Deed of Family Trust (India)
This document is a template for a Deed of Family Trust used to dedicate an ancestral home and a common fund to the maintenance of a family deity and the preservation of the property. It outlines the responsibilities of the trustees in managing the trust fund, arranging religious worship, and maintaining the house for the temporary stay of family members.
Deed of Family Trust
This Deed of Trust made at.......................... this.......................... day of................ between (1)......................... (2)............................... (3)....................... (4).................... (5)................................ (6).................... (7)..................... all of..................... hereinafter referred to as the SETTLORS of the One Part and (I)................ (2)................... (3)..................... hereinafter referred to as the Trustees of the other part.
WHEREAS
1. The settlors are the erstwhile members of a Joint family consisting of..............,.............. &............. as brothers and the remaining............. to............. as their respective sons and grandsons, all being majors and they are the only members of the family apart from their respective wives.
2. The said Joint Family owns an ancestral House together with the land apartment in village/town of................. in Dist............ in State of.........................
3. ................,............... &............... and their respective sons and grandsons are living separate at different Towns/Cities and earning in their own way independently and have their respective properties
4. The said Family House is the only common property belonging to the said family
5. The said house cannot be physically divided and partitioned and the parties also do not propose to do so nor do the settlers desire to sell the same but desire to keep and preserve it as a common unit and as a memorial of the ancestors and also to avoid any dispute regarding the same among the members of the said family.
6. The said family has a family Deity of Goddess............... and the family has installed the same in one of the rooms of the said house.
7. The Settlers have therefore proposed to dedicate the said house and premises to the said Deity and to continue to worship the same and with these objects they have decided to create a private Trust of the said property.
8. The Settlers have also collected a Fund of Rs............... as the initial fund or Corpus to meet the expenses of maintaining the said house and to worship the said idol.
9. It is proposed that...........,...........,..........., will act as the first Trustees of the Trust and the settlers have proposed to transfer the said property to...........,........... &........... as Trustees to hold the property for the benefit of the said family in the manner aforesaid.
NOW this Deed witnesseth that pursuant to the said desire of the settlers and in the premises aforesaid the settlers do and each of them doth hereby grant and transfer the said house with the land appurtenant thereto situate at........... and more particularly described in the Schedule hereunder written and all the rights liberties, privileges and easements appurtenant to the said house and the land and all the estate right, title and interest of the settlers in or to the said property hereby granted unto the Trustees and also transfer the Fund of Rs............ Collected by the settlers TO HOLD the same to the use of and on the terms
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About this template
What is this template?
This document is a formal deed that creates a legal entity to hold assets for the benefit of family members under the Indian Trusts Act. It is not a Will, as it transfers assets during the lifetime of the Settlor rather than upon death. It contains specific provisions for the appointment of successor trustees and detailed investment powers.
When should you use it?
Use this document when you want to protect family wealth from creditors or ensure controlled distribution to descendants rather than a direct gift. Use an Indenture of Mortgage instead if the primary goal is securing a loan against property.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Settlement of the Trust | The Settlor transfers an initial sum of Rs. 1,000 to the Trustees to establish the Trust Fund. |
| 3 | Objects of the Trust | The Trustees must apply trust income for the maintenance, education, and medical relief of the specified Beneficiaries. |
| 6 | Power of Trustees | Trustees are authorized to invest in securities, immovable properties, or business ventures as they deem fit for the benefit of the trust. |
| 12 | Appointment and Retirement of Trustees | The number of Trustees shall not be less than two or more than seven at any given time. |
| 15 | Accounts and Audit | The Trustees must maintain regular accounts of the Trust Fund and have them audited by a Chartered Accountant annually. |
| 18 | Irrevocability | This instrument declares the trust is irrevocable and the Settlor retains no power to cancel the settlement. |
Who it's for
- an individual in India transferring personal assets to a trust for family members
- family groups seeking to manage collective property through a formal legal structure
- individuals planning for the long-term maintenance and education of minor children or dependents
How long it runs and how it's signed
Law it's drafted under
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