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.
Private Trusts in India. A trust is called a private trust when it is constituted for the benefit of one or more individuals who are ascertained. Private trustsare governed by the Indian Trusts Act, 1882. Aprivate trust may be created inter vivos or by will.
If the beneficiaries make up a large or substantial body of public, then the trust in question is public. A public trust exists “for the purpose of its objects, the members of an uncertain and fluctuating body,” and is managed by a board of trustee.
As per Section 10, any person who is capable of holding property may be a trustee; except to the condition of discretion of trust, in that case, he cannot execute it unless he is competent to contract.
The trust itself will generally set forth when and how a beneficiary or beneficiariescan remove and/or replace a trustee. ... Sometimes the trust states that a trusteemay only be removed by a court, or the trust is silent on the issue, in which case the trustee of an irrevocable trust can only be removed by a court.
t sometimes happens that beneficiaries of trusts do not see eye-to-eye with the trust’s trustee(s).
Unless you are the grantor of the revocable trust, as a beneficiary your right to remove a trustee is generally limited. The first thing to remember is that the grantor specifically chose the trustee for a reason – it was someone who they trusted to act in your best interest, even if it goes contrary to what you, as the beneficiary, want
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