How to set up a pri­vate fam­ily trust

Business Standard - - PERSONAL FINANCE -

Un­der the In­dian Trusts Act, 1882, the per­son form­ing the trust (par­ent/guardian, re­ferred to as set­t­lor) must list its ob­jec­tives and in­ten­tions in the char­ter (trust deed) The set­t­lor (per­son form­ing the trust) has to then de­cide its na­ture — re­vo­ca­ble or ir­rev­o­ca­ble The trustees and ben­e­fi­cia­ries have to be de­cided The as­sets to be set­tled in the trust must be iden­ti­fied, and then their own­er­ship should be trans­ferred to the trust

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