Private Wealth · Trust Advisory

Private Family
Trust Intake

This form walks you through the key decisions behind your family trust deed. Each question is explained in plain language. Our recommendations are pre-selected — you are free to choose what works best for your family.

Settlor

You — the person creating the trust and transferring assets into it.

Trustee

The person who manages trust assets on behalf of the family.

Beneficiary

Family members who receive income or assets from the trust.

Trust Corpus

The total pool of assets — shares, property, cash — held in trust.

Contingent Trustee

Standby trustee who steps in when no eligible family member is available.

Advisory Board

Non-family advisors who guide trustees without holding formal powers.

What does the deed classification mean?

RIA

Reserved Item — Amendable. Can be changed, but only by unanimous trustee resolution.

UAC

Unamendable Clause. This provision is locked — it cannot be changed under any circumstance.

POT

Power of Original Trustee. Only the Original Trustee has the authority to decide or change this.

Article 1

Definitions & Interpretations

Sub-articles 1.1 & 1.2 · Original Trustee · Lineal Descendants · Specified Age · Trust Corpus · Trust Property

1.1

Name & relation of the Settlor?

Comments / notes

1.1

Name of the Original Trustee?

Comments / notes

1.1 — Specified Age

At what age should a Lineal Descendant be eligible to act as Successor Trustee?

Specified Age is the minimum age at which a Lineal Descendant becomes eligible to serve as Successor Trustee. This may be altered by unanimous Trustee resolution. The default under the Deed is 30 years.

Best practiceSpecified Age to be 30 years.

25 years

Earlier handover — suitable if family is well-prepared

30 years Suggested

Balances maturity with timely succession

35 years

Conservative — suitable for complex family structures

Comments / notes

Key points to considerAltering the specified age

Upwisery: RIA Upwisery recommends: Reserved Item

1.2 — Lineal Descendants

Who should qualify as a Lineal Descendant under the Trust?

This determines which family members can ever be beneficiaries or trustees across all future generations.

Best practice"Lineal Descendants" shall mean and include all children of the individual and any further descendants thereof (including grandchildren, great-grandchildren, and so on), where all such descendants (male or female) are born from legal wedlock. This definition includes a lawfully adopted male or female child, a child begotten by IVF or from a male or female Lineal Descendant through a surrogate mother. (Include all)

Children born from legal wedlock only

Traditional, conservative definition

Inclusive — adopted, IVF, and surrogate children Suggested

Future-proofs the family definition across all scenarios

Comments / notes

Key points to considerChange in Definition of "Lineal Descendants"

Upwisery: UAC Upwisery recommends: Unamendable

Article 2 — Information

Trust Identity & Structure

Sub-article 2.1 · Enter the basic identifying details of the Trust — its name, registered office, contact details, and the structure under which it will operate.

2.1 — Trust Name

What is the name of the Trust?

Comments / notes

2.1 — Nature

Should the Trust be revocable or irrevocable?

An irrevocable trust means the Settlor permanently relinquishes control — the trust cannot be cancelled or reversed. This creates a ring-fence that insulates Trust property from the Settlor's personal liabilities and estate.

Best practiceRing Fence Structure.

Irrevocable Suggested

Assets permanently protected from Settlor's personal liabilities

Revocable

Settlor retains right to cancel or amend the trust

Comments / notes

2.1 — Distribution Type

Should the Trust be determinate or indeterminate?

An indeterminate trust gives Trustees full discretion over the quantum and timing of distributions to beneficiaries, rather than fixed entitlements.

Best practiceRing Fence Structure.

Indeterminate Suggested

Trustees have full discretion on distribution timing and quantum

Determinate

Beneficiaries have fixed, defined entitlements

Comments / notes

2.1 — Office

Registered office address and email ID of the Trust

Comments / notes

Article 3

Purpose of the Trust

Sub-article 3 · Hold · Manage · Preserve · Protect · Distribute · Priority expenses

3 — Priority Waterfall

Should the Trust deed include a priority hierarchy for basic and critical expense payments to beneficiaries?

A priority waterfall ensures essential needs are funded first — regardless of trustee disagreements or investment performance. Typical categories: elderly care, special-needs child maintenance, education, housing, marriage expenses, and medical needs.

Best practiceSuggested priority categories: elderly care & special-child maintenance, education, housing, marriage, and medical needs.

Include priority waterfall Suggested

No beneficiary is left unprotected during governance disputes

Not required

All distributions at full trustee discretion

Comments / notes

Key points to considerAltering the prioritisation of expenses for basic & critical needs (Required or Not)

Upwisery: UAC Upwisery recommends: Unamendable

Article 7

Duties of Trustees

Meetings · Quorum · Decision-making · Deadlock cure period · Reserved matters

7.1 — Meeting Frequency

How often should trustees meet at minimum?

Best practiceMinimum: 1 meeting per Financial Year (recommend quarterly for an active Trust). Notice: 7 Business Days minimum, in writing, with date, time, agenda, venue. Quorum: 2 Trustees where more than 1 is acting. Meetings: physical / video conference / hybrid. Minutes signed within 30 Business Days; video recordings preserved for virtual meetings. Half-yearly meetings recommended.

Once per financial year (minimum per deed)

Half-yearly Suggested

Balances governance rigour with practical burden

Quarterly

Best practice for active trusts with significant assets

Comments / notes

Key points to considerMeeting frequency to be increased by Trustee resolution

7.2 — Decision Making

How should routine trustee decisions be made?

Best practiceAll decisions: unanimous. Deadlock: decisive vote held by Original Trustee → then Primary Successor → then subsequent Trustees. After deadlock cure period (90 Business Days / 3 meetings), a decisive vote (majority) is exercised. Reserved matters: ALWAYS unanimous — no decisive vote ever. Suggested: participation of decisive-vote holders for each generation.

All decisions unanimous; decisive vote resolves deadlock Suggested

Original Trustee breaks a tie after the 90-day resolution period

Simple majority for routine; unanimous for reserved matters

Comments / notes

Key points to considerAltering the decision-making process

Upwisery: POT Upwisery recommends: Power of Original Trustee

7.3 — Deadlock Cure Period

How long should trustees attempt to resolve a deadlock before the decisive vote is exercised?

After this period, the decisive vote holder (Original Trustee, then successors) may break the deadlock by majority vote.

Best practice90 Business Days OR 3 meetings (whichever is later) before decisive vote is exercised. Suggested tiered approach: 15 Business Days for urgent corporate / business decisions; 90 Business Days for Trust governance decisions. Document all deadlock resolution attempts in minutes.

90 Business Days or 3 meetings — whichever is later Suggested

60 Business Days or 2 meetings

Comments / notes

Key points to considerCure period may be amended by unanimous Trustee resolution

Upwisery: RIA Upwisery recommends: Reserved Item

Article 8

Powers of Trustees

Power to invest · Borrow & encumber · Lend · Administer entities · Amend deed

8.2 — Borrowing Limit

What is the maximum borrowing or encumbrance limit on the Trust Corpus?

All encumbrance requires unanimous consent regardless of the limit chosen. This cap provides a further layer of protection for the core estate.

Best practiceTrustees may borrow and encumber up to 25% of interest in Entities comprising Trust Corpus. Always requires unanimous consent — reserved matter. Recommend: express prohibition on encumbering controlling stake in primary business without specific resolution.

10% of Trust Corpus — conservative

25% of Trust Corpus Suggested

Allows liquidity needs without risking the core estate

40% of Trust Corpus — flexible

Comments / notes

Key points to considerThe encumbrance limit may be amended by unanimous Trustee resolution. Encumbrance always requires unanimous consent — cannot be delegated to decisive vote. Original Trustee formulates lending / encumbrance rules by resolution.

Upwisery: RIA Upwisery recommends: Reserved Item

8.3 — Investment Powers (Contingent Trustee)

What should the Contingent Trustee be permitted to invest in?

While ordinary trustees may invest across all asset classes, the Contingent Trustee's powers are restricted to protect the corpus during the interim period.

Best practiceTrustees may invest and divest in: shares, securities, debentures, derivatives, mutual funds, AIFs, venture capital, start-ups, bonds, bank deposits, overseas investments. Contingent Trustee restricted to: FDs issued by banks, sovereign debt funds, Entities only. Suggested: guided by an investment policy statement of the Trust — mandatory.

FDs, sovereign debt, and Trust entities only Suggested

50% FD / sovereign debt + 50% Nifty 50 / BSE Sensex ETF

Slightly wider mandate with passive equity exposure

Comments / notes

Key points to considerContingent Trustee power restricted to: FDs issued by banks, sovereign debt funds, and Entities only.

Upwisery: UAC Upwisery recommends: Unamendable

10.1 — Annual Audit

Should the Trust be subject to a mandatory annual audit by a Chartered Accountant?

Best practice10.1: Trustees "may" appoint accountants. 10.2: Trustees "may cause" audit — recommend changing to "shall" for an annual mandatory audit. Auditor must be a CA registered with ICAI. Note: tax audit may be mandatory under the IT Act based on income / corpus thresholds.

Mandatory annual audit by ICAI-registered CA Suggested

At trustee discretion

Comments / notes

Key points to considerAny Audit obligation to be mandated outside the normal course.

Upwisery: RIA Reserved Item — changeable by unanimous resolution

Articles 7 & 8 — continued

Reserved Matters & Full Powers

7.4 Reserved matters · 8 Deed amendment · 8.1.1 Entity administration · 8.4 Power to lend

7.4 — Reserved Matters

Which matters should always require unanimous consent with no decisive vote ever?

Reserved matters are absolute — no decisive vote, no majority override, ever. The Original Trustee may add further reserved matters by resolution.

Best practiceReserved matters — ALWAYS unanimous, NO decisive vote: (a) altering Specified Age; (b) disqualification of Beneficiary; (c) disqualification of Trustee; (d) encumbrance of Trust Corpus / loans; (e) distribution of Trust Corpus; (f) dissolution of Trust; (g) other matters added by Original Trustee by resolution; (h) adding more reserved matters. Recommend: add Deed amendment as a reserved matter.

Standard reserved matters Suggested

Altering Specified Age · Disqualification of beneficiary/trustee · Encumbrance · Corpus distribution · Dissolution · Deed amendment

Standard + additional matters to be specified with advisor

Comments / notes

Key points to considerAltering the reserved matter list. Reserved matters framework cannot be removed or diluted. Original Trustee adds further reserved matters by Trustee resolution — binding on all.

Upwisery: RIA Upwisery recommends: Reserved Item

8 — Power to Amend Trust Deed

What type of amendments should trustees be permitted to make to the deed?

Certain amendments are absolutely void and prohibited regardless: Settlor regaining power over Trust Property, changing Beneficiary definition, removing disqualification / succession / decision-making / Schedule I provisions.

Best practicePermitted: administrative amendments only. VOID / PROHIBITED: (i) Settlor regaining power over Trust Property; (ii) changing Beneficiary definition (5.1 / 5.2); (iii) impracticable / illegal / manifestly injurious amendments; (iv) removing disqualification / succession / decision-making / Schedule I provisions. All amendments by written instrument signed by Trustees.

Administrative amendments only Suggested

All by written instrument signed by trustees

Broader amendment powers — to discuss with advisor

Comments / notes

8.1.1 — Power to Administer Entities

Should trustees have full shareholder / interest-holder rights over entities held in the trust?

This includes: voting at Board / shareholder meetings, appointing / removing directors, approving M&A / restructuring / JV arrangements. Beneficiaries cannot restrict trustees' voting rights.

Best practiceTrustees have full shareholder / interest-holder rights — voting at Board / shareholder meetings; appointing / removing directors; approving M&A / restructuring / JV arrangements; exercising all rights as shareholder. Beneficiaries CANNOT restrict Trustees' voting rights. Original Trustee to formulate governance rules by Trustee resolution.

Full shareholder rights — beneficiaries cannot restrict Suggested

Limited rights — to be defined with advisor

Comments / notes

Key points to considerBeneficiaries cannot restrict Trustee voting rights. Original Trustee formulates governance rules — binding on all Trustees.

Upwisery: UAC Upwisery recommends: Unamendable

8.4 — Power to Lend

Should trustees be permitted to lend Trust Property to beneficiaries or entities they control?

'Control' = 26% direct / indirect interest + ability to direct financial / operating policies — aligns with the Companies Act special resolution threshold. All loans must be at arm's length with documented terms.

Best practiceTrustees may lend to Beneficiaries or entities they control. "Control" = 26% direct / indirect interest + ability to direct financial / operating policies (aligns with Companies Act special resolution threshold). All loans at arm's length with documented terms, interest rate, and repayment schedule.

Yes — at arm's length with documented terms Suggested

26% control threshold, interest rate and repayment schedule required

No — trustees may not lend Trust Property

Comments / notes

Articles 11 & 15

Dissolution & Advisory Board

Article 11: Term · Dissolution triggers · Valuation · Article 15: Advisory Board composition · Retirement

11.1 — Dissolution Triggers

Under what circumstances should the Trust be dissolved?

Best practiceDissolution triggered by the earlier of: (a) death of all Beneficiaries; (b) distribution of entire Trust Property; (c) date unanimously decided by Trustees. Suggested: early dissolution requires unanimous Trustee consent — reserved matter.

Only by unanimous trustee decision — reserved matter Suggested

Highest protection against premature dissolution

Natural sunset only

Auto-dissolves when all beneficiaries cease to exist or all property is distributed

Comments / notes

Key points to considerEarly dissolution is a reserved matter.

Upwisery: RIA Upwisery recommends: Reserved Item

15.1 — Advisory Board Size

How many members should the Advisory Board have?

Best practiceMinimum 1 Member, Maximum 5 Members. Consider a minimum of 2 for oversight. Maximum may be increased by unanimous resolution as the family grows.

Minimum 1, Maximum 3

Minimum 2, Maximum 5 Suggested

Sufficient diversity of advice without governance overhead

Comments / notes

Key points to considerAltering the Min & Max number of Advisory Board Members

Upwisery: RIA Upwisery recommends: Reserved Item

15.3 — Advisory Board Retirement Age

At what age should Advisory Board members mandatorily retire?

Best practiceRetirement age: 60 years.

60 years Suggested

65 years

70 years

Comments / notes

Key points to considerAltering the retirement age of any Advisory Board Member

Upwisery: RIA Upwisery recommends: Reserved Item

Articles 9 & 10

Distributions & Accounts

9.1 Income distribution · 9.2 Corpus distribution · 9.3 Ultimate beneficiaries · 10.2 Audit obligation

9.1 — Trust Income Distribution

How should Trust Income be distributed?

Trustees 'may' distribute — it is discretionary. Beneficiaries cannot compel distribution. All distribution decisions recorded in Trustee minutes.

Best practiceTrustees "may" distribute Trust Income — discretionary. Beneficiaries CANNOT compel distribution. Net of all costs, expenses and taxes before distribution. Contingent Trustee must distribute equitably for maintenance, educational and medical needs. Recommend: distribution decisions recorded in Trustee minutes — mandatory.

Fully discretionary Suggested

Minimum annual distribution required

Comments / notes

9.2 — Corpus Distribution

When should Trust Corpus be distributed?

Always a reserved matter. Contingent Trustees cannot distribute Corpus. Trust Income distributed first.

Best practiceCorpus distribution: Trust Income distributed first, then unanimous consent of Original Trustee OR Lineal Descendants acting as Trustees. Contingent Trustees CANNOT distribute Corpus. For later generations with many Trustees: consider supermajority (75%) to prevent perpetual deadlock.

Unanimous consent only — reserved matter Suggested

75% supermajority for later generations

Prevents perpetual deadlock when many trustees

Comments / notes

Key points to considerCorpus distribution always a reserved matter

Upwisery: RIA Upwisery recommends: Reserved Item

9.3 — Ultimate Beneficiaries on Dissolution

Who specifically should receive Trust Property on dissolution? List names and proportions.

Must be completed before execution. All persons must qualify as 'Relatives' under Section 56 IT Act 1961.

Best practiceMUST BE COMPLETED BEFORE EXECUTION. List specific names + proportions of Ultimate Beneficiaries. Verify persons qualify as "Relatives" under Section 56 IT Act 1961. Add intestacy fallback if last Beneficiary dies without a will. Suggested: a portion for charity included (Hindu Succession Law applied).

Comments / notes

10.2 — Audit Obligation

Should the annual audit be mandatory or discretionary?

Best practice10.1: Trustees "may" appoint accountants. 10.2: Trustees "may cause" audit — recommend changing to "shall" for an annual mandatory audit. Auditor must be a CA registered with ICAI. Note: tax audit may be mandatory under the IT Act based on income / corpus thresholds.

Mandatory Suggested

Discretionary

Comments / notes

Key points to considerAny Audit obligation to be mandated outside the normal course.

Upwisery: RIA Upwisery recommends: Reserved Item

Article 15 & Schedule I

Advisory Board & Contingent Trustee Restrictions

15.2 Appointment · 15.4 Disqualification · Schedule I — restricted powers

15.2 — Advisory Board Appointment

How should Advisory Board members be appointed?

Best practiceOriginal Trustees to appoint Advisory Board Members by written communication.

By Original Trustee — written communication Suggested

By unanimous trustee resolution

Comments / notes

Upwisery: UAC Upwisery recommends: Unamendable

15.4 — Advisory Board Disqualification

On what grounds should an Advisory Board member vacate office?

Best practiceMember vacates office on: (a) demise; (b) incapacitation; (c) retirement.

Demise, incapacitation, mandatory retirement Suggested

Above + conflict of interest

Comments / notes

Key points to considerAltering the disqualification mechanism of Advisory Board Member. Removal protection for Original Trustee and Primary Successor is absolute.

Upwisery: RIA Upwisery recommends: Reserved Item

Schedule I — Contingent Trustee Restrictions

Should additional restrictions apply to the Contingent Trustee beyond the standard Schedule I?

Standard Schedule I already prohibits: amending deed, investing/divesting (except FDs/sovereign debt/entities), lending (except to entities), borrowing/encumbering, dissolving trust. These cannot be removed or diluted.

Best practiceContingent Trustee CANNOT: (1) amend Trust Deed (8.1.2(b)); (2) invest / divest — except FDs, sovereign debt, Entities; (3) lend — except to Entities; (4) borrow / encumber Trust Corpus; (5) dissolve Trust; (6) other powers specified by Original Trustee / Primary Successor by resolution. Recommend: positive obligation to appoint independent legal + financial advisor during the contingent period.

Standard Schedule I restrictions only Suggested

Standard + mandatory independent legal & financial advisor

Standard + additional restrictions to specify

Comments / notes

Key points to considerAdditional restrictions for the Contingent Trustee

Upwisery: RIA Upwisery recommends: Reserved Item

Step 1 of 2 · Contact Details

Your Details

This helps your Upwisery advisor contact you and personalise the draft deed.

Full name

What is your full legal name?

Email address

Which email should we use for all trust correspondence?

A full summary of your responses will be sent here immediately on submission.

Mobile number

Best number to reach you on?

City / Location

Where are you primarily based?

Your responses so far

Review & Edit

Everything you've filled is shown below. Use Edit on any section to make changes — your updates save automatically.

Unfilled sections will show "Not filled" — you can continue filling them by clicking Edit on that section, or proceed directly to submit.

Final check

Full response summary

This is the complete record that will be sent to the Upwisery team. Review everything carefully. Use Edit on any section to make a change — then return here to submit.

By submitting, you confirm all responses are accurate and authorise Upwisery Advisors LLP to use them for trust deed preparation.

Responses submitted

A full summary of your selections has been sent to your email. Your Upwisery advisor will review and contact you within 2 business days.

Consent & Authorisation
By submitting this form, I confirm that the information provided is accurate to the best of my knowledge and I authorise Upwisery Advisors LLP to use these responses solely for the purpose of preparing a draft Private Family Trust Deed. I understand that this form does not constitute a legally binding document and that all decisions will be confirmed with me before execution.

I have read and agree to the above.

A copy is also sent to your email

What happens next

1. Upwisery reviews your selections
2. Draft trust deed is prepared
3. Review call scheduled with your advisor
4. Deed executed and trust registered

Private Family
Trust Intake

Definitions & Interpretations

Trust Identity & Structure

Purpose of the Trust

Beneficiaries

Trustees

Duties of Trustees

Powers of Trustees

Trustee Removal, Liability & Handover

Reserved Matters & Full Powers

Dissolution & Advisory Board

Distributions & Accounts

Dissolution, Confidentiality & Miscellaneous

Advisory Board & Contingent Trustee Restrictions

Your Details

About Your Family

Review & Edit

Full response summary

Responses submitted

Private FamilyTrust Intake

Definitions & Interpretations

Trust Identity & Structure

Purpose of the Trust

Beneficiaries

Trustees

Duties of Trustees

Powers of Trustees

Trustee Removal, Liability & Handover

Reserved Matters & Full Powers

Dissolution & Advisory Board

Distributions & Accounts

Dissolution, Confidentiality & Miscellaneous

Advisory Board & Contingent Trustee Restrictions

Your Details

About Your Family

Review & Edit

Full response summary

Responses submitted

Private Family
Trust Intake