A Trust is an effective estate planning, succession planning or inheritance planning instrument for an Individual or family to ensure that their assets are protected and looked after by a Trustee or Trustees for the benefit of the trust beneficiaries.
Trust is an excellent solution for many kinds of problems regarding wealth accumulation, wealth protection, wealth preservation and wealth distribution.
A trust is ideal for example when your children are too young, and you are concerned that the guardian may not do a good job of safeguarding the assets meant for their university education and life needs.
If you are looking to achieve one or more of these goals, you should consider setting up a trust.
This can be achieved by creating a Discretionary Trust.
In case any beneficiary becomes bankrupt, he or she will no longer be entitled to benefits from the trust.
Preserving assets for your great grandchildren.
Protecting assets from spendthrift successors.
For example: education, marriage, setting up business or compensating a non-active family member in business.
Special children requiring funds for medical, education and living expense.
IT HELPS TO...
You can set goals to be achieved (such as a college degree) before your loved ones receive anything from the trust or to be used for their medical expenses. This avoids wastage of the trust fund.
Just like a Will, it is your choice and no one can challenge it.
No fuss and is instantly available as it is not part of the estate and no lengthy legal process to be followed.
Trust Fund is readily available for the beneficiaries’ use because it is in the Trustee’s name. It complements the Will you wrote.
Once the trust is created and the Protector is appointed the well-being of your beneficiaries are taken care of. The assets can be protected from creditors.
Disgruntled family members who are not receiving anything from the trust are unable to make claims against the trust because the assets are no longer under your name.
Your instructions on distribution in the Trust Deed can prevent your wealth from being mis-spent.
(What is the purpose of the Trust?)
Specific/Discretionary/Living/
Testamentary/Revocable/Non- Revocable
(Trustee is the person in charge of the assets in the trust)
(Who will get the assets & income of the Trust?)
(What assets & properties will be transferred to Trust?)
(Draft the Trust Deed)
(SETTLOR SIGNS IN FRONT OF 2 WITNESSES?)
(Compulsory Registration if immovable asset, movable assets registration optional)
Apply for Trust PAN Card and Open Bank Account
Transfer Assets to the Trust
(Except Annual Tax Returns Need to be filed)
Contact NexGen Estate Planning Solutions about the different types of living and revocable trusts available to satisfy a broad range of wealth and estate planning needs.
Personalized to your needs. Designed by attorneys.
The most important piece of trust documentation is the trust deed. This agreement is, essentially, what creates the trust. Outlined within the trust deed will be key pieces of information like what properties or assets will be held within the trust and who the beneficiaries are.
A trust deed is not just a guideline or a suggestion: it is a contract binding all parties involved and is enforceable by law.
In order to be officially considered a trust deed, your trust documentation should include all of the following information:
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