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What is Trust ?

A trust is a legal rights given to someone under the confidence that they are holding the property for the benefits of the others and not them. The trusts are not clearly defined in the Indian law but they are defined in the 1961 Income Tax Act. As the name suggests out of pure confidence on the person the properties are given to him hoping that the required is done for helping others. The term Trustee is used to define the person who involves in the such actions.

The trustee acts a medium and transfers the funds and does action from the given to the people in need. The trustee maintains all the property under the name of the trust. How the properties are maintained and how the income must be channelised all depends on the wish of the person who established the trust.

An agreement is made on how the properties present are to be used for the benefits of the others. There are no restriction for the type the trust wants to serve to as long as its for the benefits of others and not for an individual benefit involved.

At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 15-20 days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Benefits of trust registration


For providing the need with the right resources.

Promoting certain activity or religion based on the level of resources.

Encouraging fine arts and certain skill sets.

The deed would define how the resources are used up ensuring the vision of the founder.

Documents Required for Trust Registration


Trust Deed on stamp paper of requisite value.

Office address proof/NOC.

One passport size photograph of settler.


Proof of identity of the settler

One passport size photograph of two trusteed.

Proof of identity of each of the two trustees.

One passport size photograph of each witness.

Proof of identity of each of the two witnesses.

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PACKAGES


Basic

14,999 /-
Inclusive all taxes

Drafting of Trust Deed
Registration of Trust
Pan Card of Trust
TAN Number of Trust

Premium

21,999 /-
Inclusive all taxes

Drafting of Trust Deed
Registration of Trust
Pan Card of Trust
TAN Number of Trust
Bank A/C opening support
GST registration
GST return filing For one quarter
Trademark Registration

Standard

19,999 /-
Inclusive all taxes

Drafting of Trust Deed
Registration of Trust
Pan Card of Trust
TAN Number of Trust
Bank A/C opening support
GST registration

Procedure for Trust Registration

1

Creation of Deed

The primary step in registering as a trust is the creation of the Deed with the above mentioned proceedings.
2

Creation of will

The Will must be created on the which how the properties are handled from the name of the author and the transferring procedure to the trustee.
3

Registering of the Deed

The deed is registered under the Act and the trust would be established after the verification and validation of the property and the deed.

Types of Trusts in India


Public Trusts :

  • A public trust is created with a goal to serve for the general benefits for the good chunk of general public. It can be divided into public charitable and public religious trust where as the name suggests the specific purpose would be done with the property..

Private Trusts :

  • In terms of the private trusts the beneficiary is pre-determined that is the individual or the family are determined who would be benefited from the properties and the resources under the trust’s name.

Persons involved in the Trust

An Author or Settlor of the Trust - A person who incorporates the trust with the property of his own for the benefit of the others.

The Trustee - The person who is responsible for the maintenance and the proper reach of the resources to the right people in need is the Trustee.

The Beneficiary - The end person who is in need and is actually benefited from the activities of the trust.

The Trust Property or the Subject Matter of the Trust - The actual property that would be both in terms of movable and immovable assets that is used up for the benefit of the beneficiary.


The objects of the Trust - The clear cut definition of the path that the trust would be following for the benefit and is the vision of the Author.

Mandatory Requirements for the trust registration


  • Intention of the trust must be defined properly.
  • The way and the purpose of the trust must be discussed and put forward.
  • The trust property must be listed.
  • If there are any transferrable the needs are to be addressed.
  • The format cannot be revoked and unless it is mentioned in special clause so confirmation has to be made before the proceedings.

Important things included in Trust Deed

Name(s) of the author(s)/settlor(s) of the trust.


Name(s) of the trustee(s).


Name(s) of the beneficiary ,if any


Proposed name of the Trust.

Place where its principal and other offices shall be situated.

The property that shall devolve upon the trust for the benefit of the beneficiary.

The objects of the trust.

The manner of appointment, removal or replacement of a trustee, their rights, duties and powers etc.

The rights and duties of the beneficiary.

FAQ’s

  • What is a trust ?

    A trust is a legal rights given to someone under the confidence that they are holding the property for the benefits of the others and not them. The trusts are not clearly defined in the Indian law but they are defined in the 1961 Income Tax Act.
  • What are the types of Trusts ?

    1. Public Trust - They are for the benefit of general public.
    2. Private Trust - The beneficiary are pre determined for the establishment.
  • What is a deed ?

    Legal document by which an asset owner transfers his or her right of ownership in an asset to another party . To be enforceable, a deed must state on its face that it is a deed,accurately describe the property which is the subject matter of the deed, be validly signed (executed) in presence of the prescribed number of witnesses, and be handed over to the grantee as a deed.
  • What is the minimum number of persons are required to form a Trust?

    Minimum 2 Trustees are required to form a Trust.
  • How a Trust differ from Society?

    Trust governed by the Indian Trust Act, 1882 while Societies governed by Societies Registration Act, 1860. Minimum 2 Members are required for Trust while for Society minimum 7 Members are required. Trust Deed can be altered by supplementary trust Deed while in case of Socities Both Memorandum as well as Rules and Regulations needs to be altered.
  • Who can be a trustee?

    A Trustee can be any person, that is an individual or corporate body or a corporate sole, having separate Legal entity.
  • Who is settler?

    If the trustee dies, or is no longer able to act as trustee, the appointer is the person that provides a replacement. They’re also responsible for determining whether the trustee gets paid for their assistance running the trust.
  • Who is Appointer?

    A settlor is a person that puts the first property into the trust (known as settlement/gift and usually for a nominal sum of $10). They need to be unrelated to the trust and not to receive any benefit from it. Typically, you could use a lawyer, accountant or friend.
  • Can a Trustee also be a benefciary of a Trust?

    Yes, a trustee can be one of the beneficiaries of a trust. For example, an individual could set up a trust, appoint themselves as trustee and distribute income to their family. However, a trustee cannot be the sole beneficiary of a trust. This is because they would be legally owning property for the benefit of themselves, which is problematic from a legal perspective.

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