How/Where to find lost trust deed ??

Just stumbled on an interesting case note video


just 4min

 

Nice find. Thank you.

 

thanks terry!

 

Is the process of dissolving a DT with lost deed the same as one that is vesting, in the way the
accounts are prepared & audited? Will the accountant and/or auditor be appointed by the court or
can the trustee retain the existing accountant to do that?

 

dissolving is vesting. Winding up a trust means the assets held by the trustee need to be distributed. Without the deed the trustee might not know who these can be distributed to. It is probably the family members who set up the trust or their children etc that would be the capital beneficiaries on vesting. Consider if there is likely to be any potential beneficiaries that might know about the trust and may dispute this.

A court may not appoint an auditor unless there is a dispute between different beneficiaries. Existing accountant should be fine in most cases.

 

noted, and thanks again terry

 

Just to add to this topic, I've recently come across an accountant who, with the ambition of a paperless office, reducing storage space & (the biggie) "costs", scans the original so they have an electronic copy, then ... shreds it.

Just how essential is the original deed these days?

 

many lenders will want to see a certified copy if the trustee is borrowing.
The original may be needed for trustees purchasing property in QLD too.

How do amend a copy?

 

Important.

We only scan and retain on file and then never retain any client docs. Never shredded as we dont want to be professionally negligent. The role of accountant should never be to act as a custodian of client permanent records. Some old school ones love to have walls of these records like a bowling club has trophy winners above the bar. No thanks !! That should always be a client responsibility and avoids all doubt where exceptions could otherwise occur.

We recommend clients retain original copies including evidence (where required) of stamping etc together with binders that may contain other supporting records like resolutions, amendments, registers of unitholders and corporations act records and the like. Our copy is just that. A fall back copy.

All company and trust orders are made with physical binders and never as PDF alone as there appears a tendency for many people who form companies etc and request electronic only copies to not be capable of later producing a paper copy that is signed.

IMO orders for companies and trusts etc should always be for paper copies.

Not having a printed trust deed is like knowing you have auntie dots will in a drawer but you can only find a unsigned copy

 

for a lawyer to keep an original document they must be lodged on a safe custody register and stored in a special grade safe. There are a lot of rules and regulations regarding this so I never retain originals. I don't know if there are any accounting body rules in this area.

I can't think of any reason why there has to be paper originals for company set up documents. Digital will suffice as there are no deeds involved.