I represent a private family trust.
The settlor of the Family Trust expired over 20 years ago.
The trust is currently managed by a group of trustees.
The trust is a lesee of an immovable property comprising of land and an industrial building built on this land.
It and earns rental income from renting this industrial building to several tenants.
There are several beneficiaries who hold undivided interest in the Trust in various ratios as clearly set out in the Trust Deed (Registered).
The net income of the trust is paid out annually to these beneficiaries in the ratios as set out in the trust deed.
The Trust Deed has also clearly set out ratios of how the interest of a beneficiary should be divided in the event of this/ her death.
Now one of the beneficiary has expired and his interest has to be transferred in equal ratio between his only child and his wife. (As set out in the Trust Deed).
The widow has already applied in an appropriate Court for probate of the last "WILL" of the deceased in the case of other properties the deceased husband had held singly / jointly with other members of his family.
Should the interest in the trust be transferred as per the norms set out in the trust deed by the settlor or does the contents of the "WILL" of the deceased beneficiary overrule the trust deed.
Does the outcome of the probate petition affect the division of interest of the deceased in the Trust property.
NOW WHAT IS THE PROCEDURE TO TRANSFER THE INTEREST OF THE DECEASED IN THE TRUST PROPERTY TO THE CHILD & WIFE EQUALLY.
WILL THIS TRANSFER ATTRACT STAMP DUTY (Trust Property is in Maharashtra) & IF YES HOW MUCH & UNDER WHICH ARTICLE OF THE BOMBAY STAMP ACT, 1958.
WILL THIS TRANSFER REQUIRE MANDATORY REGISTRATION & WHAT IS THE REGISTRATION FEE.
