Who can be a trustee ?
Who can be a trustee ?
A trustee can be any person, that is an individual or a corporate body or a corporate sole, capable of holding property and competent to contract. The position of trustee is an extremely important one, as trustees are in fiduciary relationship with the trust beneficiaries. This means that they are in a special position of trust and accordingly have a number of significant duties.Registration of trust deed
The trust deed should be executed on non-judicial stamp paper, the value of which would depend on the valuation of the trust property. The application for registration should be made to the concerned sub registrar having jurisdiction over the region in which the trust is sought to be registered.it is necessary to get the trust deed registered in case of a charitable or religious trust, in relation to an immovable property for claiming exemption U/s. 11 of the Income Tax Act.
For registration of Trust Deed the Settlor or Trustees and at least two witnesses must be physically present at Registrar's Office along with their photographs and Identity Proofs. The trust deed should be signed by the settlor or trustees after mutual consent in the presence of two witnesses.
Essential Contents of a Trust Deed
1.The name(s) of the author(s)/settlor(s) of the trust.2.The name(s) of the trustee(s).
3.The name(s) if any, of the beneficiary or whether it is for the general public / charitable purpose.
4.The name by which the trust shall be known.
5.The place where its trustees, principal and other offices shall be situated.
6.The property that shall devolve upon the trustee(s) under the trust for the benefit of the beneficiary.
7.An intention to divest the trust property upon the trustee(s).
8.The main and incidental objects of the trust.
9.The procedure for appointment, removal or replacement of a trustee, their rights, powers, duties etc.
10.The rights and duties of the beneficiary/ies.
11.The mode and method of determination of trust.
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