Formation and management of Trusts
A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. A trust is a relationship in which a person or entity holds a legal title to certain property for the benefit of one or more individuals or organization. The entity that creates a trust is called a settlor. The trust has primarily 3 parties, the donor, the trustee, and the beneficiaries. It is usually created through a trust deed. After creation of the trust, various registrations and exemptions under Income Tax Act may be required. A trust may be private or public, fixed or discretionary. Our Trusts and estates lawyers work with clients of all ages to tailor estate planning strategies that help preserve and protect client's wealth. We regularly offer advice and guidance on essential trust formation and estate planning documents.