Description
To create a public charitable trust, there must be a settler of Trust or someone at whose instance the Trust is created along with the following mandatory prerequisites: … Details of the Trust property. Beneficiaries of the Trust. Divesting of ownership by the settler in favor of the beneficiary of the Trustee.
What is the purpose of a charitable trust?
The purpose of a CHARITABLE TRUST is to accomplish a substantial social benefit for some portion of the public. The law favors charitable trusts by according them certain privileges, such as an advantageous tax status.
Who owns a charitable trust?
Unincorporated Charities
The trustees hold the assets of the charity upon the terms of the charitable trust for their charity to use the land or apply the income in accordance with the relevant trust deed, constitution or Charity Commission order but most of the time the legal ownership is with the trustees.
The trustees hold the assets of the charity upon the terms of the charitable trust for their charity to use the land or apply the income in accordance with the relevant trust deed, constitution or Charity Commission order but most of the time the legal ownership is with the trustees.
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