Trusts Bill 2024

Overview

This bill would replace Queensland's 50-year-old trusts legislation with a modernised law based on a Queensland Law Reform Commission review. It clarifies the powers and duties of trustees, makes it easier to replace trustees who die or lose capacity, and provides cheaper options for resolving trust disputes. The bill lapsed and did not become law when the 57th Parliament ended.

Who it affects

Trustees, beneficiaries of trusts, lawyers, estate planners, and charitable organisations would all be affected. The changes aim to make trust administration clearer and dispute resolution more accessible.

Key changes

• Codifies trustees' minimum duties including duty of care, duty to act honestly, and duty to keep records accessible to beneficiaries
• Increases capital available for a beneficiary's maintenance and education from $2,000 to $100,000 (indexed to inflation)
• Allows the Attorney-General to approve changes to charitable trust purposes for trusts under $750,000, avoiding expensive court proceedings
• Extends District Court jurisdiction to trust disputes within its monetary limit, providing a cheaper forum
• Creates new processes to replace trustees who have died, become incapacitated, or gone bankrupt without needing court intervention
• Restricts who can be appointed as trustee - excluding children, bankrupts, and persons disqualified by court order