Management of Private Trust

During the last quarter of a century there has been a radical change in the Social fabric of the country. There has been a gradual disintegration of the Joint Family System and emergence of ‘Nuclear Family’. In the former collective wisdom of the elders was the basis of decision making; whereas in the latter it is more individualistic.At the same time the economic profile of the individual has also undergone a ‘Sea Change’. With higher education and better competency level, individuals have access to more avenues of income and also the levels of income very often knows no bounds. The individual becomes the owner of huge assets both liquid and illiquid at a very early stage in life. It is because of these socio economic changes that the relevance and need of “Trusts” is once again felt.

 

It may so happen that while one is earning, he / she would like to provide financial assistance / security to his / her dependants till they attain majority or become self sufficient. They may even apprehend that proper care of their properties may not be taken, due to mental incapacity, physical disability, careless way of life etc. of their kith and kin and hence they wish to provide them livelihood from their properties by creating a Private Trust.

 

Private Trust is an arrangement made by a creator of the Trust for his own benefit and/or for the benefit of his near and dear ones. Trust can also work even after the life of creator of such Trusts. Trusts may be created for a specific period and/or for specific Object also.

 

The Private/Family Trust can be created for self, for spouse, for children, for parents, for dependants, for employees or for any other valid purpose.

 

The Public Trust can be created for any social purpose such as extending educational, medical help to needy persons etc.

 

With merger between Western India Trustee Co. Ltd. and IDBI Trusteeship Services Limited (ITSL), we enjoy an aggregate experience in managing Public as well as Private Trusts for more than 65 years. Some Trusts are with us continuously for more than 50 years with very satisfactory relationship with the clients.

 

ITSL is a leading Trustee Company in India, having techno based Offices with experienced and customer friendly staff.

 

In respect of Trusts, we extend the following services:-

  • Helping in creation of Trust and Preparation of Trust Deed.
  • Obtaining registration with Charity Commissioner, Income Tax Office, in case of Public Trusts.
  • Other Offerings.
  • Complete Management of Trust – which includes:
  • Investing the funds, collecting income of the Trust
  • Applying the income towards Trust Objects
  • Maintaining the Accounts, TDS records,
  • Obtaining PAN, TAN as required,
  • Getting the Trust audited Filing Income Tax returns, etc.
  • Convening meetings of Trusts, preparing and maintaining minutes of meetings and further execution according to minutes.
  • Mandatory submissions to Charity Commissioner and Income Tax Dept.

We do undertake work of preparation of Will, execution of Will and Estate Planning for our clients in utmost reliable manner.