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Trust vs Will – Choose wisely!
By admin
11/02/2020

Trust vs Will – Choose wisely!

Majority of the family feuds in India happen due to the lack of proper estate planning. Most of the young aged people tend to postpone estate planning for a latter part of their lives. But estate planning shouldn’t be avoided as it adds uncertainties to families’ future. So it is always better to take control of life from an early age.

Also, many believe that estate planning is restricted to the rich only. However, it is not true. Estate planning is important for everybody and if a person is the only bread earner in the family, then it becomes more essential. With the idea of estate planning, people tend to get confused between a Trust and a Will. Often many opt for Trust, while Will was a better option for them and also vice versa. Below post will help one understand the differences between Trust and Will to choose the better

  • Required effort
  • Cost involved
  • Privacy concerns
  • Functionality
  • Documentation
  • Time of effectivity
  • Revoking

Required effort

Trust

Trusts are time-consuming, expensive to bring into action and they need to be managed throughout its lifetime.

Will

Will are not only easy but cheap to create and doesn't require to be managed after creation and becomes effective after the Will makers death.

Cost involved

Trust

A Trust enables the beneficiary to skip the probate process, which translates into major savings in money and time compared to a Will. However, in India, the probate process for a Will is only mandatory for cities including Kolkata, Delhi, Mumbai and Chennai. The cost of establishing an attorney-drafted trust depends on the estate but must be managed until its lifetime.

Will

The cost of a legal professional charging for a cost of Will creation can be as low as Rs 500.

Privacy concerns

Trust

In case of a Trust, things are personal and left behind closed doors.

Will

When a probate hearing is filed with a court, the record becomes public. However, as mentioned probate is mandatory in only 4 cities in India.

Functionality

Trust

A Trust is majorly about distributing specific assets like life insurance, a piece of property and others.

Will

A Will can distribute almost everything in the estate, including the guardianship of the dependents.

Documentation

Trust

A trust deed needs to be executed for a Trust.

Will

Will is a document that contains all the required details.

Time of effectivity

Trust

Trust is effective since the asset is transferred to the trustee.

Will

A Will becomes effective after the death of the creator.

Revoking

Trust

Revoking a Trust depends on the type of trust that has been created. If it is a revocable Trust then it can be revoked at any time, however, in case of an irrevocable trust, it can be never revoked after it comes into effect.

Will

A Will can be changed and even revoked through the lifetime of the creator.

In whole, a Will is a declaration involving the management and distribution of a creator’s assets after his/her demise, while a trust is a legal arrangement where the creator authorises a person as trustee to take care of the assets for the sake of somebody else called the beneficiary.

These differences will help one to make the right choice. And Gift My Legacy is always there to help you. So get in touch with us to know more and choose wisely.

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