Trustee
Any person who is of 18 years of age and of sound mind may be appointed as a trustee. You can also appoint a legal entity as a trustee also commonly known as a corporate trustee.
Our advice would be to appoint a trustee who satisfies the following requirements:
(i) an adult who is a citizen of India and permanently residing in India; and
(ii) a person who is not bankrupt or on the verge of bankruptcy; and
(iii) a person who does not have an interest that is inconsistent with the interest of the beneficiary(ies).
One (1) or more trustees may be appointed by the author of the trust. However, when the objective of the trust requires the trustee to receive and keep money in their custody then it is mandatory to appoint at least two (2) trustee(s).
As the settlor (author of the trust), you can also act as a trustee during your lifetime and even be a beneficiary of the trust, ensuring greater control and alignment with your intentions.
Types of Trustees
Individual Trustees: These are private individuals, such as lawyers, family members or friends, appointed to manage the trust.
Corporate Trustees: These are professional entities, trust companies like No Grey, that offer trustee services for a fee. You can appoint No Grey as a trustee and we help you manage the trust related documentation and compliance. We also keep a check on the other trustees to prevent any mismanagement.
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