Team Legistify | Legistify

Team Legistify
Answered on 05 Feb 2019

For appointment of trustees or issuance of succession certificate for a property in trust, it is advised to consult a good property lawyer in India who can give an in-depth knowledge about your property matter and suggest you the correct legal recourse.Read More

Posted on 16 Dec 2017 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

From the narrow conspectus of facts narrated by you, I am presuming that the trust is a private trust. Being a private trust it is governed by the Indian Trust Act, 1882. Extinction/revocation of a revocable trust are provided in sections 77 and 78 of the Act. The Act does not provide for a situation or manner for an irrevocable trust to be revoked. However case laws suggest that it can be revoked with the consent of the beneficiaries. As you have mentioned that the trust has been revoked with the consent of the beneficiaries then In my opinion the same is valid in law. Therefore the corollary would be that the agreement for division of property would also be valid in law. Read More

Posted on 31 May 2017 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

After your father dies, the AB trust becomes irrevocable. The surviving spouse can't revoke the trust. Limits on what she can do with the property depends on the terms of the trust. Read More

Posted on 05 May 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

A trust may take longer to create than a will and can be more expensive. This is because trusts are usually more complicated than a basic will. However, in many situations, a trust can save money in the long run. When you compare the cost of a will with the cost of a trust, also consider whether your estate will have to go through probate and look into how much that may cost. You may find that using a trust to avoid probate is well worth the cost of making a trust. You can do this research yourself using the internet and good self-help books, or an estate planning lawyer can walk you through both options. Read More

Posted on 05 May 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 17 Oct 2018

A Public Charitable Trust must be registered with the office of the Charity Commissioner that has jurisdiction over the trust.  The registration process includes:  Selecting an appropriate name for the trust. Determining the author and trustees of the trust. Preparing the Memorandum of Association and rules and regulations of the trust. Preparing and registering the relevant documents like the Trust Deed. You must consult a good property lawyer in India to take care of all the requisite legal formalities involved in the registration of a public charitable trust. The lawyer will also draft and register the Trust Deed including all the relevant provisions. Read More

Posted on 12 Oct 2018 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

A trust is a legal agreement that names someone to hold property for the benefit of others. The trustee is the person or company that manages trust property and “beneficiaries” are the people who benefit from the trust. A living trust is a trust created while the property owner is alive and it is revocable for the lifetime of the trust maker. In contrast, a “testamentary trust” is one that takes effect when the trust maker dies. Some people use a will in addition to a trust to distribute their property. Read More

Posted on 16 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

The legal heir of the deceased can claim of legal right, title, possession of property of a deceased plaintiff by virtue of Section 10 of Hindu Succession Act( assuming  the party is Hindu).  Further with respect to property matter to claim right as a tenancy the legal heir would be required to furnish a legal heir certificate or an affidavit on oath stating that the members are legal heirs of deceased will also suffice court purpose. Read More

Posted on 10 Aug 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

The main advantage to using a trust is that a trust helps to avoid probate. Probate is the court process though which assets are transferred and debts are paid off. The process can be very expensive and can take a long time. There are some other advantages as well. They include: A trust has the ability to cover things that a will can't cover. Examples include retirement accounts, jointly owned property and life insurance policies. A will becomes public after the property owner dies. However, a trust stays private. Only the beneficiaries and the trustee are informed of the trust. A trust can be more flexible than a will. This helps those who have complicated relationships and need a complicated estate plan. For example, a husband in a second marriage might want his current wife to be able to live in their house before his interest passes to his children from his first marriage. A trust doesn't have to transfer all the property at once, instead in can transfer property over time. A parent could set up a trust to take care of the bills of an adult child with special needs without burdening their child with a lump payment. Similarly, parents of young children or young adults may want to provide payments monthly or yearly until the children become mature enough to handle their own money. Some trusts can be designed to reduce estate taxes. However, most estate taxes affect only the very rich. Read More

Posted on 16 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

A living trust is a common type of trust used to transfer trust property to beneficiaries without probate. After you make a living trust, you transfer property into the trust and you become the trust’s trustee. A living trust is revocable, so you can change it during your lifetime. After you die, the trust becomes irrevocable and your successor trustee distributes trust property to beneficiaries following the terms of the trust. Read More

Posted on 17 Mar 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

As per the information provided by you it seems to be a private trust. Extinction/revocation of a revocable trust are provided in sections 77 and 78 of the Act. The Act does not provide for a situation or manner for an irrevocable trust to be revoked. However case laws suggest that it can be revoked with the consent of the beneficiaries. As you have mentioned that the trust has been revoked with the consent of the beneficiaries then In my opinion the same is valid in law. Therefore the corollary would be that the agreement for division of property would also be valid in law. Read More

Posted on 01 Jun 2017 | 1 Answer