Minor trust services

(Music plays).

[Visual: video title ‘QPT Queensland Public Trustee. Our Minors Trust Services].

Narrator:

Welcome to the Queensland Public Trustee, a part of the Queensland Government that administers trusts established for a child. In this video, we'll provide information about how a minor trust works, the steps we take to administer the trust, and how we involve you every step of the way.

First, what is a trust? A trust is a legal arrangement where assets are held for a person's benefit. A minor trust is set up when the beneficiary of the trust is a child. The purpose of a minor trust is to protect the child's assets until they reach a specific age, usually 18.

[Visual: Camera zooms into building where we see a QPT representative holding two items; one is a photo of a child and the other item depicting funds. They are combined, creating a new document called ‘Minors Trust’].

Narrator:

As trustee, our role is to manage and preserve the money set aside for the child and ensure funds are only used for their benefit. We work with the child's legal guardian to make decisions about the trust until they turn 18.

[Visual: A QPT representative contacts a customer who is the legal guardian of the child of the Minors Trust].

Narrator:

There are several steps to administering a minor trust. First, we contact the legal guardian to confirm their contact details and provide details about the trust. This includes the amount of funds being held and any special terms for how the funds can be used.

[Visual: A different QPT representative contacts a customer who is the legal guardian of the child of the Minors Trust. They discuss Funds held and Special terms, represented by items depicting cash and a checklist respectively].

Narrator:

Next, we provide a financial plan to show how we will manage the funds held in the trust. The amount of money earned by the trust will vary from year to year, depending on the size of the investment and economic factors.

[Visual: An envelope floats onto the screen and opens. Inside, three icons representing pages of financial data appear, including timelines, line graphs, bar graphs and spreadsheets. This imagery is replaced by a timeline, with the amount of funds in the Trust going up and down at varying levels over the lifetime of the Trust].

Narrator:

We review the financial plan with you annually, valuing your input to ensure it continues to meet the child's needs. We will also provide a statement that details the income received from investments, the fees for our services and any transactions like fund requests. Most minor trusts allow for funds to be requested from the trust if it directly benefits the child, such as for health or education purposes.

[Visual: QPT representative and the guardian are on the phone with each other again. An icon representing a statement, and showing income received, service fees and fund requests are shown as a checklist. This imagery is replaced by four icons representing education, technology, health and dental].

Narrator:

An application for funds can be made by the legal guardian. While funds can be accessed for important needs, it is important to talk to us first, as approval is not automatic.

[Visual: A QPT representative is seen formalising a request on their computer].

Narrator:

We will ask you to provide information about how the funds will be used to verify that the request meets the requirements of the trust. Withdrawals may impact the trust's growth over time and the amount of money available for the child at the end of the trust.

[Visual: Three icons appear. The first and largest icon is one representing Trust, depicted by two hands shaking with a large dollar coin above. The second icon represents Education and the third representing Medical. Money begins to flow from the Trust icon to the Education and Medical icon. As this happens, the large dollar coin above the Trust icon begins to shrink, showing that the money in the Trust is going down as important elements like Education and Medical services are being paid for to ensure the wellbeing of the child].

Narrator:

We’ll write to the legal guardian and the child one month before the end of the trust. The child will need to provide evidence of their identity and bank account details, so we can deposit the trust funds into their account. We'll provide a letter confirming when the funds have been transferred and a statement of account.

[Visual: A QPT rep is on the phone with the child of the Trust, who is now grown up and above 18 years of age. They review the information that is provided to them at the end of the Trust].

Narrator:

Our team are here to help and guide you every step of the way. If you have any questions or need assistance, contact us on 1300 360 044.

[Visual: screen transitions to the end frame. The end frame has the QPT Queensland Public Trustee logo, the phone number 1300 360 044 and the URL address www.pt.qld.gov.au/customers.]

[End of video.]