Can trustee also be a beneficiary while setting up a trust in India?1 min read 17 Jan 2023, 09:40 PM IST
When using a private trust in India, it is not unusual for the trustee to also be a beneficiary of such trust. There is no embargo under the Indian Trusts Act, 1882, which prohibits an individual to be a trustee as well as beneficiary.
A Mint article, ‘Should I write a will or form a trust to distribute my assets?’, mentioned setting up a trust with a daughter as trustee and adding one more person as trustee and beneficiary. As far as I know, a trustee cannot be the beneficiary. Please confirm if this is correct.
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