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TRUST/NGO INCORPORATION

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TRUST/NGO INCORPORATION

 29,999.00  24,999.00

TRUST/NGO Overview

A Trust is a relationship in which a person or entity holds a valid legal title to a certain property which is known as the Trust property. The Trust is bound by a fiduciary duty to exercise that legal title for the benefit of any one or more individuals or group of individuals or organisations, who are known as the Beneficiaries. The Trust shall be governed by the terms of the Written Trust agreement. Trust is defined in section 3 of the Indian Trust Act, 1882 as “an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. In other words, it is simply a transfer of property by one person (the settlor) to another (the “trustee”) who manages that property for the benefit of someone else (the “beneficiary”). The settlor must legally transfer ownership of the assets to the trustee of the trust.

Description

Documents required for incorporation of TRUST/NGO

A trust may be created by any language sufficient to show the intention and no technical words are necessary. A trust may even be created by the use of words which are primarily words of condition, but such words will constitute a trust only where the requisites of a trust arc present. Though the use of the word ‘trust’ is not needed to create a valid trust, the terms of the grant or will make it clear that an obligation is actually annexed to the ownership of the trust property.

A trust-deed, generally, incorporates the following:

    • The name(s) of the author(s)/settlor(s) of the trust;
    • The name(s) of the trustee(s);
    • The name(s) if any, of the beneficiary/ies or whether it shall be the public at large;
    • The name by which the trust shall be known;
    • The place where its principal and or other offices shall be situate.

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