Private trust
SRINIVASA
(Querist) 10 March 2014
This query is : Resolved
THE TESTATOR HAS CREATED A TRUST THROUGH WILL AND APPOINTED 5 TRUSTEES AND 6 BENEFICIARIES FOR A IMMOVABLE PROPERTY. SINCE THE PROPERTY IS LOCATED IN CHENNAI THE WILL HAS TO BE PROBATED. I HAVE THE FOLLOWING QUERIES:
1. SINCE THE TRUST HAS ALREADY COME INTO EXISTENCE ON THE DATE OF DEATH OF TESTATOR, WHETHER A SEPARATE TRUST DEED NEEDS TO BE REGISTERED. IF SO WHETHER ALL THE TRUSTEES SHOULD BE SIGNATORIES TO THAT TRUST DEED. SINCE 2 OF THE TRUSTEES WHO ARE ALSO BENEFICIARIES ARE NOT CO-OPERATING.
2. IF TRUST DEED CAN BE REGISTERED EXCLDUING THE 2 TRUSTEES, WHETHER A PRIOR NOTICE INVITING THEM FOR REGISTRATION OF TRUST DEED IS NECESSARY. IF NOT INVITED WHAT COURSE OF ACTION THE OTHER TRUSTEES CAN TAKE LEGALLY TO PREVENT THE FORMATION OF TRUST.
KINDLY CLARIFY
WITH REGARDS
P. SRINIVAS
R.V.RAO
(Expert) 12 March 2014
In case of a Private Trust declared by a will,registration will not be necessary, even if it involves an immovable property. Registration will not be required, of a trust in relation to movable property.
In case of Public Trust, whether in relation to movable property or an immovable property and whether created under a will or inter vivos, registration is optional but desirable.
source: trust-an overview-R&A associates
B Vinay Dayal and CS.Ramakrishna
T. Kalaiselvan, Advocate
(Expert) 12 March 2014
