Only a temporary trust can be created till the life of child, for the benefit Following is the procedure for creation and registration of trust under Trust Act, 1882…
- A trust can be created for any lawful purpose.
- The first person who crates trust is known has author of trust. He has to execute a trust deed stating the purpose of trust, the beneficiaries of trust, that is the persons for whose benefit the trust is created and the property of trust. The trust deed has to be executed between the author of trust and the persons appointed as trustees. The trustees should give undertaking in the trust deed that the property of trust will be used for the benefit of the beneficiaries of the trust.
- Select a name for trust.
- Draft a memorandum of association with the help of CA/Advocate.
- Draft a trust deed on stamp paper of 100.
- Submit an application for registration of trust to Sub-Registrar. A nominal fee is payable for registration of trust.
- The application has to accompanied with following documents…
- Trust deed.
- Proof of identity of author like aadhar, passport, voter id, driving license etc. the id proof should be attested by the author.
- Proof of identity of trustees like aadhar, passport, voter id, driving license etc. the id proof should be attested by the trustees.
- Proof of address of office.
- If the property is rented NOC from landlord.
- After completion of process, the Registrar is expected to register the trust within seven days. After seven days collect the certificate of registration .