Trust

Trust

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Trust - Process, Procedure, Document Required, Fees, Eligibility, Duration

A Trust is a legal arrangement in which the owner (trustor) transfers property to another person (trustee) for the benefit of the third person (beneficiary). A Trust can be a Public Trust established by non-profit NGOs and charitable institutions to give grants for poverty relief, medical relief, educational advancement, and any other general public utility purpose. Trust can also be a Private Trust, which is established for a small group of people, such as relatives and friends.

A Trust is a property transfer made by the owner to another person for the benefit of a third party. All registered trusts in India are governed by the Indian Trust Act 1882. An individual, AOP, HUF, company or other entity can establish a Trust.

A Trust involves the following:

The person who wishes to transfer his property is known as the author/settlor/trustor/donor. Real estate, cash, stocks, or any other valuable asset can be used as collateral in a Trust.

The person who accepts the trustor's confidence to establish the Trust is known as the trustee. The author appoints a trustee to administer the Trust and distribute the assets to the beneficiaries.

The individual or entity which will benefit from the Trust is known as the beneficiary. In India, common beneficiaries of the Trust include heirs, family members, and charities.

The instrument used to declare/create this entire Trust is known as a Trust Deed. The Trust Deed is of primary importance in a Trust. It specifies the main goals for which the trust is established. It also specifies the beneficiary and the trustee's authority.

Benefits of Trust registration

A Trust that gets registered in a government office receives several benefits including:

  • The applicant will be able to engage in a variety of charitable activities for the benefit of society by establishing the Trust.
  • Donors who make contributions to the Trust are eligible for tax breaks.
  • As it involves making public donations, registering a Trust adds credibility to the same.
  • Family Trusts get protection in case of property dispute.

 

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Trust Frequently Asked Questions

To register a Trust in India the following documents are required: • Trust Deed • Photographs of partners • PAN card • Identity proof • Address proof • A signed declaration from partners • Proof of premises • NOC from the owner of premises
An individual or a company that wants to set up a Trust must follow the below-mentioned procedure to register it: Choose a name: Before the Trust can be registered, the founding members must first agree on a name. During name selection, the members should ensure that a similar trust name does not exist. Trust settlers: The Trust's settlers must be decided by the parties. For the Trust to be formed there must be a minimum of two trustees. Memorandum of Association: The objects for which the Trust is formed should be stated in the Memorandum of Association. Trust Deed: The Trust Deed must be drafted and should include the Trust name, registered office address, activities carried out by the Trust, Trust objectives, information about trustors and trustees, assets owned by the Trust, and a board of directors. The Trust Deed along with the application and the required documents must be submitted to the Registrar. If the Registrar is satisfied that all the documents are in good order, it will provide the Trust registration certificate to the Trust. Credence Corporate Solutions helps you in obtaining the Trust registration certificate online by following a few simple steps. Contact our office right away. We will gladly help you with the Trust registration process.

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