Who are the trustees of a private trust?
Trustees are individually as well as collectively responsible for every action carried out on behalf of the trust. A private trust, created under and governed by the Indian Trusts Act of 1882, aims at managing assigned trust property for private or religious purpose.
Who is responsible for the management of a trust?
The trustees are required to manage the trust and they are also liable for breach of the trust. Trustees are individually as well as collectively responsible for every action carried out on behalf of the trust.
Which is the only state that does not have a Trust Act?
Some of the states inIndiahave enacted Public Charitable Trust Act, while most states inIndiado not have a trust act. An NGO can be created only under a public trust act. Madhya Pradesh and Rajasthan have independent state level public trust acts. Some states, likeWest BengalandBihar, do not have any act to register a public trust.
What are the advantages of a private trust?
Private trust or family trust is not a Public Charitable Trusts and hence does not enjoy the privileges entitled to a trust with charitable purpose. What are the Advantages of Trust? Simple process of registration. Simple record-keeping and even simpler regulations. Low possibility of interference by the regulator.
What does a trust lawyer do?
The trust attorney’s tasks also include drafting documents intended for the protection of the assets against lawsuits and taxes. The first thing that a trust lawyer must do at the start of the engagement is to make a plan based on the needs of the client.
Do you need a trust attorney to make a trust?
To assist you in setting up a trust, a trust lawyer is needed who can provide meaningful legal help to the trustee, the person who is in charge managing the trust. As mentioned above, you can even name a lawyer as the trustee, which can be helpful in cases where the estate is large and complex.
Do I need a trust attorney?
Why You Need A Trust Attorney. When you are writing a trust, the best thing to do is to have it reviewed by a trust attorney who can ensure that you are lowering your estate taxes. If your children are grown up and you do not need to name a guardian of a minor in your last wishes, then creating a trust rather than a will is a better idea.
How to find an estate or trust attorney?
How to Find an Estate Planning Attorney Ask Your Financial Advisor for a Referral. Your financial advisor should be a great source of information for you, including finding a qualified estate planning attorney in your area. Ask Your Accountant. Consult Other Attorneys. Contact Your State or Local Bar Association. Check Advertisements. Contact Your Local Probate Court.