Registration Of Trusts In Uganda
A trust is simply the word used to describe the relationship created when property is transferred by one person (the “settlor”) to another (the “trustee”) to hold for the benefit of specified persons or a class of persons (the “beneficiaries”). In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another.
Procedure For Registration Of Trusts In Uganda
Trust Deed on stamp paper of requisite value (as stated above)
Two passport size photograph & self attested copy of the proof of identity of the settler.
Two passport size photograph & self attested copy of the proof of identity of each trustee.
Signature of settler on all the pages of the Trust Deed.
Requirements For Registration Of Trusts In Uganda
For registering a trust, you need minimum two trustees (i.e. one settler and another person). You can decide the maximum number of trustees and this number must be mentioned in the trust deed. All the trustees together are called Board of Trustees.
Certainty of Intention. The word ‘trust’ is not necessary to satisfy an indication of intention neither are technical words needed as ‘equity looks to the intent rather than the form’.
Certainty of Subject Matter.
Certainty of Object.
Documents Required For Registration Of Trusts In Uganda
Aadhaar cards for each Trust party. PAN cards of each Trust party. Evidence of the registered office address with a water or electricity bill. Declaration signed by all trustees.
Essential Elements For Registration Of Trusts In Uganda
After reviewing extensive literature on the topic, I believe that trust can be defined in terms of the following components: consistency, compassion, communication, and competency.
Types Of Registration Of Trusts In Uganda
With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider. Not only that, but these trusts offer long-term benefits that can strengthen your estate plan and successfully protect your assets.
Components Of Registration Of Trusts In Uganda
Reliability: Being reliable creates trust.
Honesty: Telling the truth creates trust.
Good Will: Acting in good faith creates trust.
Competency: Doing your job well creates trust.
Open: Being vulnerable creates trust.
Disadvantages Of Registration Of Trusts In Uganda
The most significant disadvantages of trusts include costs of set and administration.
Trusts have a complex structure and intricate formation and termination procedures.
The trustor hands over control of their assets to trustees.
Office Location For Registration Of Trusts In Uganda
Uganda Registration Services Bureau
Uganda Business Facilitation Centre Plot 1 Baskerville Avenue, Kololo
Toll Free: 0800 100 006
Call Center: +256 417 338 100
Phone: +256 414 233 219 / 0417338000
Whistle Blower Hotline: 0414673200
WhatsApp: 0712 448 448
Fax: +256 414 250 712
ursb@ursb.go.ug (General Correspondences)
helpdesk@ursb.go.ug (For Enquiries)