About Trust Registration
A Trust is an arrangement in which property is handed over to or vested in a person, to use and dispose off for the benefit of another person. Creation of Trusts are subject to the provisions of Indian Succession Act, 1925. The creation of a Trust can be divided into two methods- private trust formation and public trust formation.
The requirements for a private trust are:-
a) The existence of the author/settlor of the Trust or someone at whose instance the Trust comes into existence and the settlor to make an unequivocal declaration which is binding on him
b) Transfer of the ownership by the author of the trust in favor of the trustee, where the beneficiary gains
c) A Trust property
d) The objects of the Trust must be precise and clearly specified e) The beneficiary of the Trust may be a particular person or persons.
Additionally, the requirements for a public trust are:-
a) A declaration of Trust which is binding on settlor.
b) Setting apart definite property and the settlor relinquishing himself of the ownership thereof.
c) A statement of the objects for which the property is hereon held.
d) The settlor or the author of the Trust, and the Trustees must be competent to contract.
e) After formation of the Trust, the Trust shall not be revoked, barring a few exemptions where the Trust contract contains any clause.