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Declaration Of Bare Trust

Declaration Of Bare Trust Template for India

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Key Requirements PROMPT example:

Declaration Of Bare Trust

"I need a Declaration of Bare Trust for a residential property in Mumbai, where I will be the trustee holding the property on behalf of my sister as the beneficiary, with the arrangement to commence from March 15, 2025."

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Document background
A Declaration of Bare Trust is commonly used in India when there is a need to separate legal and beneficial ownership of property while maintaining the beneficiary's absolute control over the assets. This document is particularly useful in situations involving property holding arrangements, nominee arrangements, or temporary property management structures. The declaration must comply with the Indian Trusts Act, 1882, and includes detailed information about the trust property, parties involved, and their respective rights and obligations. It's frequently used in real estate transactions, investment holdings, and family property arrangements where the trustee's role is limited to holding legal title while the beneficiary retains full control over the property. The document needs to be properly executed and may require registration depending on the nature of the trust property and local regulations.
Suggested Sections

1. Parties: Identifies and provides full details of the Settlor, Trustee(s), and Beneficiary(ies)

2. Background: Sets out the context and intention to create a bare trust

3. Definitions: Defines key terms used throughout the declaration

4. Declaration of Trust: The formal declaration establishing the bare trust and confirming the trust property is held on behalf of the beneficiary

5. Trust Property: Detailed description of the property being held in trust

6. Nature of Bare Trust: Confirms this is a bare trust and explains the limited role of the trustee

7. Rights of Beneficiary: States the absolute right of the beneficiary to direct the dealings with the trust property

8. Trustee Powers and Duties: Specifies the limited powers and duties of the trustee in a bare trust arrangement

9. Governing Law: Confirms the trust is governed by Indian law

Optional Sections

1. Multiple Trustees Provisions: Required when there is more than one trustee, covering joint action requirements

2. Trustee Retirement and Replacement: Include when mechanism for trustee changes needs to be specified

3. Tax Declarations: Include when specific tax treatment needs to be documented

4. Registration Details: Required when the trust property is immovable property requiring registration

5. Trust Property Management: Include if any specific management arrangements need to be documented, even though trustee role is passive

Suggested Schedules

1. Schedule 1 - Trust Property Details: Comprehensive description of the trust property, including any relevant registration numbers, titles, or identifying features

2. Schedule 2 - Trustee Details: Full names, addresses, and contact details of all trustees

3. Schedule 3 - Beneficiary Details: Full names, addresses, and contact details of all beneficiaries

4. Appendix A - Property Documents: Copies of relevant property documentation, titles, or certificates

5. Appendix B - Identity Documents: Copies of identity documents for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Financial Services

Legal Services

Wealth Management

Private Banking

Property Development

Investment Management

Family Office Services

Professional Services

Trust Services

Relevant Teams

Legal

Compliance

Wealth Management

Property Administration

Trust Administration

Corporate Services

Real Estate

Private Client Services

Risk Management

Document Management

Relevant Roles

Trust Officer

Legal Counsel

Property Manager

Wealth Manager

Estate Planning Attorney

Corporate Trustee

Financial Advisor

Property Lawyer

Trust Administrator

Compliance Officer

Real Estate Manager

Investment Manager

Private Client Advisor

Industries
Indian Trusts Act, 1882: Primary legislation governing the creation, management, and dissolution of trusts in India. Defines trust relationships, duties of trustees, and rights of beneficiaries.
Registration Act, 1908: Determines whether trust documentation requires mandatory registration, particularly when involving immovable property.
Transfer of Property Act, 1882: Governs the transfer of property rights and interests, relevant for establishing the trust property's legal ownership.
Indian Stamp Act, 1899: Determines the stamp duty payable on trust documents and property transfer instruments.
Income Tax Act, 1961: Regulates taxation aspects of trust property, income, and distributions to beneficiaries.
Indian Contract Act, 1872: Provides general principles for contract formation and validity, relevant for the trust declaration document.
Specific Relief Act, 1963: Provides remedies in case of breach of trust or enforcement of trust provisions.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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