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About

A trust of immoveable property can be created by two ways, one by a non-testamentary document and another by a testamentary document such as a will.

A Trust of Movable Property cannot be created orally but it must be by a document duly registered. A trust of a moveable property can be created either by a document or delivering the property to the trustee with necessary oral directions. If the directions are given in writing it would amount to a trust by a non-testamentary document which may or may not be registered.

A Trust may be private and public.

Private Trust - When the purpose of the trust is to benefit an individual or a group of individuals or his or their descendants for any legal person and who is capable of holding property, it is a private trust.

Public Trust- When the purpose of the trust is to the benefit the public or any section of the public, it is public trust.

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A registered Trust Deed has the following advantages;

  1. A registered Trust Deed becomes an official document which carries support and force of law.
  2. A registered Trust Deed effectuates transmutation of possession
  3. A conveyance of trust property to the trustee under a registered deed is generally not open to challenge.
  4. However, in case of a charitable or religious trust, in relation to an immovable property, for claiming exemption U/s. 11of the Income Tax Act, it is essential that the instrument of trust is duly registered

10-30 DAYS

Before you register your trust you will need to decide the following:

  1. Name of the trust
  2. Address of the trust
  3. Objects of the trust (charitable or Religious)
  4. One settler of the trust
  5. Two trustees of the trust
  6. Property of the trust-movable or immovable property (normally a small amount of cash/cheque is given to be the initial property of the trust, in order to save on the stamp duty).
  7. Prepare a Trust Deed on stamp paper of the requisite value (8% of the
    value of property of the trust in Delhi. The rate varies from state to state)

Documents Required for Trust Registration :

  1. Minimum two members identity proof  and Photographs required. (Voter ID | Driving License | Passport | Adhaar Card.)
  2. One passport size photograph & copy of the proof of identity of the settler
  3. One passport size photograph & copy of the proof of identity of each of the two witnesses.
  4. One electricity or water bill of registered address.

Requirement for registration of Trust Deed with the Local Registrar under
the Indian Trusts Act, 1882:

  1.  Schedule 2 which is the Application for Registration [with Rs. 100 Court Fee Stamp stuck on]
  2. Trust Deed on stamp paper of requisite value.
  3. Consent Letter signed by all Trustees.
  4. Affidavit signed by the Settler (this is to be handed over on the day of the Hearing, after completion of the Hearing) [with Rs. 10/- Court Fee Stamp]
  5. One passport size photograph & copy of the proof of identity of the settler
  6. One passport size photograph & copy of the proof of identity  (Voter ID | Driving License | Passport | Adhaar Card.) of each of the two trustees. (Minimum two members identity proof required)
  7. One passport size photograph & copy of the proof of identity of each of the two witnesses.
  8. One electricity or water bill of registered address
  9. NOC from the owner of the property that is proposed as the Registered Address for the Trust, for the use of this address as the registered address of the Trust, Signature of settler on all the pages of the Trust Deed
  10. Witness by two persons on the Trust Deed.
  11. Founder / Settler have to come to Delhi for presentation in the registrar office
  12. At the time of registration, the settler & two witnesses are required to be personally present, alongwith their identity proof in the original.

 

It may be observed that three types of persons are involved in the creation of a trust—

(i) Author/ settlor of the trust i.e. the person who reposes or declares the confidence;
(ii) Trustees i.e., the persons who accept the confidence;
(iii) Beneficiary i.e., the person(s) for whose benefit the confidence is accepted.

A trust is created when a settlor transfers property to a trustee to hold it for the benefit of one or more beneficiaries.  A settlor and a trustee are two distinct roles, although one person can serve in both capacities. A settlor creates the trust and can reserve important powers with respect to the trust. The trustee is obligated to manage the trust, in accordance with state law, after its creation and until the termination of the trust.

TRUST DEED AND TRUST CERTIFICATE

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