It is constituted for the benefit of one or more individuals who are, or within a given time may be, definitely ascertained. They are governed by the Indian Trusts Act 1882. A Private Trust may be created inter vivo or by will. If a trust in created by will it shall be subject to the provisions of Indian Succession Act, 1925.
someone at whose instance the Trust comes into existence and the settlor to make an unequivocal declaration which is binding on him.
There must be a divesting of the ownership by the author of the trust in favor of the trustee for the beneficial enjoyment by the beneficiary.