Unclaimed Money Held by the Queensland Public Trustee
Article by Spranklin McCartney Lawyers
The Queensland Public Trustee plays a vital role in managing unclaimed money within the state. This unclaimed money originates from specific sources, including:
- Queensland Government Departments and Agencies: Funds from hospitals, correctional centres, statutory authorities, and schools.
- Private Businesses: Money held by solicitors, real estate agents, accountants, nursing homes, and other companies.
- Employee Wages: Unclaimed wages or salaries for employees engaged under a Queensland State Award.
- Deceased Estates: Entitlements from estates of deceased individuals.
Our experience with the Queensland Public Trustee primarily involves unclaimed entitlements owing from deceased estates as well as unclaimed amounts belonging to individuals.
In cases where a law firm is unable to locate or contact a beneficiary of an inheritance in a Deceased Estate matter, it is common practice for the firm to hold the unclaimed inheritance for a period of two (2) years. After this time, the funds must be transferred to the Public Trustee of Queensland for safekeeping.
These funds are then recorded within a register and held securely by the Public Trustee until rightful owners come forward to claim them.
It is important to note that under the Public Trustee Act 1978 (Qld), the Public Trustee is authorised to remove details of unclaimed moneys from their register if such funds remain unclaimed for 25 years from the date they were received into the unclaimed moneys fund.[1]
What the Queensland Public Trustee Does Not Hold
Not all unclaimed money falls under the management of the Queensland Public Trustee. The following types of unclaimed funds are outside their scope:
- Dormant Bank or Credit Union Accounts: Money left in inactive accounts is managed by financial institutions or other relevant authorities.
- Life Insurance Policies: Unclaimed benefits from life insurance policies are handled by the respective insurers.
- Superannuation: Unclaimed superannuation funds are managed by superannuation providers or the Australian Taxation Office.
- Rental Bonds: These are overseen by the Residential Tenancies Authority.
If you suspect that unclaimed money owed to you is held by the Queensland Public Trustee, you can search their database to verify and lodge a claim. The process is straightforward and accessible via their official website.
For more information or to begin your search, visit: Queensland Public Trustee – Unclaimed Money.
[1] Public Trustee Act 1978 (Qld) s 99A.
