Although it is not obligatory, legal advice is strongly advised. The trust deed is an essential document, which must be drafted within the legal parameters, which only a lawyer can do to align it with the client’s vision. For any queries or legal help regarding trust registration, Actax India’s legal team has professionals specialized in this field.

As for the eligibility criteria, the settlor does not have to meet any special criteria. But at least two trustees out of which one must be residing in India are mandatory. The objects of the trust must also be legal and beneficial to the society.

It may take time depending on how long it takes to complete the paper then the number of documents you will require for registration or sometimes the registrar may take time to process the registration. But when done with the assistance of Actax India, the process can be integrated and successfully ended.

Being registered is not enough when it comes to managing a trust as it entails several requirements and considerations. Trustees are also supposed to keep records of the finances properly, they may further be required to file returns and act according to the terms of the trust deed. Minimising risks that may affect the benefits of the beneficiaries is important especially when investing on their behalf or the way they will be informed is crucial. Actax India can assist you in managing all these issues and make your trust run seamlessly.

1. Grantor/Settlor/Trustor: This is the person who generates the trust and puts his/her assets into it. They, in a way, initiate the trust in the first place.

2. Trustee: In general, it is helpful to envisage the trustee as the ‘manager’ of the trust. The Board of Trustees is charged with the governance of the trust and the management of the funds through investment and the appropriate distribution thereof in terms of the “Trust Deed” which is a legal document that defines the function of the trust.

3. Beneficiary: This is the person or entity that will benefit from the trust at the end of the day or the end of the term given. They are paid an income or an interest in assets stated in the trust deed.

4. Protector (Optional): At times, there is an accompanying protector whose role is to monitor or supervise the actions of the trustee. The protector makes sure that the trustee performs his duties by the provisions of the trust deed and in the best interest of the beneficiaries.

1. Revocable Trust: This trust provides flexibility. This trust can be altered or canceled by the grantor while the grantor is alive.

2. Irrevocable Trust: An irrevocable trust, by definition, cannot be altered by the grantor at any point once it is set up. This may lead to less tax and more protection, yet this needs more investment

3. Testamentary Trust: This type of trust arises from a will, and it comes into operation when the grantor dies.

4. Charitable Trust: Intended for the use or support of a public charity or a particular charitable purpose or use.

5. Support Trust: Offers cash to a beneficiary under certain guidelines on how the cash is to be used. This can help in avoiding situations whereby the money is used unwisely.

6. Special Needs Trust: Designed for use by a disabled individual for his or her own benefit but not in a way that prejudices his or her right to public assistance.

7. Living Trust: Distinguished from a will, a living trust can also help the grantor bypass probate if it is set up while the grantor is alive. Contact Actax India to select the right trust type for you!