How/Where to find lost trust deed ??

Hi legal experts,

What should I do if trust deed is lost for 30 years and cannot be found?
Original solicitor doesn't keep a copy, accountants don't have a copy, no other 3rd party has a copy.
Is there such a thing as national archive of all family trust deeds that I may have a chance of
retrieving a copy?

Thanks,
FXD

 

A trust is a private arrangement. There is no registration etc..

Why is it needed?

Might need an application to the supreme court

 

Trust members wanting to acquire additional property in the trust and potential lender asking for
the deed then realise it may have been lost for that long.

 

frig.

How has the trustee been acting without knowing the terms of the trust? How have distributions been made?

The trustee should seek legal advice asap, especially before signing any contracts

 

I am wondering about the same Terry but I am no trustee only a supposed beneficiary, if at all
given the situ.

Thanks for your reply as always the case.

 

A new trust should probably be established for any further purchases.

 

Thanks Terry, in scope of discussion with solicitor soon.

But first hurdle being every beneficiary agrees to new one, if/when set up, being a mirror, or to the
closest effect of the original. I am having an uneasy feel about this right now and all past
distributions ... sigh

Cheers,
FXD

 

does the trust hold any property now?

It would likely be a resettlement for stamp duty purposes.

 

Yes it has ... again another point to be discussed soon with solicitor.

Cheers,
FXD

 

You can register a trust deed with nsw land and titles office which has a public register.

I'm guessing if it has been missing that long then unlikely to have done that.

Normally the bank would have a copy if the trust has borrowed

 

If the trustee holds QLD property the land titles office in QLD may hold a copy.

 

But why do existing ones need to be resettled for SD purpose?

 

Already checked but failed to locate a copy don't know why and was long time ago when most
beneficiaries were minors ... we don't know what we don't

 

They don't 'need' to, but that is what could happen as you cannot prove what the terms of the trust was originally so it would be a new trust settled if a replacement deed is executed. CGT might also be an issue.

 

Oh craps!!! Thanks Terry.

 

Our trusts are nearly 20 years old.

Thanks goodness, our solicitors have a copy of the Deeds and their Variations, so do our accountants, our banks and we have hard copies in our archives plus soft copies on our server.

I thought we were being a bit pedantic. Now I am glad we were. Having to possibly pay S/D and CGT because of a lost Deed would really pi$$ me off.

Last month, we needed a Deed when re-financing two loans. I was able to go to our server and email a copy off to our banker.

 

Thanks big ben it's a FT set up in Vic unfortunately but will keep that in mind for sure.

Cheers,
FXD

 

Is FT a Fixed trust or Family trust?

FAQ Legal Questions - Setting up a Family Trust Deed in Australia

 

These days there would be electronic copies floating around of trust deeds. It is still essential to keep the original in safe keeping, but if it ever goes missing it won't be as bad as the original terms of the trust will be known.

Also it is good not to use old trusts to hold property because
a) their life is shorter, and
b) lots of changes have happened in terms of law, tax and strategies.

 

Thanks!!!