property trust and estate

Understanding Property Trust and Estate

With the growth in assets and properties, there is a growing need for effective management of property trust and estate in West Bengal. Wealth management, asset protection, and estate planning are increasingly becoming popular in West Bengal and Kolkata due to the growth in personal assets. However, for an effective and hassle-free succession of assets, you should consider property trust and estate services from an experienced property lawyer in West Bengal.

Laws Regulating Property Trust and Estate

The law relating to property trust and estate in West Bengal is governed by the Indian Trust Act of 1882. Under this Act, trust is defined as an obligation annexed to the property by declaring or accepting another as a beneficiary. The definition in itself may seem confusing unless you understand the different parties under a trust. The trust consists of the author or settlor, the trustee, and the beneficiary. The author is the person who declares or makes the trust, the trustee is the person to whom the confidence is entrusted by the author, and finally, the beneficiary is the person for whose benefit the trust is created. To help you understand such laws regulating property trust and estate, it is recommended to seek help from an experienced property lawyer in West Bengal.

Kind of Trusts

Trusts can further be classified as revocable and irrevocable trusts. This form of categorization is important to understand how to determine when a trust shall be taxed. Trusts can also be classified as determinate and discretionary trusts. There are capital gains implications whenever a trust is made revocable. Irrevocable trusts are exempted from capital gains taxation. However, all these intricacies can be best explained by a real estate professional. Property trust and estate in West Bengal is a complicated process and the trust structure created can determine how the property is protected and distributed. Estate planning and asset management have several consequences and you should only consult an experienced property lawyer in West Bengal to guide you in these matters.

Trust Formation

If you have decided you need a trust or living trust, then you should learn about the different types of trusts and their legal implications. The trust is governed by the terms of the trust deed and you must hire a real estate lawyer who can create the necessary conditions within the trust deed to offer flexibility. As an author of the trust, you must impose the necessary conditions for the entitlement of benefits. Whether you are a beneficiary or a trustee, your rights to the trust can be best explained by an experienced lawyer. However, always choose the best real estate lawyer in West Bengal or Kolkata to help with registering your trusts. Advocate Chenoy Ceil is an experienced property lawyer in West Bengal with over 10 years of experience in registering trust deeds.

Apart from local and national trusts in India, there are also offshore trusts which can be created by NRIs and people residing outside India. Cross-border movement of family members often leads to complex asset protection procedures. At Advocate Chenoy Ceil, we offer complete guidance and support in property trust and estate protection. You can subscribe to our website today or follow us on Facebook and Instagram to receive regular housing news and sign up for our newsletter. You may also contact us here.