Trust property
This query is : Resolved
08 November 2014
My wife's maternal grand father has executed a will. In the will he has bequethed one property in favour of two trusts. He has appointed 5 family members as common trustees for both the trustees. 3/4 of the property is bequethed in favour of one trust having 6 beneficiaries. The other portion of 1/4 property is in favour of another trust. In the will he has stated that out of income from second trust contribution to be given to 6 schools and surplus if any to be given to students of his community and the children of beneficiaries are not barred from getting the benefit. He has also stated in the will that the trustees decision is final and cannot be questioned in any court of law.
My question is
whether the second trust is a private trust or a charitable trust. Because in the name of the trust as stated by the testator he has not mentioned as charitable trust. The beneficiaries are also not public at large. The trustees have the power to deny contributions to such institutions if they decide as such.
Kindly clarify
My question is
whether the second trust is a private trust or a charitable trust. Because in the name of the trust as stated by the testator he has not mentioned as charitable trust. The beneficiaries are also not public at large. The trustees have the power to deny contributions to such institutions if they decide as such.
Kindly clarify
Amol S Joglekar
(Expert)
08 November 2014
It is PRIVATE trust, having share of beneficiaries indeterminate.
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