A Declaration of Bare Trust is commonly used in India when there is a need to separate legal and beneficial ownership of property while maintaining the beneficiary's absolute control over the assets. This document is particularly useful in situations involving property holding arrangements, nominee arrangements, or temporary property management structures. The declaration must comply with the Indian Trusts Act, 1882, and includes detailed information about the trust property, parties involved, and their respective rights and obligations. It's frequently used in real estate transactions, investment holdings, and family property arrangements where the trustee's role is limited to holding legal title while the beneficiary retains full control over the property. The document needs to be properly executed and may require registration depending on the nature of the trust property and local regulations.
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1. Parties: Identifies and provides full details of the Settlor, Trustee(s), and Beneficiary(ies)
2. Background: Sets out the context and intention to create a bare trust
3. Definitions: Defines key terms used throughout the declaration
4. Declaration of Trust: The formal declaration establishing the bare trust and confirming the trust property is held on behalf of the beneficiary
5. Trust Property: Detailed description of the property being held in trust
6. Nature of Bare Trust: Confirms this is a bare trust and explains the limited role of the trustee
7. Rights of Beneficiary: States the absolute right of the beneficiary to direct the dealings with the trust property
8. Trustee Powers and Duties: Specifies the limited powers and duties of the trustee in a bare trust arrangement
9. Governing Law: Confirms the trust is governed by Indian law
1. Multiple Trustees Provisions: Required when there is more than one trustee, covering joint action requirements
2. Trustee Retirement and Replacement: Include when mechanism for trustee changes needs to be specified
3. Tax Declarations: Include when specific tax treatment needs to be documented
4. Registration Details: Required when the trust property is immovable property requiring registration
5. Trust Property Management: Include if any specific management arrangements need to be documented, even though trustee role is passive
1. Schedule 1 - Trust Property Details: Comprehensive description of the trust property, including any relevant registration numbers, titles, or identifying features
2. Schedule 2 - Trustee Details: Full names, addresses, and contact details of all trustees
3. Schedule 3 - Beneficiary Details: Full names, addresses, and contact details of all beneficiaries
4. Appendix A - Property Documents: Copies of relevant property documentation, titles, or certificates
5. Appendix B - Identity Documents: Copies of identity documents for all parties
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