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.
Holograph Wills
Wills which are handwritten by the testator himself are known as Holographic Wills. These kinds of will have their own merit. Due to the fact that they are completely handwritten by the testator himself, raises a strong presumption[1] pertaining to their regularity and execution. It is held in various judicial pronouncements that “If there is hardly any suspicious circumstances attached to the will, it will require “very little” evidence to prove due execution and attestation of such a will”
Duplicate Wills
As the name suggests, when there are two copies of a will, then those wills are called Duplicate Wills. There are two copies of the will although it is considered as a single will. It is very simple to create a duplicate of the will. The testator has to make a second...
Mutual Wills
Mutual wills are the kind of wills in which two people agree to formulate a will on the mutually agreed terms and conditions. The testator creates the other person as his/her legatee in these wills. Generally, married couples who have children from their first...
Joint Wills
When two or more people agree to make a conjoint will, such testamentary documents are known as Joint Wills. These are generally created between married couples, with an intention to leave the property to their spouse after one of them dies. A joint will can also be...
Contingent/Conditional Wills
Execution of these wills are dependent on happening of an event and if that event occurs in the future only then the will is to become effective. These wills are created for multiple purposes. If the testator wants to motivate a loved one for doing something good,...
Privileged and Unprivileged Wills
Indian Succession Act, 1925 provides certain privileges to a soldier, an airman and a mariner at sea employed in an expedition or engaged in actual warfare. These privileges are enacted keeping in mind the complicated predicament a soldier is in during the tenure of...
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...
Will By a Muslim
Will is a divine institution since its exercise is regulated by ‘Quran’. It offers to the testator the means of correcting to a certain extent the law of succession and of enabling some of those relations who are excluded from inheritance to obtain a share in his...
Can A Muslim Make A Will?
Bequests by a Muslim can only take effect to the extent of one-third of the net assets remaining after payment of his funeral 'expenses and debts. Unless the excess is rendered valid by the consent, given after the death of the testator, of the inheritors whose rights...