Origins
The first Public Trustee is that of New Zealand; it was proposed by E.C. J. Stevens in 1870 due to the difficulty of finding reliable private trustees in the colony and adopted by Prime Minister Julius Vogel who established the office of Public Trustee (New Zealand) and installed Jonas Woodward as the world's first Public Trustee on January 1, 1873. Initially it was a part time for position for one man, the government had not anticipated that much of the public would prefer to trust a bureaucrat with their estate - by the mid 20th century the New Zealand Public Trustee gained nearly 1/3 of the estate market in the country, was undertaking many statutory duties beyond this and employed a staff of a thousand. meanwhile the idea was spreading, initially across the Tasman, where South Australia established a Public trustee on the same model on 1 January 1881, making it the first Public Trustee established in Australia.
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Famous quotes containing the word origins:
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