Private trust
BEENA SINGH
(Querist) 11 April 2014
This query is : Resolved
Hi...
Have to dissolve Private Trust but the settlor is expired so how to dissolve there is no power of attorney holder of such settlor...
Shall I attach the death certificate or any other option.
R.V.RAO
(Expert) 12 April 2014
if settlor expired,the private trust would not get in validated or incapacitated. the settlor's legal heirs step in to his shoes, unless the trust deed provided otherwise.
even if beneficiaries expire, the property reverts back to the settlor and if he dies to his legal heirs, unless the trust deed provided otherwise.
in the absence of settlor , who took the decision to dissolve?
please read carefully,below what the indian trusts act 1882 says about extinguishing and revoking a trust
77. Trust how extinguished.- A trust is extinguished--
(a) when its purpose is completely fulfilled; or
(b) when its purpose becomes unlawful; or
(c) when the fulfilment of its purpose becomes impossible by destruction of the trust- property or otherwise; or
(d) when the trust, being revocable, is expressly revoked.
78. Revocation of trust.- A trust created by will may be revoked at the pleasure of the testator. A trust otherwise created can be revoked only--
(a) where all the beneficiaries are competent to contract-- by their consent;
(b) where the trust has been declared by a non- testamentary instrument or by word of mouth-- in exercise of a power of revocation expressly reserved to the author of the trust; or
(c) where the trust is for the payment of the debts of the author of the trust, and has not been communicated to the creditors-- at the pleasure of the author of the trust.
Sri Vijayan.A
(Expert) 12 April 2014
A private trust can be dissolved without much hazzles.
A public trust can be dissolved with the permission of court if it has properties.
A trust can be determined as Public or Private on the basis of its beneficiaries.
Kumar Doab
(Expert) 12 April 2014
Go thru the trust deed carefully for the provisions stated in such event.
Ahmed Daud Girach
(Expert) 13 April 2014
Get lineage certificate from patwari/tehsildaar and give application in prescribed form to government authorities registering trust and dissolve it. Secondly if you want to continue it decide name/names of heir to be continue and write a resolution on trust letter head and apply in prescribed form to govt authority registering the trust.
Ahmed Daud Girach
(Expert) 13 April 2014
Get lineage certificate from patwari/tehsildaar and give application in prescribed form to government authorities registering trust and dissolve it. Secondly if you want to continue it decide name/names of heir to be continue and write a resolution on trust letter head and apply in prescribed form to govt authority registering the trust.
