Family Trust

A Will provides clarity on asset distribution, prevents legal battles, and ensures that your loved ones are taken care of. Without a Will, your estate is distributed according to succession laws, which may not align with your wishes.

If you die without a Will (intestate), your assets will be distributed as per the applicable succession laws, which may not align with your preferences. This can lead to disputes and delays.

Anyone above 18 years of age with a sound mind can make a Will.

Registration is not mandatory, but it adds authenticity and prevents disputes. Notarization is also not required.

Yes, you can modify your Will at any time by creating a new Will or by adding a Codicil (a supplement to the original Will).

Yes, you can specify your share of a joint property in your Will.

An Executor is a person appointed in the Will to ensure that the Will’s instructions are carried out. While it is not mandatory, appointing an Executor ensures smooth execution.

You can nominate a guardian for your minor children and create a Trust in your Will to manage their inheritance until they reach adulthood.

A Family Trust is a legal arrangement where assets are transferred to a Trust for the benefit of specific beneficiaries. It ensures controlled distribution and protection of wealth.

A Family Trust provides greater control over asset distribution, protects against legal disputes, helps in tax planning, and ensures long-term wealth management.

• Individuals who want to prevent legal disputes over their estate
• Families with minor children or special needs dependents  Business owners planning succession
• NRIs with assets in India
• Individuals looking to avoid inheritance taxes in the future

A Will takes effect only after death, while a Trust can be operational during the lifetime of the Settlor (creator of the Trust). A Trust provides greater control and protection against legal challenges.

• Revocable Trust: Can be altered or dissolved by the Settlor.
• Irrevocable Trust: Cannot be modified once established.
• Discretionary Trust: Trustees have the flexibility to distribute assets as they see fit.
• Specific Trust: The distribution to beneficiaries is pre-defined.

A Trustee can be the Settlor, a family member, a professional (such as a lawyer or CA), or a company.

• Real estate (not under loans)
• Financial assets (stocks, FDs, mutual funds)
• Business ownerships
• Digital assets and intellectual

• No gift tax if beneficiaries are legal heirs.
• Trust income is taxed at the maximum marginal rate unless structured otherwise.
• Capital gains tax applies like in personal holdings.

A Revocable Trust can be changed or dissolved during the Settlor’s lifetime, but an Irrevocable Trust cannot be altered once created.

A Trust can be created for a few years or up to 99 years, covering multiple generations.

1. Define objectives and beneficiaries.
2. Draft a Trust Deed with specific terms.
3. Register the Trust Deed with the Sub-Registrar’s office.
4. Obtain a PAN card for the Trust.
5. Open a bank account for Trust transactions.

If the Trust is Irrevocable, it continues to operate as per the Trust Deed. If it is Revocable, the assets revert to the Settlor’s estate unless otherwise specified.

Yes, many individuals use both a Will and a Family Trust for comprehensive estate planning.

Foreign properties are subject to local laws. It is advisable to create separate Wills for assets in different countries.

Yes, they can create a Joint Will, but it only takes effect after both pass away. Alternatively, they canset up a Family Trust with joint settlors.

A registered Will and an Irrevocable Trust offer strong legal protection against disputes

Probate is a legal certification of a Will’s validity. It is required in some states for properties in metropolitan areas but is generally not mandatory.

Yes, you can designate charities as beneficiaries in both Wills and Trusts.

A "residual clause" can be included to cover any unlisted assets