Modernised Trusts Bill introduced to Parliament

• New trust laws have been introduced to Queensland Parliament today.
• The Trust Bill 2024 will replace the current Act.

New legislation to reform, modernise and simplify Queensland’s outdated trust laws has been introduced to Parliament today.

Trusts laws play an essential role in ensuring that funds, properties or assets held by trustees are appropriately managed and used to advance the purpose of the trust or for the benefit of the trust’s beneficiaries.

Despite its importance, Queensland’s existing Trusts Act 1973 is more than half a century old and has not been comprehensively amended since it was introduced.

Many of its provisions have their origins in English trustee legislation of the mid-to-late 19th century and, as a consequence, the Act contains outdated historical concepts and terminology.

The Trusts Bill 2024, which proposes to repeal and replace the current Act, is drafted in a contemporary style and is intended to reflect and facilitate modern practice and societal expectations.

The Bill grants broader powers to trustees to deal with trust property whilst also imposing minimum statutory duties on trustees.

It also will prevent certain people from being appointed as trustees, including children, a bankrupt person, or a person taking advantage of bankruptcy laws as well as streamlining decision making and facilitating cost-savings for lower valued matters.

The Trusts Bill was developed based on the recommendations of the Queensland Law Reform Commission, following its broad-ranging review of the Trusts Act 1973 from January 2012 to December 2013.

Quotes attributable to the Attorney-General and Minister for Justice and Minister for the Prevention of Domestic and Family Violence, Yvette D’Ath:

“Most Queenslanders are likely to be affected by trust laws at some stage in their lives, whether it’s dealing with a deceased person’s estate, superannuation funds, or family discretionary trusts.

“Given the importance of these laws in our everyday lives, it is essential that they reflect modern societal expectations.

“Through the introduction of this Bill, the Queensland Government is delivering on its commitment to reform and modernise the Trusts Act 1973 in consultation with key stakeholders.

“The draft Bill is intended to replace the Act with modern legislation, drafted in accordance with contemporary drafting practice, using plain English to simplify, streamline and modernise Queensland's trust legislation.

“It will also facilitate the efficient and cost-effective administration of trusts.

"I thank the Queensland Law Reform Commission for its comprehensive review of the Trusts Act and express my appreciation for the input from the various legal and trusts stakeholders that contributed to the development of the Bill.”

ENDS