Solubilis provide Trust registration services in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Trust is an arrangement whereby a person holds property as its nominal owner for the welfare and goodness of one or more beneficiaries. Trusts are generally formed or created to fulfil and discharge charitable and or religious sentiment of the author or settler of the trust for the benefit of the public.Closely held family trust is formed for the welfare of the members of the family and or other relatives who are dependent to the settler of the trust.
Various types of trust shall be form under the law. The trust may be written trust or oral trust. From the administrative point of view, written trust is the preferable form of trust. The trust may be public or private trust. Trust is set to be public when it is constituted mainly for the benefit of public at large. However, Private trusts are formed for the convenience and support of individual or families.
Private Trust shall further be classified into Private specific trust and Private discretionary trust. Private specific trust the share of each beneficiary is ascertainable. However, in private discretionary trust such shares are unascertainable.
The trust formed with the object of establishment, maintenance, or worship of an idol or deity or any object subservient to religion shall be called as religious and charitable trust.
Three parts are essentially to form a trust, namely the author or settler of the trust, the trustee and the beneficiary.
Sec 6 of the Indian Trust Act, 1882 states that trust is created by the author of the trust with reasonable certainly specify the intention to create a trust and specify the purpose for which the trust is created and also to state the beneficiary to receive benefits from the trust.
Trust property is the corpse created to serve the purpose of the trust.
An Individual or small team of people who wish to undertake charitable activities can opt for charitable trust. Similarly, Karta of a family can constitute a private trust for the welfare of the family members.
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