How to check if a discretionary trust is finalised

My previous accountant has posted me copies of a Discretionary Trust as his office is now going paperless. These copies are unsigned and therefore obviously not a legal document. As it's over twenty years old, I'm not sure if it was ever "finalised". After signing, witnessing etc. what happens then. We've never "used" this Trust, but am just curious as to how to find out.

 

A trust is a private relationship between the settlor and the trustee. If the settlor signed the deed and handed over the initial property, being the settled sum usually $10, then the trust is established.

Has the trustee been doing tax returns?

 

After 20 years if I couldn't ascertain where the trust property (if any) is I would be starting again especially if property is involved. A trust deed is just one element. If the trust has no assets its not a trust. It may have vested and this can occur when trust property becomes personal property of a beneficiary. Especially where the trustee may well be a individual/s I would be wanting to see a bank account in continued existence OR actual currency stapled to the deed.

Lack of accounts for the trust may indicate its sole asset WAS the settled sum now...lost / vested.

 

If you are contemplating using the trust it is probably best not to, even if the settled sum is still held. There have been a lot of law changes in the past 20 years so best to start afresh.

 

And if the old deed on file isnt stamped its even better reason to start again. That is a common issue. Its not worth messing with let alone allegations of double stamp duty for a defective deed.

I once found a old accountant who recycled trust deeds......Yeah. Amending them etc. Claimed it saved duty. Not to mention a breach of the Legal Practitioners Act etc.

 

Thanks Terry and Paul. Appreciate your responses.
The Trust document was set up by my Father in Law, and beneficiaries included future (at that point unborn) grandchildren. The passing of 20 odd years has meant my Father in law has since passed away, and (previously unborn) grandchildren are now young adults.