Indian Law firm/ Lawyer for online legal help: Lawyers Network provides
online legal help in India, Our network of foreign law firms associates in
30 countries for help in immigration, trade disputes, arbitrations, joint
ventures & new business abroad. Identify your Lawyer/ Advocate for legal
services: Ahmedabad, Agra, Patna, Ranchi, Bombay, Amritsar, Bangalore, Baroda,
Chandigarh, Chennai, Coimbatore, Cochin, Calcutta, Surat, Nagpur, Madurai,
Delhi , Gurgaon , Goa, Hyderabad, Jaipur, Jalandhar, Kanpur, Kochi, Kolkata,
Lucknow, Mumbai, Pune, Trivandrum/ Thiruvananthapuram.
Any person who is capable
of holding property can be appointed a trustee.
A person has capacity
to hold property if such a person is capable ofadministering the property effectively
and efficiently with ordinary prudence.Depending upon the nature of the trust,
if trustee is required to play apassive and role without any scope of discretion
a minor may as well beappointed as trustee
However, where the trust
involves exercise of discretion such as trustrequiring sale of property or its
investment, the trustee should be of theage of majority, of sound mind and should
not be disqualified by any law.
A Corporation, a company or association
of persons may as well be appointedas trustee.
BENEFICIARY
OF A PRIVATE TRUST
Every person capable of holding property
such as a human being,corporation, Company and even a state can be made beneficiary
of a trust.
An unborn person can also be made beneficiary.
However,
a proposed beneficiary is not bound by the desires of the personcreating the trust.
Such a proposed beneficiary can renounce his interestunder the trust by either
making a disclaimer addressed to the trustee orby setting up a claim inconsistent
with the trust.
RIGHTS OF A BENEFICIARY
Unless
the trust instrument expresses a different intention, abeneficiary has a right
to the rents and profits of the trust property.
Again, the beneficiary
has the right to ensure that the intention of theauthor of the trust is specifically
executed to the extent of thebeneficiary's interest therein.
Accordingly,
a beneficiary can compel the trustee to perform any particular act of his duty
or can as well restrain the trustee from committing any contemplated or probable
breach of trust.
If no trustees are appointed or all the trustees
die, disclaim or aredischarged or where for any other reason the execution of
a trust by thetrustee becomes impracticable, the beneficiary can file a suit for
theexecution of the trust. In such a circumstance, the court executes thetrust
until a trustee is appointed for the same.
This web site is designed for general information
only. The information presented at this site should not be construed to be formal
legal advice nor the formation of a lawyer/client relationship. Persons accessing
this site are encouraged to seek independent counsel for advice regarding their
individual legal issues or consult one of the experts online.