In the case of In v. Cheng, 232 Ill. App.3d 165 (Ill. Ct. 1st Dist. 1991), the Chengs held property rights and transferred it in 1976 to a LaSalle National Bank trust and reserved the exclusive interest of the Trust. In the trust agreement, LaSalle had “full power and power to sell and transfer fiduciary property” Id to 167. 1981 Kiyoko Cheng entered into an agreement with Hong Sik In for the sale of the property through a temperamental contract. Although Cheng was represented by a lawyer, the contract did not mention Cheng`s husband or LaSalle.
In 1987, In made staggered payments and Cheng opened negotiations with Hicks Corporation for the sale of the property. After the closure, Hicks attempted to evict In from the property and filed a complaint. Although the definition of conditions and the validity of a will without the original document are often complex, trusts are generally not. Florida law does not require an original signature to implement a trust instrument. In many cases, the position of trust can be established and managed without any letter. For this reason, beneficiaries and agents who believe they have rights or obligations arising from the existence of a trust are wise to seek advice on their rights rather than waiting for an original instrument to be requested. It is not so easy to solve all cases of missing trust documents. Often, there is no living person who will admit to knowing the terms of the missing document. Or there is some evidence that the licensor intended to revoke trust by destroying it. Sometimes the beneficiaries have only one change, without the original document.
Fiction? Unfortunately, no. Lost confidence instruments are quite common, especially for older trust documents. The Grantors (who founded the original trusts) often served as original agents and were the only ones holding the trust document. Documents are often lost when fellows move or close a safe. Sometimes documents are destroyed accidentally or intentionally. Or sometimes, as in the first example, granttors simply forget where the document is stored. It is important to save your trusted document in a waterproof and fireproof box in your home or safe. Make sure your spouse, partner or replacement agent knows the location of your original document.
Investment advisors often requested a copy of the trust agreement when opening the account. Therefore, you may be able to get a copy of the trust agreement from them. The Illinois Trust and Trustee Act, 760 ILCS 5/et seq, answers the question of how to properly manage and maintain a trust when there is still an open class of event recipients. At 760 ILCS 5/16.1, the principal beneficiaries of a trust can practically represent the beneficiaries of the eventuality. As long as there is no conflict of interest, since the principal beneficiaries have “an essentially identical interest in the issue or litigation” in a trust, they may legally represent and engage any minor or disabled person, unborn person or “person whose identity or location is unknown and reasonably identifiable.” Id. This allows beneficiaries who are alive and adult and able to act mentally without worrying about future beneficiaries who may or may never exist. But what happens if the Great Gate dies, if no one can find that trust? The result is that there is no way of knowing who the scammer has appointed as successor agent, beneficiary or what are the conditions of the distribution of trust. One of the first things we ask when we receive a trusted new customer is: “Can you provide us with a copy of the trust agreement?” Trust is gone — what do I do now? This problem is not so uncommon.