With respect to immovable property:
Under a Deed Of Trust or Settlement an immovable property is transferred or settled by the owner to another person for a benefit of a third person. By creating a trust vis-à-vis immovable property the owner divest himself/herself of the title, ownership and all legal and equitable interest in the property for the benefit of other/s. Thus, the owner who donates/transfers his/her such title, ownership and interest in the immovable property is called Author, Settlor, Donor, Patron; the person to whom such property is transferred and who holds such property under legal obligation for the benefit of other is called as a Trustee and the person for whose benefit such property is so transferred or settled is called as a Beneficiary.
While drafting the Deed Of Trust or Settlement that involves transfer of immovable property as in the case of Deed of Sale/Purchase, Deed of Lease, Deed of Leave and License, Deed of Property Development Agreement, and Deed of Power of Attorney drafted subsequent to the drawing up of Search Report and issuance of Certificate of Title a lawyer has to carefully address legal rights, obligations, duties, liabilities, and powers of the trustee/s, mode of succession to trusteeship, etc; arising therefrom. In some cases the owner/transferor of such property and the trustee may be the same person who renounces his/her ownership to such property and hold the same as a trustee for the benefit of the beneficiary.
A lawyer drafting Deed Of Trust or Settlement has to be strictly aware and conscious of various applicable Union and State statutes and legislations relating to Trust, Taxation, Charity, Registration, Cantonment areas, Regional and Town Planning, Land Revenue, Easements, Land Acquisition, Laws relating to Freehold & Restricted Properties; Laws relating to Flats & Apartment Ownership; Laws relating to Agricultural & Non-Agricultural lands; Guardian and Wards to name the few.
Forms of Trust deed:
- Declaration of Trust (Private)
- Declaration of Trust (Public)
- Deed of Private Trust
- Deed of Public Trust
- Deed of Public Trust for educational objects
- Deed of Trust (Partly private and partly public with power to carry on business
- Wakf Alal Aulad
- Deed of Trust of temple property
- Deed of Appointment of New Trustee
- Deed of Appointment of New Trustee without transfer of property