Deed of Private Trust (India) by OLL
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Deed of Private Trust
THIS DEED OF TRUST is made at........ this........ day of........ between A of........ hereinafter referred to as "the Settlor", of the One Part and (1)X, (2) Y and (3) Z all of......... Indian inhabitants, hereinafter referred to as the Trustees' of the Other Part,
WHEREAS-
1. The Settlor is possessed of a sum of Rs......... (Rupees.........) and he desires to settle the said amount on trusts hereinafter appearing for the benefit of his wife and children.
2. The Trustees have at the request of the Settlor agreed to act as the First Trustees of the said Trusts and of these presents.
3. The Settlor has prior to the execution of these presents transferred the said amount to the Trustees to be held by the Trustees on trusts and subject to the powers and other provisions hereinafter contained.
1. NOW THIS DEED WITNESSETH that in consideration of the premises and in order to effectuate the said desire of the Settlor and for diverse other good causes and considerations, the Settlor doth hereby transfer and shall be deemed to have transferred unto the Turstees the said sum of Rs........ To Have And To Hold the said sum (hereinafter mentioned as'the Trust Fund') unto the Trustees to the use and upon the Trusts and with and subject to the powers, provisions, agreements and declarations hereinafter declared and contained of and concerning the same.
2. 2. The expression "Trust Fund" hereinafter appearing shall mean and shall be deemed to Include the said amount ofRs,....... as well as all other sums, and any property, moveable and immoveable that the Trustees may receive from the Settlor or any other person or hold, by way of purchase or any other mode of transfer or grant or acquisition or by way of interest accrued on Trust Fund and dividends, rents, or other income and other accumulations howsoever made and investments representing the Trust Fund for the time being and from time to time.
3. 3. The Trustees shall invest the Trust Funds in any of the investments hereinafter mentioned and shall collect or receive the interest, dividends, rents, profits and other income accruing on such investments from time to time and out of such gross income the trustees shall deduct the following expenses-
a. The costs, charges and expenses incurred for recovering or receiving such income from the investments.
b. The wages and salaries of any employees engaged for managing the Trust Fund or property.
c. If the Trust Fund is invested in an immoveable property or properties or the trustees hold any such property then
i. the expenses by way of payment of taxes, cesses, assessments,dues and duties payable to the Government or any local authority or public body in respect thereof,
ii. the expenses for carrying usual tenantable repairs, additions or alterations to such property and keeping it in good condition,
iii. the expenses of insurance premium on policies obtained against any risk to such properties,
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This template establishes a private family trust where a Settlor transfers funds or property to Trustees for the benefit of their spouse and children. It outlines how the trust fund should be invested, how income is distributed for maintenance and education, and the eventual distribution of the corpus to children upon reaching majority.
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About this template
What is this template?
This document is a formal deed of private trust established under Indian law to manage assets for specific family members. It contains specific limits on the number of trustees and explicitly references statutory investment restrictions under the Indian Trust Act. It is not a public or charitable trust deed, as the benefits are restricted to the settlor's immediate family.
When should you use it?
Use this document when you wish to transfer money or property to be held for the benefit of your spouse and children until they reach adulthood. Use a Will or a Codicil instead if the transfer of assets is intended to take effect only after death rather than during your lifetime.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 2 | Definition of Trust Fund | Defines the Trust Fund to include the initial sum of Rs. [amount], subsequent property acquisitions, and all accrued interest or dividends. |
| 3 | Deduction of Expenses | Permits Trustees to deduct management costs, employee wages, taxes, and professional fees from the gross income before making payments to beneficiaries. |
| 4 | Maintenance and Residence | Obliges Trustees to pay net income to the Settlor's wife for the maintenance and education of minor sons and unmarried daughters. |
| 7 | Distribution of Corpus | Requires the transfer of the entire trust fund to the children as tenants in common once the youngest child attains majority. |
| 8 | Marriage Expenses | Authorizes a one-time corpus expenditure not exceeding Rs. [amount] for a daughter's marriage, to be deducted from her final share. |
| 10 | Investment Powers | Restricts investments to securities authorized by Section 20 of the Indian Trust Act II of 1882, bank deposits, and public company debentures. |
| 21 | Appointment of New Trustees | Limits the number of trustees to between two and five and provides the Settlor power to replace trustees who reside abroad for one year. |
Who it's for
- an Indian resident settling a specific sum of money for the future maintenance of a spouse and minor children
- a parent providing for the marriage expenses of daughters through a managed trust structure
- a settlor appointing multiple trustees to manage immovable property and financial investments under the Indian Trust Act
How long it runs and how it's signed
Law it's drafted under
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