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A trust is a convenient method whereby a limited number of persons may hold property on behalf of other persons, who may be a large or fluctuating body or who may include persons not yet born. Once the property has been vested in the trustees, they own the property, but they are compelled by law to exercise their ownership for the benefits of the beneficiaries and for them only. It means that legal ownership vests in the trustee or trustees but beneficiaries have de facto ownership.
• The details of trustees like Name, Occupation, Address, Age, Father’s Name, Designation, Mobile Number, Email Address and Two Photograph are required.
• Address Proof of Trustee & Settler required: – Voter I.D / Driving license / Passport.
• Electricity Bill or House Tax Receipt or Water Bill Receipt or Ownership Proof of Property required.
• In case of Rented, Rent Deed duly notarised with rent receipt and NOC form Land Lord on Rs 10/- Stamp Paper. Name of Landlord, Father’s name, Residence Address.
• Physical Presence of Settler/all required at the time of Registration along with Original ID.
• Physical Presence of Two witnesses with original ID Proof at the time of Registration.
WHAT BEFORE REGISTER OF TRUST , WILL NEED TO DECIDE ? a) Name of the trust
b) Address of the trust
c) Objects of the trust(charitable or Religious)
d) One settler of the trust
e)Two trustees of the trust
f) 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).
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