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Checklist for Formation & Registration of Trust

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Checklist for Formation & Registration of Trust

Following are the Documents & Information required for Formation of Society / Trust

Sr. No.

Particulars

Particulars

A

Preparation of the Trust Deed

Trust deed is non mandatory, but is desired as it is enforceable by law.

1

Parties to the trust

3 parties required for the formation i.e., settler, trustee and beneficiary

1A

Applicant /Settler of the trust

Settler is the person who declares confidence in the Trust. [Name & Address of the Settler]

1B

Details of trustees /Members

Trustee should not be a minor & be of sound mind. [Full Name , Address , Occupation & Age. Designations of the Trustees / Members ]

1C

Beneficiary of the Trust

Person who is going to be benefitted by the formation of trust. Usually Settler himself is the Beneficiary or it is public at large .

2

Objects of the Trust/Society

Detailed object of the Trust is to be mentioned. Trust can be formed for charitable purposes only

3

Subject matter

The subject matter of the trust is the property in respect of which the trust has been created. For creating a valid trust, the subject matter should be defined with certainty and such property should be capable of disposition.

B

Registration of the trust by Trust Deed

Registration is not compulsory but is needed to get the trust registered under the Income Tax Act for availing the exemptions and more over a deed is a prima facie evidence of the existence of a trust

1

Name of the Trust

Give atleast 3 options in the order of preference

2

Address for correspondence & Evidence

Recent Telephone Bill/ Electricity Bille of the Trust Location.

3

Tenure of Trustees

Max 5 Years & Min 1 year .
4

Minimum and Maximum Number of Trustees

Minimum : 2 Maximum : NO LIMIT
5

Who should operate bank account

Proposed Member’s specimen signature.
6

Colour Photograph of applicant & identity proof

Photograph’s of the Settler , Trustees
7

Declarations to be Made

Regarding the rights & duties of the Trustees & Beneficiary .

8

Specific clauses related to Trust

The procedure for appointment, removal or replacement of a trustee. The mode and method of determination of the trust.

A draft Trust Deed shall be provided by us