A private trust creation helps in meeting this objective. The primary objective of any individual who wants to bequeath his assets during the lifetime or after death is to protect the interest of beneficiaries. The beneficiaries might include minors who are not old enough to protect their interests. A trust creation helps in meeting this objective.
Benefit to old parents, minor children, handicapped brother or sister or wife.
Distributing the property amongst the successors.
Settlor can obtain various tax benefits.
Every person capable of holding property may be a beneficiary.
In many instances a written Will is insufficient to distribute your assets. The battle fought in courts in various cases has revealed that a Will has its own limitations. Below are some benefits which makes creating a private trust more beneficial than just writing a Will:
1. Since a trust deed is never disclosed in media, it is more confidential than a will.
2. There is no probate when you create a trust.
3. When you want to make some changes in future a trust deed can be easily modified in comparison to a Will.
4. While planning for succession, especially during one’s lifetime, one would not want to lose control over the assets. This can be achieved efficiently through a private trust as a Will gets executed only after the death.
Yes, a minor can become a trustee only when there is no need to exercise power of discretion.
Yes, a body corporate can become a trustee as it is capable to hold property in its own name.
A person who is of sound mind, not an insolvent, and is not disqualified under any law and who has attained 18 years of age can create a trust.
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