Deed of Private Family Trust
THIS INDENTURE made this...................day of................200__ ............ BETWEEN ....................................................................... Hindu, Indian Inhabitant, hereinafter called ?the SETTLER? (which expression shall unless repugnant to the context or meaning thereof be deemed to include his heirs, executors and administrators) of the One Part; AND (1) ...........................................................................................
(2) ...................................................................................................
(3) ...............................................................................................
(4) .................................................................................................. and
(5) ..................................................................................................., Hindu, Indian Inhabitants, hereinafter called ?the Trustees? (which expression shall unless repugnant to the context or meaning thereof be deemed to include the survivors or survivor of them and the trustees or trustee for the time being of these presents and the heirs, executors and administrators of the last surviving trustees and their or his assigns) of the other Part:
WHEREAS :?
(a) The Settler is seized and possessed of a sum of Rs. 25,000/-? (Rupees Twenty-five Thousand only).
(b) The Settler is desirous of settling the said sum of
Rs. 25,000/-? (Rupees Twenty-five Thousand only) on a Trust for the benefit of the beneficiaries more particularly described hereunder; and
(c) The Trustees of this Settlement have at the request of the Settler agreed to act as Trustees of these presents.
NOW THIS INDENTURE WITNESSETH and it is hereby agreed and declared as follows:?
1. In consideration of the premises and in order to effectuate the said desire of the Settler and diverse other good causes and consideration and in consideration of the love and affection which the Settler bears towards the Beneficiaries the Settler doth hereby grant, transfer, convey, assign and assure unto the Trustees the said amount of Rs. 25,000/-? (Rupees Twenty-five Thousand only) together with all his right, title, interest, benefit thereto owned, possessed and held by him whatsoever in law and in equity of the Settler in and to the same and every part thereof to have and to hold the same unto the Trustees upon the TRUST and with and subject to the powers, provisions, acts and directions hereinafter appearing and contained and concerning the same.
2. The Trustees shall hold and stand possessed of the said sum hereby settled and all other monies, shares of Joint Stock Companies, donations, contributions and all properties movable or immovable which may hereafter be paid or transferred to them and the investment for the time being representing the same and rents, incomes, profits, dividends and interest hereinafter referred to as the TRUST FUND upon the Trust with and subject to the powers and provisions herein contained and concerning the same i.e. to say:?
(a) Upon Trust, in the first instance to collect the dividends, interest, rents, profits and other income of the Trust Fund and from and out of the same in the first place to pay all costs, charges and expenses of and incidental to the collection thereof and all outgoings in respect of the Trust Fund including any Income-tax, Wealth-tax, Expenditure-tax or other tax levied or assessed upon the Trust and including all the outgoings, Municipal Taxes and other rates, costs of ordinary repairs to the property or properties for the time being subject to the Trust hereof and also all costs, charges and expenses.
(b) Subject to the provisions of Sub-Clause (a) of this clause the trustees shall pay the said Income to the following beneficiaries or credit to their accounts in the following proportions:?
NAME SHARE
1. ..................................................... .............................
2. ..................................................... .............................
3. ..................................................... .............................
4. ..................................................... .............................
5. ..................................................... .............................
If any of the beneficiaries shall have died before the date of distribution his/her share of income shall be apportioned equally amongst the survivors or survivor of them.
3. At any time before the date of distribution, the Trustees may by a resolution to be passed one month prior to the end of the accounting year determine the share in the Corpus of each beneficiary to the Corpus as on the last day of the accounting year, such resolution can be changed by the Trustees from time to time by a similar resolution passed three months prior to the end or the relevant accounting years.
4. On the date of distribution, the Trustees shall hold the Trust Fund or such part thereof as shall not have been paid, transferred or applied under any Trust or power herein contained, for and on behalf of the beneficiaries entitled to the Corpus in such proportion as they may decide PROVIDED HOWEVER that if any of the beneficiaries shall die before the date of Distribution, the Trustees may allot and hold such share of such deceased beneficiary in the Corpus for such of the legal heir or heirs of the deceased beneficiary who may be alive at the date of Distribution with the exception of the Settler as may be determined by the Trustees in their absolute discretion. In default, however, of such determination by the Trustees under power contained in this Clause on or before the date of Distribution, the Trustees shall hold the Trust Fund for benefit of the beneficiaries as under:?
NAME SHARE
1. ..................................................... .............................
2. ..................................................... .............................
3. ..................................................... .............................
4. ..................................................... .............................
If any of the beneficiaries shall have died before the date of distribution and such beneficiaries have no legal heir his/her share shall be allocated (equally) amongst the remaining beneficiary/beneficiaries.
5. These Trusts shall be and remain irrevocable for all times AND the Settler doth hereby also release, relinquish, disclaim, surrender and determine all rights or powers, if any which may have been reserved to him either by these present or otherwise howsoever, to restore to himself or to re-claim any interest in the Trust Fund and the investments for the time being representing the same or the income thereof to the intent that the Trust Fund may be held by the Trustees upon the Trusts and with and subject to the powers, provisions, agreements, and declarations contained in these presents to the entire exclusion of the Settler and of any benefit to the Settler by contract or otherwise.
6. IT IS FURTHER DECLARED and directed that if any disposition made by this Deed shall fail by reason of it being void and also if any interest in the Trust Fund or income thereof be regarded in law as indisposed of, the disposition of interest, so failing or remaining indisposed of shall be held by the Trustees upon the Trust for the beneficiaries referred to above and the intention is that there shall not be any resulting Trust for the Settler and that the Fund or Part thereof or income or part thereof which might be otherwise regarded as reverting to the Settler shall be paid over to and be held in Trust for the benefit of such beneficiaries as in law, are capable of receiving the same.
7. The Trust created shall always be called and referred to as ABC Private TRUST.
8. The Trustees may appoint additional Trustees or Trustee of these presents with or without a condition that he or they may act as Trustee or Trustees of these presents for a fixed period.
PROVIDED HOWEVER that the total number of the
Trustees on appointment of additional Trustees shall not exceed .......................
9. The Trustees shall have the following powers:?
(a) To pay the ground rent, municipal tax and all other taxes, insurance premia, maintenance charges, calls on shares and all other outgoings in respect of the Trust Fund.
(b) To pay all other charges and expenses and salaries of employees that may be incurred by the Trustees for collection of rents, dividends, keeping accounts and for the management of the Trust Fund.
