Benefits Of Trust Registration
The area where the trust is to be formed should be a registered in a legal area. In case, if the building is rented, the authorized trust person should take a NOC- (No Objection Certificate) from the landlord of that place. A trust can give education to number of students. When the purpose of the trust is to benefit the public, it is public trust. Wealth has no meaning unless it is used for a noble cause. The trust can be formed even through a will. Trust is a relief of poverty or distress. It gives medical relief for many peoples. The facilities are provided in the interest of public welfare and social benefit. There is no definite form for the formation of the trust and only the objectives should be mentioned clear cut and categorical.
- Charitable trust involved in charitable activities can avail some tax exemptions.
- A trust gives benefits for the poverty people and parallely publicity.
- It can enjoy benefits in entertainment tax and service tax.
- The charity commissioner has more power to intervene in the affair of a trust.
- A trust cannot be dissolved easily.
- Changes in the objects of trust deed is complicated and only the settler can correct them.
- The family trust can get protection against relationship property claims.
- The trust can get reduction and protection claims against estate duty.
- Modernised trust deeds generally allows limited rights of variation to deal with changes in law.
- Family trusts are not registered publically and therefore, they can be kept confidentially.