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Author Topic: Is it possible for a person of Indian orgin to register a trust in India?  (Read 1118 times)

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Offline Businesowner

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I'm an American by citizenship and a Person of Indian Origin. I was born in India. Is it possible for me to register a trust deed in India to protect my inheritance so that I could come back to India to live in my old age?   

If I could do so, what if there is a judgement in the USA against me for a mortgage or any debt in the future? I'm a survivor of the nasty recession in the USA exhausting almost all of my savings including retirement savings. If the court in India ignores an US Judgement, do I get held for contempt of court?

Kindly reply as I need to plan ahead of time for another economic catastrophe. I don't want my ancestors to pay for it.

Offline adv.amarnath

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If a property is being made a trust property it will be hardship for you. It is better to make a Deed of Settlement. If you need any further clarification and advice in details you may contact me.
Regards,

Amarnath Sanyal
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Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

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Thank you very much for your kind advice in this matter. How would I protect my assets in India by having a settlement deed? Could the creditors in the USA attach such settlement deed,  if I am unable to pay any debt including the mortgage debt in the USA? Property values have plummeted since recession and my home in the USA worth less than the mortgage I took long ago. How do I protect my immovable and movable property in India as  that's all I have to count on for retirement due to the "great" recession which exhausted my retirement savings.

I'm very much concerned that there could be another economic crisis in the USA as things are in a roller coaster style recovery. Kindly advise me as to how to protect my assets in India as judgement proof from here,  as I plan to come back to India in my old age. I could only think of creating a trust with my limited knowledge in law. Like I said before, I don't want my Indian ancestors to pay for economic problem here as they didn't cause this mess.

Offline adv.amarnath

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Have you provided the details of your property to your creditor...? You can make deed of gift also to your next generation / heirs. But american law is not applicable in India nor any judicial order of US is applicable or executable.

But I would not support you in depriving the genuine and bona fide claim of your creditor. To save your property you make it deed of gift which can be taken back by deed of gift once you get of upcoming troubles.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

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As matters now stand, I don't have ownership of property in India. I may inherit property as my auntie without children passed away. Under the Hindu Succession Act, I'm a Class I heir,  unless there is a Will for someone else. I spoke briefly to a family lawyer in India about what you said regarding a valid Will. I told him that it has to be announced by an executor or two witnesses. That lawyer told me, it is not true. However, upon research on the internet I find that you are right in your valuable advice.

If I create a Deed of Gift to my children, how do I revoke it to get it back? I thought a gift is a deemed conveyance.  Please advise me in the matter.

Regarding the creditors here, I did not disclose anything about possible inheritance as I'm not sure whether I get one in the due course of time. Even if I get inheritance, I do not want the alleged mortgage company to access it, as my alleged mortgage company has only copies of the Mortgage and Note that I signed after the recession here. During recession the original mortgage company destroyed or threw away documents to hide some wrong doings of unconscionable practice. 

Besides, why would my poor ancestors who worked hard in India want to pay for the greed of the Wall street filth and unconscionable mortgages they got me into because of my race and heritage?

Could you kindly tell me how the Deed of Gift could be done that could be revoked later if I want to. I know that I could mention a clause in it but will that be legally binding? Is there a need to register the Deed of Gift with the Registrar or sub-Registrar in India?

Offline adv.amarnath

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 If your aunty has expired without issue then how you are sure that you are her heir. er Hindu Succession Act, Devolve of property of a female estate is specifically mentioned in the Section 15. TABLE OF HEIRS is only referred for Male intestate not for female. So question of Class I and Class II heirs does not stands in your situation. I have to know your situation in details as well as family tree to ascertain that whether the property has already been devolved upon you or not. It cannot be said that your aunty died and property will devolve. It will be wrong advice whoever gave you. If you are heir in terms of Section 15 of Hindu Succession Act, then you are already the owner of her property on the death of her.

Regarding deed of gift, you have to come India and have to register it before Sub Registrar and you cannot revoke it. If you wants to get back it then the person to whom you will gift, that person can gift you back. Here only stamp duty and registration fee will be paid to Govt twice.

I generally do online consultation with certain professional fees but I can reply to your question to certain extend in terms of free advice. If you want to have consultation with me then you are free to knock my door.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

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While I thank you for your free advice, I may mention that I could only afford for a free consultation because I am a recession survivor with debts. With winter coming soon, I need to conserve money as much as I can for heating cost and snow removal. Last year the winter was brutal and it is anticipated that we may have same inclement weather  due to climate change.

I thank you for your good work in this forum. God bless.

 

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