Hi,
Need your help in this. Please ask your lawyer friends/ seniors etc.
Mrs. A gave certain property and money, etc. by way of will to Mr. B and Mr. C. Amongst those funds, Mrs. A has directed that certain residuary sum of money should be utilized for charitable purposes for the general public. Mr. B and Mr. C are not appointed as the executors.
Mrs. A is dead as on this day and all her property and money are appropriately distributed as per her will. Mr. B and Mr. C have received their part of property as well as funds. As directed under the will, Mr. B and Mr. C want to create a trust in the name of Mrs. A AS ON THIS DAY and transfer the said residuary sum of money. Also, they do not want to hold the said sum of money in their own name, being a large amount, it is creating problems for income tax purposes.
(a) Can a trust be created AS ON THIS DATE when the settlor is dead?
(b) If yes, who shall sign on behalf of the executor?
(c) Can Mr. B & Mr. C sign on her behalf? If yes, then they shall be signing on behalf of the settlor as well as the trustees? Is this allowed?
(d) Mr. B & Mr. C want to create a trust specifying that the trust is created as per will of Mrs. A and funds are transferred from there for the beneficiaries? How can the same be drafted, especially the first paragraph?
CAclubindia
