How to Trace Whereabouts of Trust Funds?

By: J.A.J Aaronson - Updated: 12 Nov 2024 | *Discuss

 

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Q.

A close friend died recently but shortly before he died he told me that he had set up a trust fund in the names of his children. The fund consisted of some inherited assets. We cant find any detail of the fund amongst his things. Is there a central registration body or some other way to trace what arrangements he had made?

A.

Amongst the most difficult challenges facing those who must deal with the death of a relative or friend is that of locating documents and assets. Unless the deceased individual has left clear instructions regarding how to find these things, it is not uncommon for some arrangements to go unfound for good.

Sadly there is no central database or similar tool for the registration of trusts. There are several reasons for this; in the first instance, it is not necessary to ‘register’ a trust in order for it to be set up. Indeed, most trusts are established with a few lines of text in a will. While this is good news for those who wish to set up trusts quickly and easily, it is unfortunate for those posed with the task of finding them.

There are a few steps that you can take to locate details of the trust. You have not made clear whether or not you are the executor of your friend’s estate. If so, you will have fairly wide-ranging powers to look through their affairs. If not, you should obviously mention the existence of the trust to the executor if you do not think they are aware of it.

As has been mentioned, trusts are frequently established within an individual’s will. This is the first place that you should look. Have a solicitor look through the document to determine whether or not a trust has been set up, as this type of document can be confusing to the uninitiated.

You should also contact your friend’s solicitor. Trusts are sometimes set up by lodging documents with solicitors or accountants, and they may therefore know more. Similarly, it might be worth enquiring at your friend’s bank; although it is less common now, some individuals used to lodge important documents with their bank managers. This is still fairly common for those with a particularly high net worth.

In conclusion, there isn’t a central body for the registration of trusts. But you stand a good chance of locating the trust by looking closely at the individual’s will, including any codicils or other attached documents, and talking to key people with whom documents may have been lodged.

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