It is act by which the person who holds the legal title to property or an estate acknowledges and declares that he holds the same in trust to the use of another person or for certain specified purposes.
Under this type of document details of the newly appointed signatories are recorded and also the trustee who is an outgoing trustee, his details and reasons are recorded. The role of the new trustee is set out and also rules and regulations to be followed is denoted.
Why Draft Deed of appointment of new trustee?
- It gives a legal recognition to the newly appointed trustee.
- It provides a valid reason of the outgoing trustee.
- The denotes the role of newly appointed trustee.
- And also explains in details the rules ®ulations to be followed by the newly appointed trustee.
- It makes the new trustee to understand his role in the trust.
- It helps the trust to maintain an account of old and new trustee of the trust.
- It helps in delegating the jobs required to be carried out by the trustees.
- It acts as a legal proof for both the trustees and also to the trust.
You need to keep in mind the following details
- Complete Name &Address of the trust.
- Complete Name Address of the present trustees& outgoing trustee
- Complete Name & Address of the newly appointed trustees.
- Roles to played by newly appointed trustees.
- Few rules & regulations to be followed by the new trustee.
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