TRUSt_REGISTRATION


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Trust Registration

Trust is a entity which is formed for the benefit of a single person or group of person. It can be a public or private. It also can be a state level and national level. It work on concept of Non-profit basis.

Trust or a charitable trust is an obligation annexed to the ownership of the property which is accepted by the owner for the benefit of the public or the owner. Trust is the way of charity as the owner transfers the property to someone else for the benefit of the third person, which can be for the private welfare or public welfare.

Trust

Trust can be classified into categories as under-

1. Public trust: a public trust as the name goes is the trust whose beneficiaries are general public which can be charitable trust or religious trust. A public park or school is considered a public trust as it benefits the general public. An NGO is known as the public trust.
2. Private trust: a private trust as its name suggests is the one whose beneficiaries are limited to an individual or family

Requisites for creation of a trust
The first and the main step is the decision of the Name of the Trust, address of the Trust, the objectives and purpose of the Trust, settlor of the trust, a property whether movable or immovable of the trust, minimum of two trustees of the trust.

Parties in a Trust

Author of Trust- the person who declares the confidence of the trust property is the author of trust.
Trustee- the one who accepts the confidence declared by the author is known as a trustee.
Beneficiaries- the person for whose benefit is involved and the confidence is accepted is called the beneficiaries.
Trust property- the trust property is the subject matter of the trust is known as trust property.
The instrument of Trust- the declaration of trust is the instrument of trust.

Trust Registration

To register a trust one has to execute a deed. A deed has to be drafted properly and executed properly. A properly executed trust deed needs to have appropriate non-judicial stamp paper. The rate of duty of stamp paper differs from state to state.

An electricity bill or water bill for the address proof along with the identity proof of atleast two members of the company like adhar card, passport, voter id, driving license is required for the registration of a trust.

Connect Soul offers full assistance and guidance in the procedure of registration of Trust. You no longer need to get into the depths and worry about any legal compliance as our skilled officials are here to help you out.