What is the procedure to start a trust?

Question

I am interested in starting a trust which will serve to the community in different fields.

Answer 1

Minimum of two trustees, regular books of accounts such as cash book, ledger, trust deed, dissolution clause, and if it is charitable trust, you get exemption for the donations received by the trust. (exemption certificate is issued by the local Director of Income tax(Exemptions) and Corpus fund.

Answer 2

If you can find an honest attorney in your town then see him after you have gone to the public library and read some books on trusts and wills.

Beware of anything that says insurance and trust or bank and trust in the same sentence. Both will rape, pillage, and burn you and charge you a fee that you won't soon forget.

Then, there are some wonderful investment companies to consider such as T Rowe Price, etal.

Answer 3

You can establish a trust by yourself using on line kits or purchasing the forms from an office supply store.
But... it sounds as though you may be thinking of a pretty good sum of money. If that's the case I would definitely meet with an attorney or CPA and work with them to establish your fund.

Answer 4

starting a trust will almost always require a lawyer to set it up properly. but to get the basic information, get a book which describes non-profits, trusts and charities. it will provide basic information, but due to the legal complexities, it will be generalizations since both federal and state laws govern them, and not all states have the same requirements.