Trust registration ..
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.
Before you register your trust you will need to decide the following:
- Name of the trust
- Address of the trust
- Objects of the trust (charitable or Religious)
- One settler of the trust
- Two trustees of the trust
- 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).
- 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 :
- Minimum two members identity proof and Photographs required. (Voter ID | Driving License | Passport | Adhaar Card.)
- One passport size photograph & copy of the proof of identity of the settler
- One passport size photograph & copy of the proof of identity of each of the two witnesses.
- One electricity or water bill of registered address.
Requirement for registr""
Author Signature :