This is not an easy process as you simply cannot just replace a lost discretionary trust deed. So as to avoid the risk of resettlement and the hefty tax consequences that can follow the first port of call is try to locate a copy of the original deed. Trustees should consider checking with:
- All previous professional advisers (i.e. accountants, lawyers) who may have either assisted in establishing the trust or otherwise provided advice at some point;
- Checking with all financial institutions that the trust may have had dealings with over time;
- Titles Office and whether they have a copy;
- Checking on the statutory registers of related entities (e.g. often a copy of the Trust Deed is placed in the company register for any corporate trustee).
If the above does not provide any luck, specialist legal advice is then required t determine the most appropriate course of action.