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.
Whether Probate of a will is compulsory or not? Supreme court says – YES!
Where the right of either an executor or a legatee under a Will is in issue, such right can be established only where probate (where an executor has been appointed under the Will) or letters of administration (where no executor is appointed under a Will)have been...
DIGITAL WILLS IN INDIA : LEGAL or ILLEGAL
A will is a legal declaration of the intention of a person who is desirous of transferring his wealth to the subsequent generations. It takes effect after the death of the maker of the will. A will is a unilateral document which can be revoked or altered by the person...