On 11 October 2021, the Real Property Amendment (Certificates of Title) Act 2021 commenced, which abolished the Certificates of Title (CTs) and the control of the right to deal (CoRD) framework. All existing CTs have been cancelled and CTs will no longer be issued. Existing CTs will not need to be produced, and CoRD holder consent will not be required, for a dealing or plan to be registered. All existing Guidelines subject to this change are currently being reviewed and will be updated to reflect these changes. For further information regarding the abolition of CTs, please see https://www.registrargeneral.nsw.gov.au/property-and-conveyancing/eConveyancing/abolition-of-certificates-of-title

Retirement of a trustee

ADIS Code - TRT

The retirement of a trustee discharges the trustee from their duties and the trust property is jointly vested in the continuing trustees.

A trustee may retire from the trust without a new trustee being appointed providing the trust is still managed by:

  • at least two trustees
  • the Public Trustee or
  • a registered Trustee Company.

The retirement of a trustee must be registered to be effective, see 8(1) Trustee Act 1925. 

It must be stated on the IPF that the retirement of a trustee does not affect Old System land and/or does not affect a Principal Deed.

A retirement of a trustee that includes a variation of the trust must be marked by Revenue NSW.  If not marked, "Registration Insisted Upon" is prohibited.

The original trust is not required.

Lodgment requirements

Stamp duty - Required if executed before 1.7.1998 except where pursuant to an Order of Court or a will. If not marked Registration insisted upon is prohibited.

Not required if dated on or after 1.7.1998 except where the appointment contains a variation of trust.

Registration copy - Required. If unacceptable Registration insisted upon is prohibited.

Statement of Title Particulars form - Required if Old System land is affected.

NOS form - Required if Old System land is affected.

Index Particulars form (completion)

(A) Lodging Party - Must be completed.

(B) Instrument - Trust - Retirement of

(C) Locality - The situation of the Old System land if affected.

Link Conveyance - For the Old System land if affected.

Principal Deed    The deed of trust or the first document affecting the trust if registered.

(D) Indexing 

If Old System land is not affected:  the trust, the party creating the trust or the settlor and the first unit holders.

If Old System land is affected:  the trust, the party creating the trust or the settlor, the first unit holders the retired trustee, and the continuing trustees.

(E) Certification - Required.

Document requirements

Date:  must be dated with the date of execution.  If not dated advise the lodging party.  If a date is not furnished, indicate Registration insisted upon and include the reason.

Name:  the full names (initials are acceptable) of:

  • the trust or the deceased where the trust was created by a will
  • the party creating the trust or the settlor
  • the first unit holders 
  • the appointer
  • the retiring trustee and
  • the continuing trustees

are required.  Advise the lodging party of any discrepancies in names.

Locality:  required if Old System land is affected.  The situation of the Old System land.

Operative clause:  "... hereby retires ...".

Link Conveyance:  required if Old System land is affected.  The last registered conveyance or acknowledgment that evidences ownership prior to Book 4000.  Whole or part must be established.

Execution:  by the retiring trustee.  The continuing trustees, and the appointer if appropriate, may sign if consent is required.  A power of attorney cannot be used for execution by a trustee.

Attestation:  required. Must be witnessed by a person of 18 years of age or older who is not a party to the document.

IPF:  must be completed.

Staff processing information

The removal or death of a trustee (not the retirement and not including an appointment of new trustee) must be entered under the General Frame, ie code "G", with a Noting: "Removal/death of a trustee".  If Old System land is affected enter the Locality and Link Conveyance.  If registered enter the Principal Deed.

CA  Required if Old System land is affected.

Indexing

Locality:  required if Old System land is affected.  The situation of the land.

Link Conveyance:  required if Old System land is affected. The last conveyance or acknowledgment prior to Book 4000.  Indicate whole "W" or part "P".

Principal Deed:  if registered, the affected trust deed or the first registered document affecting the trust.

Noting:  If Old System land is affected and:

  • an interest, state: "interest in" (or Noting Code: "I")
  • a share, state: "[fraction] share"
  • part of the land, state: "[affected land description]"
  • the land description relies on an attached plan, state: "see attached plan" (or Noting Code: "PL").

V:

If Old System land is not affected:

  • the trust or the deceased where the trust was created by a will
  • the party creating the trust or the settlor and
  • the first unit holders and

If Old System land is affected:

  • the trust or the deceased where the trust was created by a will
  • the party creating the trust or the settlor
  • the first unit holders and
  • the retired trustee and the continuing trustees.

P:

If Old System land is not affected:  nil.

If Old System land is affected:

  • the trust or the deceased where the trust was created by a will
  • the party creating the trust or the settlor
  • the first unit holders and
  • the continuing trustees.