drafting of trust deed get it done from a lawyer
2) for tax issues consult CA . A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title that property in trust for the benefit of the beneficiaries.
3)Trustees are liable to income tax on any income arising from trust property in their capacity as Trustees.
4) when trust income does not include business income then income will be assessed to the trustees in their capacity as representative assesses under section 161
5) in this case rate applicable to each beneficiary will be determined and applied to income from trust
6) separate assessment will be made for each beneficiary
7) alternatively department has option to determine assessment for each beneficiary directly as per section 166
8) where trust income includes business income trust would be taxed at 30%plus education cess