Model Trust Deed For A Private Specific Trust
| Updated at | March 2010 |
MODEL TRUST DEED FOR A PRIVATE SPECIFIC TRUST
DEED OF TRUST
OF
______________ TRUST
THIS DEED OF TRUST made at _______ this day of _______ 2000 BETWEEN _________________ residing at ____________ __________ hereinafter called "the Settlor" (which expression shall unless it is repugnant to the context or meaning thereof be deemed to include his heirs, executors and/or administrators) of the One Part AND (1) -------------------- residing at _____________ AND (2) ------------------ residing at ________________, hereinafter called "the Trustees" (which expression shall unless it be repugnant to the context or meaning thereof be deemed to include the survivors of survior of them and the heirs, executors and administrators of the last survivor and the trustees or trustee for the time being of these presents, their, his or her assigns) of the Other Part;
(i) WHEREAS the Settlor is seized and absolutely possessed, inter alia, of an amount of Rs._________/- (Rupees ___________________ only) in cash;
(ii) WHEREAS out of natural love and affection which the Settlor bears towards the beneficiaries (i) ___________________ and (ii) _________________ who are the (relationship) of the Settlor, the Settlor is desirous of settling a sum of Rs._____/- (Rupees _____________ only) upon and subject to the trusts, powers, provisions, agreements and declarations hereinafter declared and contained of and concerning the same and the Settlor has requested the Trustees to act as the Trustees thereof, which the Trustees have consented to do (as is testified by their being parties to and executing this Deed);
AND WHEREAS in pursuance of the said desire the Settlor has, prior to the execution hereof, handed over cash of Rs.5,000/- (Rupees five thousand) and a cheque for Rs. _________/- (Rupees ________________ only) to the Trustees and the Trustees have accepted and taken possession of the same and they shall hold the said amount upon the Trusts and with and subject to the powers and provisions hereinafter declared and contained;
NOW THIS DEED OF TRUST WITNESSETH as follows:-
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The Settlor _________________________has conveyed, transferred and assigned to the Trustees the said amount of Rs. 5,000/- (Rupees five thousand only) in cash and Rs. _________/- (Rupees ______________________ only) by cheque.
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The Trust shall be known as "..................." but it may hold assets or carry on business in any suitable name.
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The Trustees hereby declare that they the Trustees shall hold and stand possessed of the said property which is referred to as "the Trust property" which expression shall also include cash and any other property and investments of any kind whatsoever into which the same or any part thereof might be converted, invested or varied from time to time or such as may be acquired by the Trustees or come to their hands by virtue of these presents or by operation of law or otherwise howsoever in relation to these presents, upon the Trusts and with and subject to the powers, provisions, agreements and declarations hereinafter declared and contained concerning the same.
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The Trustees shall hold and stand possessed of the Trust property upon the following trusts that is to say:-
(a) to manage the trust premises or Trust Fund and collect and receive the interest, dividend and other income thereof;
(b) to pay and discharge out of the income of the Trust Fund all costs, charges and expenses for collecting and receiving the income of the Trust Fund and all other assets, charges, expenses and outgoings of and incidental to the Trusts created by these presents and administration thereof;
(c) to close the accounts of the Trust on the 31st day of March of every year and pay to or accumulate or spend the net income of the Trust among the beneficiaries in the following properties:-
i) %
ii) %
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If either of the beneficiaries dies before the determination of this...
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