Trusts Bill 2025

Queensland Trusts Bill 2025

Queensland Trusts Bill 2025 Contents Page Part 1 Preliminary Division 1 Introduction 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 3 Application of Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 4 Act binds all persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Division 2 Interpretation 5 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 6 Meaning of trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 7 Meaning of trustee and statutory trustee . . . . . . . . . . . . . . . . . . . 21 8 Meaning of trust instrument . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 9 Meaning of trust property and references to trust property . . . . . 22 10 Meaning of capacity and impaired capacity . . . . . . . . . . . . . . . . 23 11 Meaning of charitable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 12 References to security when lending or investing trust funds . . . 24 Part 2 Restrictions on appointment of trustees and related matters 13 Persons who can not be appointed as trustees . . . . . . . . . . . . . 24 14 Limit on number of trustees of particular trusts . . . . . . . . . . . . . . 25 15 Court approval of more than 4 trustees for particular trusts . . . . 26 16 Local government trustees may act in administration of trusts . . 27 Part 3 Appointment, discharge and removal of trustees and devolution of trusts Division 1 Preliminary 17 Application of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 18 When appointors are not able and willing to act . . . . . . . . . . . . . 28 Division 2 Appointment of trustees 19 Application of division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Contents Trusts Bill 2025 Page 2 Authorised by the Parliamentary Counsel 20 Appointment of trustees—replacement of trustee in particular circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 21 Appointment of trustees—replacement of last continuing trustee who is dead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 22 Appointment of trustees—replacement of last continuing trustee with impaired capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 23 Appointment of trustees—replacement of last continuing trustee who is insolvent under administration . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 24 Appointment of trustees—additional trustees . . . . . . . . . . . . . . . 34 25 Appointment of trustees—separate trustees of separate trust property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 26 Powers etc. of trustees appointed under division . . . . . . . . . . . . 35 Division 3 Discharge and removal of trustees 27 When minimum trustee requirements are satisfied . . . . . . . . . . . 36 28 Discharge of trustee on appointment of new trustee . . . . . . . . . . 36 29 Removal and discharge of trustee without appointment of new trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 30 Discharge of trustee who wishes to be discharged . . . . . . . . . . . 37 Division 4 Notification of former delegate if trustee is replaced, removed or discharged 31 Particular persons to notify person who was trustee’s delegate . 38 Division 5 Vesting of trust property on appointment, removal or discharge of trustees 32 Application of division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 33 Definitions for division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 34 Vesting of trust property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 35 Transfer etc. of trust property . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Division 6 Devolution of trusts on death of trustee 36 Exercise of trust powers etc. by surviving trustees . . . . . . . . . . . 42 Division 7 Vesting of trust property and devolution of trusts—death of last continuing trustee 37 Application of division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 38 Vesting of trust property in public trustee . . . . . . . . . . . . . . . . . . 42 39 Powers etc. of public trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 40 Vesting of trust property in new trustee . . . . . . . . . . . . . . . . . . . . 43 41 Vesting of trust property in holder of grant . . . . . . . . . . . . . . . . . 44 42 Powers etc. of holder of grant . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 43 Liability of public trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45