Frequently Asked Questions-Trust deeds
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Ans:- A trust can be formed as per Section 4 of Indian Trust Act 1882 for a lawful
A trust should have a document written and signed by trustees or a sole trustee;
A trust can be formed through a will also;
There is no definite form to create a trust. Objectives of the trust should be clear and unambiguous;
Ans:- Trust cannot be formed for the following purposes under Sec.4 of the Act:
Against provisions of Indian Trusts Act 1882 and rules made thereunder;
If there are provisions for cheating etc. in the trust;
If the trust is intended to cause loss or damage to one's property
Ans:- The following can form a trust under Sec.7 of the Indian Trusts Act 1882:
A person capable of making contract can form a trust;
Trust can be formed on behalf of minor with permission of Civil Court.
Ans:- Rs. 250/-
Ans:- A trust can be cancelled on the following grounds as per Sec. 78 of the Indian
Trust Act 1882:
Trust can be cancelled at the will of the trustees;
Trust can be cancelled if there is provision for cancellation in the deed.
If author of a trust creates trust for the purpose of repayment of his debt and if this neither is nor informed to the creditor author can cancel the trust.
Ans:- Yes, amendment can be made a rectification or supplementary deed.