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A legal arrangement in which an individual (the author) gives fiduciary control of property to a person or institution i.e, the trustee(s) for the benefit of beneficiaries. Except where state legislation exists to regulate trusts, trusts are regulated by the provisions of the Indian Trust Act 1882.
CREATION OF TRUSTS
A trust is created when the author of the trust indicates with reasonable certainty by any words or acts ;
- an intention on his part to create a trust
- the purpose of the trust
- the beneficiary
- the trust property, and (unless the trust is declared by will or the author of the trust is himself to be the trustee) transferred the trust-property to the trustee.