U & P wants to create a Trust. Advise them in the following matters: What are the various aspects to be decided before registration of a Trust?

CS Executive · Setting up of Business Entities and Closure · PYQS · June 2021
U & P wants to create a Trust. Advise them in the following matters: What are the various aspects to be decided before registration of a Trust?

Answer & Explanation:

Various aspects to be decided before registration of the trust A Trust can be created by any person over 18 years of age and mentally sound and capable of understanding. Before registration of a trust, the following aspects have to be decided: Name of the trust Address of the trust Objects of the trust (Charitable or Religious) One settler of the trust Two trustees of the trust Property of the trust-movable or immovable property (normally a small amount of cash/cheque is given to be the initial property of the trust, in order to save on the stamp duty).

Topics: Trusts

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