The Trusts (Capital and Income) Bill cleared its remaining stages in the House of Commons on 7 January 2013.
The bill amends the law relating to capital and income in trusts, following recommendations by the Law Commission in 2009.
It aims to make the administration of charitable and private trusts cheaper and easier for trustees.
Justice Minister Helen Grant told the Commons the legislation would "simplify and modernise the law".
Her opposite number, Robert Flello, said Labour supported the bill.
But he said the government should revisit the legislation if it was found to have any "unintended consequence".
A group of peers considered the bill in a special public bill committee. It was then returned to be debated in the Commons at report stage and third reading.