During the last quarter of a century there has been a radical change in the Social fabric of the country. There has been a gradual disintegration of the Joint Family System and emergence of ‘Nuclear Family’. In the former collective wisdom of the elders was the basis of decision making; whereas in the latter it is more individualistic. At the same time the economic profile of the individual has also undergone a ‘Sea Change’.
With higher education and better competency level, individuals have access to more avenues of income and also the levels of income very often knows no bounds. The individual becomes the owner of huge assets both liquid and illiquid at a very early stage in life. It is because of these socio economic changes that the relevance and need of “Trusts” is once again felt.
It may so happen that while one is earning, he / she would like to provide financial assistance / security to his / her dependants till they attain majority or become self-sufficient. They may even apprehend that proper care of their properties may not be taken, due to mental incapacity, physical disability, careless way of life etc. of their kith and kin and hence they wish to provide them livelihood from their properties by creating a Trust.
