Declaration of Trust (Private)

Updated at:March 2010
 
FREE EXCERPT

Declaration of Trust (Private)

Declaration of Trust is made at... this... day of... by Mr.... as follows

WHEREAS -

  1. The said Mr.... is the owner of an immoveable property consisting of land and building situate at ..... and more particularly described in the Schedule hereunder written.

  2. The said building is occupied by monthly tenants and is yielding an income of about Rs.... per year.

  3. The said Mr.... (hereinafter referred to as the Declarant or Trustee) desires to settle the said property on trust for the benefit of himself and his wife and ultimately for the benefit of his children in the manner following.

    NOW THIS DEED WITNESSETH and the Declarant hereby declares that he will hold the said property described in the Schedule hereunder written on Trusts (and not as the beneficial owner thereof) and with the powers, and subject to the provisions and declarations hereinafter provided.

  4. The Declarant as such trustee as aforesaid shall recover and collect the income from the said property by way of rent or otherwise howsoever and from the gross rent collected he will pay.

    (a) all the Municipal and other taxes and other levies, revenue assessment etc. in respect of the said property.

    (b) the necessary expenses required for carrying out tenantable repairs and expenses for the maintenance of the said property.

    (c) the insurance premium in respect of the insurance of the said property against fire, earthquake and other accidents as the trustee may think fit.

    (d) the salaries or wages to the persons such as watchmen, sweepers, rent collector, employed by him for the management of the property.

  5. After paying the expenses as mentioned above from the total income received, the net income will be utilised by the Declarant for himself absolutely and without liability to accounts for his own maintenance and of his family during the lifetime and until death of the Declarant.

  6. On the death of the Declarant, the said net income will be paid to the wife of the Declarant absolutely and without liability to account, for her lifetime and until her death.

  7. On the death of the wife of the Declarant or if the wife predeceases the Declarant then on the death of the Declarant, the said net income, shall be utilised by the Trustee or Trustees of these Presents for the maintenance and education of the unborn child of the Declarant absolutely.

    8- On the child of the Declarant attaining and completing the age of 18 years, the said property shall be transferred...

To continue reading

REQUEST YOUR TRIAL