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|| Public Trust Registration ||

Overview on Trust

Trust serves as a way of contributing to the needs of the underprivileged. Generally, thereâ€™s a notion that Trusts are only to be created by the elite sector of society. However, this is not the case; a Trust can be created by ordinary men and women.

Further, Trusts are classified into two categories namely Public Trust and Private Trust The provisions of the Indian Trust Act, 1882, governs only private trusts. On the other hand, Public Trusts are usually governed by state-specific legislation such as the Bombay Public Trust Act, 1950, etc. Public Trusts are further divided into charitable and religious trusts.

Moreover, Trusts can also be used as a vehicle for investments, such as mutual funds and venture capital funds. Such Trusts are governed by the Securities and Exchange Board of India (SEBI).

Following is the classification of Trusts in terms of the motive of formation:

Public Trust: A Public Trust is created for the benefit of the general public or a particular class of people. Thus, beneficiaries in the case of Public Trust are the general public at large. Public Trust is further classified into two parts i.e., Public Charitable Trust and Public Religious Trust.

Private Trust: A Private Trust is created by the Settler for the benefit of one or more particular individuals as its Beneficiary. Hence, a private trust is the one whose beneficiaries include families or individuals. For example, a trust created for relatives and friends of the Settler.

Parties Involved in Trust Formation

Settler: A Settler is a person who creates the Trust by placing a certain asset that he/she owns into the Trust. Settler is also known as Trustor or Grantor.

Trustee: A Trustee holds the assets for the benefit of the Beneficiary. While in complete charge of the trust assets, the Trustee is under a legal obligation to maintain the trust property in the best possible way for the benefit of the beneficiaries. The Trustee is legally prevented from using the trust asset for his own ends.

Beneficiary: The Beneficiary is the third party who enjoys the benefit of the Trust property held and managed by the Trustee. The Beneficiary or beneficiaries may be either named in the Trust Deed or maybe a sufficiently defined group of persons (for example, â€œall children and grandchildrenâ€).

Following is the list of documents required for Trust registration:

The most important document required for Trust registration is 'Trust Deed.' It gives the main objectives for which the Trust is set up. A Trust Deed is legal evidence of the existence of your Trust and contains the rules and regulations of the Trust. The Deed is signed in the presence of two witnesses. All the rules and regulations related to the management of the Trust are mentioned in the Trust Deed.
Identity proof such as Voter ID, Driving License, Aadhaar Card, Passport etc.
Passport size photographs of all the parties of the Trust Deed.
Aadhaar Card of each party of the Trust.
PAN Card of each party of the Trust.
Proof of the registered office address, such as an electricity or water bill.

Complete Process of Trust Registration

All above mentioned checklist for trust registration should be complied with. The process of Trust registration in India is simple but requires documentation. The primary document needed for Trust Registration is Trust Deed. Our experienced team of professionals at the companywala shall draft the â€˜

Trust Deed for you and help you to complete the process of Trust Registration, obtaining 12AB and 80G Registration and take care of all the compliance for trust registration.

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Disclaimer:- The materials provided herein are solely for information purposes and shall not be treated as solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any professional advice. The material s written on the basis of the provision applicable as on date of writing of this article.