Asked by: Marlis Dworschakbusiness and finance bankruptcy
How do I set up a trust in India?
Last Updated: 24th June, 2020
- Step 1 : Choose an appropriate name for your Trust.
- Step 2 : Determine the Settler/ Author and Trustees oftheintended Trust.
- Step 3 : Prepare a Memorandum of Association and Rules&Regulations of your Trust.
- Bylaws of the Trust.
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Furthermore, how much does it cost to set up a trust?
Attorney's fees are generally the bulk of thecostassociated with creating a trust. Thecost for anattorney to draft a living trust canrange from $1,000 to$1,500 for individuals and $1,200 to $2,500for marriedcouples.
Secondly, can a trust property be sold in India? Trust property can't be soldwithoutcourt's permission. NEW DELHI: The Delhi High Court has saidprimafacie no trust property can be held, sold,mortgagedor exchanged without prior permission of thecourt.
Likewise, how does trust work in India?
The The Indian Trusts Act, 1882 definesaTrust as an obligation annexed to the ownership ofproperty,and arising out of a confidence reposed in and accepted bytheowner, or declared and accepted by him, for the benefit ofanother,or of another and the owner.
How do you establish a trust?
How to Create a Legal Trust
- Appoint a trustee and an alternate trustee and obtaintheirconsent to their appointments.
- Select at least one beneficiary.
- Draft the trust deed in duplicate.
- Sign the trust deeds, and have the trustee sign them, inthepresence of a notary public.
- Transfer assets to the trust.