Trust Registration in Coimbatore
Trust registration in Coimbatore with smartcorp is done for the organizations that work towards the promotion of certain causes or the welfare of a target population. Smartcorp is the best legal service providing firm which involves in all types of legal registration services. We are servicing in Sivanandha colony, Chinnavedampatti, Vadavalli, Irugur and Madhampatti. A trust also functions on the objective of eradicating poverty, providing education to the underprivileged and offering medical services to the public. A trust is a division of the ownership of property between its legal ownership and its beneficial ownership. The trustee is the legal owner of the property and who is merely holding the property for the benefit of the owner. The equitable owner of the trust property is the beneficiary and the person who creates the trust is known as the settler.
Trust registration in Coimbatore has become common. Charitable Trust and Religious trust are the most common examples of public trust which are created for the benefit of either public, religious or charitable purpose and there is no central act to administer the public trusts but are governed by their respective states act. The Income Tax Act gives benefits and exemptions to the total income of the trust to a wide extent. It could be a public trust or private trust. The point of difference between the trust lies in the number and the characteristics of beneficiaries for whom the trust is formed. Trust registration in Coimbatore is formed for the benefit of the general public at large scale where every single individual is not determined but refers to a particular section or community or group and can be ascertained by some common features.
Documents required for Trust registration in Coimbatore
- Name, Occupation, Address, Age, Father’s Name, Designation
- Mobile Number of the trustees.
- Email Address and Two Photographs
- Address Proof of Trustee and Settler
- Electricity Bill ,House Tax Receipt
- Ownership Proof of Property
- If it is Rented, Rent Deed duly notarized with rent receipt and NOC form Land Lord on Stamp Paper.
- Name of Landlord, Father’s name, Residence Address.
- Presence of Settler at the time of Registration along with Original ID.
- Two witnesses are required with ID Proof during registration.
Benefits of Trust registration in Coimbatore
- Trust registration in Coimbatore reduces the liability especially in case of corporate trust.
- The assets are well protected and secured in Trust registration.
- Flexibility in the asset and income distribution.
- A trust always works for the benefit of its clients as the relationship is fiduciary with them.
- Trust registration in Coimbatore is helpful for the persons who deal with charitable activities.
Parties to the trust
- Author of Trust - The person who declares the confidence is called “the author”
- Trustee - Person who accepts the confidence is called the “trustee”.
- Beneficiaries - Person who benefits the confidence is called the “Beneficiaries”
- Trust property - The matter of trust is called “Trust property” or “Trust Money”.
- Instrument of Trust - The trust is declared under an instrument called the “Instrument of Trust”.