Testamentary trust services

(Music plays).

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

Narrator:

Welcome to the Queensland Public Trustee, a part of the Queensland Government that provides services to administer testamentary trusts. In this video, we will provide information about what happens when you are a beneficiary of a testamentary trust being managed by QPT. We will explain how a testamentary trust works, the steps we take to administer the trust and how we involve you in the process.

[Visual: A customer arrives at QPT and is warmly greeted by a representative. They engage in conversation.]

Narrator:

A testamentary trust can be established under the terms of a will or from a court order or agreement. Its purpose is to provide accommodation, money or income for the beneficiaries.

[Visual: the text ‘Testamentary Trust; appears in the centre of the screen. Icons appear around it, representing a Trust, a Will, and Court Order or Agreement. Icons representing a house, savings and income appear as well. All icons disappear, except for the Trust icon, which floats over to two beneficiaries].

Narrator:

Every trust is different and sets out what assets make up the trust, who the beneficiaries are, what the beneficiaries are entitled to and the conditions or terms of the trust. Our role as trustee is to manage and preserve the trust assets and ensure beneficiaries receive their entitlements.

[Visual: a house icon and a funds icon appear above the two beneficiaries. These float down into their hands symbolising what they are entitled to from the Trust].

Narrator:

Depending on the type of trust, there may be two types of beneficiaries. A primary beneficiary benefits during the life of the trust. This might be through use of a trust asset, such as living in a property or receiving income generated by the trust assets. If you are entitled to receive income from the trust, we will provide this to you according to the terms set out in the trust document. A remainder beneficiary will inherit part or all the assets when the trust comes to an end.

[Visual: We are shown two beneficiaries checking mail at their home. One beneficiary is titled the ‘Primary Beneficiary’ and the other is titled ‘Remainder Beneficiary’. The Primary’s letter is an income statement, representing they are receiving entitlements throughout the duration of the Trust. The Remainder Beneficiary only receives their entitlements at the end of the Trust].

Narrator:

When we become aware of a new trust, we contact you as a beneficiary to confirm your contact details and provide information about the assets that make up the trust, your entitlements as beneficiary, and any special items of the trust. We confirm our responsibilities as trustee and let you know about any responsibilities you may have as a beneficiary, such as maintaining property held in trust and payment of property expenses.

[Visual: A customer sits with a QPT representative to discuss the Trust. A pop-up animation appears, showing an electrician installing a light globe as an example of a Trustee’s responsibility to maintain a property].

Narrator:

Next, we work with you to develop a financial plan and investment strategy. We aim to provide the most suitable investment option to maximise returns for the trust, whilst also protecting the assets. The amount of returns will vary from year to year depending on the size of the investment, risk appetite and broader economic factors.

[Visual: The customer appears with another agent. We see a bar graph representing the returns on investment over a number of years. The bars go up and down showing variations in returns.]

Narrator:

Each year, we provide you with a financial statement for the trust that shows income received from investments, fees for our service, funds dispersed to beneficiaries, and any bills paid. We also provide you with a statement that shows the income received over the financial year for tax purposes. Some trusts entitle beneficiaries to request funds as required for their benefit. If you are entitled to request funds, we will ask you for information about the amount of funds required and how it will be used so we can verify the request meets the requirements of the trust.

[Visual: Financial statement and Statement of income icons appear on screen before transitioning to a home office with the customer on their computer. A screen reading ‘Medical Bill DUE’ pops up. The customer engages with QPT to request funds, which are promptly sent to the customer.]

Narrator:

The trust deed sets out the terms for how and when the trust will come to an end. This can be when the primary beneficiary passes away or reaches a certain age. When this happens, we prepare to close the trust and distribute assets to the remainder beneficiaries as instructed under the rules of the trust. We provide a letter to all remainder beneficiaries confirming when the assets have been distributed. This includes a final statement that shows all transactions on the trust since the last statement, and details of how assets were distributed or transferred to the beneficiaries.

[Visual: After the customer’s passing, the OPT representative puts everything in order, including creating a statement of accounts to the beneficiaries. Scene changes to a beneficiary receiving the statement at their home].

Narrator:

We hope this gives you a better understanding of how a testamentary trust works and the services we provide. Our team is here to help and guide you every step of the way. If you have any questions, 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.]