When asset holding, asset structure and family structure is simple and straight forward, a Will can be the most effective tool to plan your estate. But if there are several branches in your family tree, and assets are spread out across the country (or world), then it makes more sense to create a Private Trust. The most problematic aspect of a Will is that it needs probate (a court certificate which proves that the Will is genuine) after the death of testator, but this is not the case with Private Trusts. Probate is often time consuming, expensive, and a big hassle for the family. Also, probate is a public document, which means that you and your family are inadvertently exposed to the glares of public and unknown people. In contrast, the Trust offers Privacy by circumventing the need for probate.
A will is also susceptible to being challenged in the Court of law by an unhappy heir and the testator cannot express his/ her wish when the matter becomes sub-judice. This often leads to bitterness amongst the families and prolonged litigation. In contrast, the grounds to challenge a trust are fewer and the Courts, in most cases, would not delve in a matter where a Trust is involved with respect to inheritance executed though this method. The Will only becomes effective after the death of the testator but a (Living) Trust can be created even when the person is alive.
Probate, Letter of Administration and Succession Certificates
Probate According to section 2(f)[1] of the Indian Succession Act, 1925 Probate refers to a copy of the will that is certified by the seal of a court of competent jurisdiction. Through Probate, rights pertaining administration of an estate is granted to the applicant...
Is it mandatory to obtain Probate/Letter of Administration?
Section 213(1) makes it mandatory for every legatee or executer to obtain a Probate of the will or Letter of Administration with the will before they try to execute a will. Otherwise, an executor or legatee cannot establish any right in a court of law pertaining to the concerned will and any estate mentioned therein.
Letter of Administration
The critical difference between Probate and Letter of Administration is that Probate is granted to an executor nominated under the will. Whereas, if a will does not nominate an executor, the beneficiaries of the deceased will have to file an application for Letter of Administration.
Probate
According to section 2(f)[1] of the Indian Succession Act, 1925 Probate refers to a copy of the will that is certified by the seal of a court of competent jurisdiction. Through Probate, rights pe
Succession Certificate
Succession certificate is a sanctioning document that sanctions the right to inherit debt and securities to the legal heirs of the deceased who died intestate. This right to inherit is sanction
Types of Wills
Will is a legal document through which a person decides how his/her property would be distributed, allocated and spent after his death. A person who dies without creating a will is called dying intestate. Dying intestate forces the relatives of the deceased to spend...
Estate Planning, Wills & Living Trusts
A proper estate planning protects your family and your assets if you die or become incapacitated. Following things shall be kept in mind while planning your estate: deciding who will get your things when you die naming guardians for your children and their property...
Efficient Estate Planning Through Trusts
Efficient Estate Planning through Trusts A Will is not always hassle free and cannot be subjected to ample of constrains, but a Trust can be made to accommodate your specific requirements. There are two ways in which you can plan your Estate: firstly, by writing a...
Living Wills – Law in India
Living Will - Law in India The Black's Law Dictionary defines an advance medical directive as, "a legal document explaining one's wishes about medical treatment if one becomes incompetent or unable to communicate". A living will, on the other hand, is a document...
Testamentary Guardian
a father, whatever his age may be, may by will appoint a guardian or guardians for his child during minority.