A will and a trust are two different legal instruments used for estate planning in India. A will is a document that outlines how a person's assets will be distributed after their death, and it takes effect only after the person's death. On the other hand, a trust is a legal arrangement where a person (called the settlor) transfers their assets to a trustee, who manages and distributes the assets according to the terms of the trust deed. The main difference between a will and a trust is that a will is a document that is used to distribute a person's assets after their death, while a trust can be used to manage and distribute assets during a person's lifetime and after their death. In addition, a will has to go through the probate process, which can be time-consuming and expensive, while a trust can help avoid probate and provide greater privacy. Another important difference is that a will is a public document, and anyone can access it after the person's death, while a trust is a private document, and its contents are generally not available to the public. Overall, whether a will or a trust is more appropriate for estate planning depends on individual circumstances and goals. It is important to consult with a qualified legal professional to determine the best course of action.
Discover clear and detailed answers to common questions about Wills Trusts. Learn about procedures and more in straightforward language.
