WHAT IS TRUST?
It is a non-profit organization responsible for the promotion of certain causes whether it is in health, education, relief of the poor, environment, medical relief and advancement of any other object of General Public Utility.
It is the transfer of property by the owner to someone else for the benefit of the third person.
HOW MANY CATEGORIES OF TRUST?
There are two categories of Trust:
Public Trust: Its objective is performing activities for general public and it can be either charitable trust or religious trust.
Private Trust: Its objective is performing activities for individual or family members.
ELEMENTS OF TRUST
– Trust deed
– Minimum 1 Settler
– Minimum 2 Trustee
– Trust Property
– Its Objectives
WHAT IS A TRUST DEED?
A Trust Deed is referred as an instrument that describes the aims and objectives of the trust.
WHAT ARE THE PURPOSES OF TRUST?
There are two types of trusts and each one of them has some specific purpose.
1. Setting up schools and other institutions
2. Promoting social issues such as women empowerment
3. Providing jobs to the unemployed person
4. Taking utmost care of the elderly people.
5. Environment conservation by planting trees and reducing pollution.
Purpose Private Trust
1. Providing the benefits to the family members
2. Preserve and manage the property
WHAT ARE THE MOST IMPORTANT CONTENTS IN A TRUST DEED?
– Name of the Trust
– Trust objects
– Address of the Trust
– Settler name
– Trustees’ name
– Beneficiary’s name
– Duties of the beneficiaries
– Mode of Trust’s determination
DOCUMENTS REQUIRED FOR TRUST REGISTRATION
– Draft of Trust deed
– Address proof of the proposed trust
– Settler documents (ID & Address Proof)
– Trustees’ documents (ID & Address Proof)
– 2 Passport size of photograph of each of the Settler & the trustee
– Witness documents (ID & Address Proof)
REQUIRED TIME FOR TRUST REGISTRATION
5 working days after providing all the required documents.