BENEFITS OF REGISTRATION
TRUST REGISTRATION : The process of Trust Registration includes the following steps:
1. Choice of Name: The name of the trust should be unique and meaningful.
2. Settler of Trust: A legal person capable of entering into a contract such as an individual, an association of individuals, or a company can be the settler of trust. In case the settler is an individual, he/she should have attained the age of 18 years.
3. Trustees: Minimum two trustees are required to form a trust. There is no maximum limit for the same. Trustees are responsible for managing the trust and its affairs. The trustee can also be the settler.
4. Drafting of Trust Deed: Trust Deed is a legal document that sets out the purpose of the trust, details of the trustee or trustees, and the beneficiaries of the trust. The trust deed should be drafted in accordance with the Indian Trusts Act, 1882.
5. Execution of Trust Deed: The Trust Deed must be executed on non-judicial stamp paper of the requisite value and should be signed by both the settler and the trustees. Two witnesses must also sign the Trust Deed.
6. Registration of Trust Deed: The trust deed should be registered with the office of the sub-registrar of the jurisdiction within which the trust's registered office is situated. The original trust deed, along with three photocopies, has to be submitted, along with the prescribed registration fee.
7. Obtaining PAN and Bank Account: After registration of the trust, it is recommended to obtain a PAN for the trust and open a bank account in the name of the trust.
It is important to note that the requirements and process for trust registration may vary in different states in India. It is recommended to seek legal advice to ensure compliance with all legal requirements.
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