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PRIVATE, PUBLIC AND RELIGIOUS TRUSTS

The trust may be private, public, charitable or religious in nature.

• A trust is termed private in nature if it is created for the benefit ofspecific individuals that is, individuals who are defined and ascertainedindividuals or who within a definite time can be definitely ascertained

• If however, the trust is created for the benefit of an uncertain andfluctuating body of persons who cannot be ascertained any point of time,for instance the public at large or a section of public following aparticular religion, profession or faith, the trust is termed as publictrust. Such a trust is generally a non-profit venture with charitableobject and in such cases it is also referred to as the charitable trust.

• A trust created for religious purposes is termed as a religious trust andit can be either a private or a public trust. A religious endowment madevia trustees to a specified person is a private trust and the one to thegeneral public or a section thereof is a public trust.

A public trust is normally permanent or at least indefinite in duration.But a private trust does not work in perpetuity and essentially getsterminated at the expiry of purpose of the trust or happening of an eventor at any rate twenty one year after the death of the last transfereeliving at the time of the creation of the trust.