" in the meantime. Any property worth over a million dollars will earn them $15k per annum (otherwise it is 1.4% per annum).

In the case of a client who is still alive they will do everything they can to sell ASAP even if renting makes more economic sense. In NSW the Trustee has been caught lying in order to do so.

Queensland Trustee head was suspended last week amidst "serious allegations" and this week the Victorian ombudsman delivered a scathing attack on that state's Trustee (where IBAC recommended an employee be reported to police fit criminal investigation but but the Trustee swept it under the carpet).

I will list the links again below supporting my above claims ...

Financial Client Abuse | NSW Trustee and Guardian Client Abuse

https://www.brisbanetimes.com.au/na...amid-serious-allegations-20190613-p51xhg.html

https://www.brisbanetimes.com.au/po...ctoria-s-most-vulnerable-20190627-p521tp.html