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What is a private trust? The private trust is created for the benefit of one/many individuals who shall be within a given time may be definitely ascertained. In cases where the trust is created for the welfare of relatives, friends, or family members, etc., such trusts are called Private trusts. When a trust is created, it ensures that the money/property is used only for the purpose stated i.e the wellbeing of the settlor’s family, and in the manner trustee deems it fit to be handled. Who can create a private trust? A person who is competent to enter into a contract as specified under the Indian Contracts Act The Authorization of a competent court with respect to the transfer of property, usually on behalf of a minor. Benefits of #private #trust #registration n 1. It Protects the asset after the settlor's death 2. It Helps prevent disputes in the family 3. Doesn’t require Courts intervention for devolution of property 4. It Fulfils the settlor’s wishes Requirements of Private Trust Registration • One must have the trust deed drafted on stamp paper. • A copy of identity proof and a passport photo of all the trustees involved. • A copy of identity proof and a passport photo of the settlor. • Signature of two witnesses and their photo and id-proof. • The settlor must sign all the pages of the deed. • A copy of income tax registration is also required. • Audit reports of Income, expenditure, and balance sheet for the past three years. Points to be kept in mind while drafting a Private trust deed: For Private Trust Registration, a person must create a trust deed. Certain points need to be kept in mind these are: • The trust deed must specify the Intention and objective to create the trust. • The beneficiaries of the trusts should also be listed in the deed. • The deed must define the trust property to be transferred by the settlor unless it is stated under the will. • If trust is created during the settlor’s lifetime, more properties can be added to it. • The trust should also mention whether the trust in question is to be made Revocable/ irrevocable or discretionary (a system where the trustee’s decision is final), Non-discretionary (where the settlor decides who the property is devolved to). Process of Registration • Once the trust deed is drafted, it must be executed on a stamp paper of appropriate value. • The settlor and the witnesses must sign the trust deed. • When the trust deed is finally executed, it must be registered with a Local Registrar. • After registration, the registrar will keep a photocopy of the deed and hand the original trust deed back to the settlor Know more: https://corpbiz.io/trust-registration ▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬ 0:00 - Channel Intro 0:06 - Introduction 0:14 - what is Private trust? 0:41 - Who can Create Private Trust? 0:54 - Benefits of Private Trust 1:14 - Requirements of Private Trust 1:45 - Points to be kept in mind 2:24 - process of Registration Phone:- 7838392800 Email:- info@corpbiz.io Want to know more about #Corpbiz​? Subscribe to our Corpbiz channel to get the latest updates, tips, and help. https://bit.ly/3w7AFJ5 Website: https://corpbiz.io​ Facebook: https://www.facebook.com/corpbizhq​ Twitter: https://www.twitter.com/corpbizhq​ Instagram: http://instagram.com/corpbizhq LinkedIn: https://www.linkedin.com/company/corpbizhq1