Ahamad
2 years ago
Dear Sir,
Some of our friends have registered charitable trust with the SRO office long ago in 2008. They haven't maintained any kinds of records and trust functions since the beginning of the trust due to a lack of knowledge. They haven't replaced the vacancies raised due to some of the trustees and office bearers are passed away/not available. Even though not opened a bank account in the name of the trust, But they are doing charity works in the name of the trust for the last four years. Kindly suggest further action to maintain the trust as per legal norms. Thanking you.
Ankur Goel @ Complete Law Shield
Responded 2 years ago
do it immediately.
The trustee, the beneficiary, the trust property, and the personal responsibility levied on the trustee in respect of the trust property are regarded as the four basic elements of a trust. A trust account audit's goal is to determine if trust account documents have been maintained correctly, whether there are any anomalies in trust funds, and whether the trust account is in compliance with the law. Since the trustee has full access to the assets or property that make up the trust, it's critical to conduct routine trustee audits to ensure he's behaving in the trust's best interests and following the trust agreement's guidelines. So, with the aid of a Chartered Accountant, you can immediately open an account and begin keeping records.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
The four basic elements of a trust are the trustee, the beneficiary, the trust property, and the personal obligation placed on the trustee in relation to the trust property. The purpose of a trust account audit is to assess if trust account records have been properly preserved, whether trust funds have any irregularities, and if the trust account is in compliance with the law. Since the trustee has complete access to the trust's assets or land, it's important to perform regular trustee audits to ensure he's acting in the trust's best interests and adhering to the trust agreement's rules. So, with the help of a Chartered Accountant, you can open an account and start keeping records right away.
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