Here are key points how Trust scores better than a will?
Here are the key points on how a trust can be a better succession planning tool compared to a will:
Smooth Succession: A trust structure can help ensure a smooth transition of ownership and management of family assets and businesses, especially in multi-generational setups. It provides clarity on roles and responsibilities.
Avoiding Conflicts: A well-executed trust deed can help bury potential conflicts among family members, ensuring filial peace and continuity. Using a professional corporate trustee can also ease execution.
Asset Protection: Trusts can help ring-fence family assets against future liabilities, marital issues, or even the potential reintroduction of estate duty in India.
Flexibility: Trusts offer more flexibility compared to wills, allowing the settlor to make revocable or irrevocable provisions, create separate trusts for each child, and plan the transition of assets.
Addressing Special Needs: Trusts can help plan for the financial needs of family members with disabilities or incapacities, ensuring their lifestyle is taken care of. Mitigating Legal Hassles: Trusts can help avoid the legal formalities and delays associated with probate and asset transfer that come with a will.
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Read MoreHere are key points how Trust scores better than a will?
Here are the key points on how a trust can be a better succession planning tool compared to a will:
Smooth Succession: A trust structure can help ensure a smooth transition of ownership and management of family assets and businesses, especially in multi-generational setups. It provides clarity on roles and responsibilities.
Avoiding Conflicts: A well-executed trust deed can help bury potential conflicts among family members, ensuring filial peace and continuity. Using a professional corporate trustee can also ease execution.
Asset Protection: Trusts can help ring-fence family assets against future liabilities, marital issues, or even the potential reintroduction of estate duty in India.
Flexibility: Trusts offer more flexibility compared to wills, allowing the settlor to make revocable or irrevocable provisions, create separate trusts for each child, and plan the transition of assets.
Addressing Special Needs: Trusts can help plan for the financial needs of family members with disabilities or incapacities, ensuring their lifestyle is taken care of.
Mitigating Legal Hassles: Trusts can help avoid the legal formalities and delays associated with probate and asset transfer that come with a will.
Also Read: Ways how property can be transferred after owner's death?