Transfer of trust property
Deep Kumar Saha
(Querist) 15 December 2015
This query is : Resolved
Dear Experts,
As per the provision of the trust deed the trust property should be transferred to a non-beneficiary upon death of the beneficiary.Accordingly, upon death of the beneficiary the trustee had moved before the court and obtained order to the effect of dissolution of trust. Now the person who is entitled to the trust property upon death of the beneficiary want to sell the property. My queries are as follows:
1. Do it requires any further formality to transfer the property to the person named in the trust?
2. Is it automatically stands transferred in his favour upon fulfilment of the condition (demise of the beneficiary).
P. Venu
(Expert) 16 December 2015
Is there only one beneficiary?
K.S.Srinivas
(Expert) 17 December 2015
Everything depend on the terms and conditions of the Trust Deed.
T. Kalaiselvan, Advocate
(Expert) 26 December 2015
1. Do it requires any further formality to transfer the property to the person named in the trust?
Yes, on the basis of the recitals of the trust deed, the person who would acquire the property need to get it registered on his name by executing a deed by producing a copy of the trust deed.
2. Is it automatically stands transferred in his favor upon fulfilment of the condition (demise of the beneficiary).
It is not automatic, one should apply for transfer of records on his name on the basis of the trust deed.
