Testamentary Trust
A Testamentary Trust in India is a trust set up through a will that only takes effect after the person’s death.
A Testamentary Trust in India is a trust set up through a will that only takes effect after the person’s death.
It is created by including specific instructions in the will about how the deceased’s assets should be managed and distributed. The trust is managed by a trustee appointed in the will, who follows the testator’s directions. Governed by the Indian Trusts Act, of 1882, this type of trust must go through probate, where the will is verified by a court.
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Trust Name: The official name given to the Testamentary Trust in the will.
Testator Information: Details about the person who creates the trust through their will.
Trustee Information: Information about the individual or institution appointed to manage the trust after the testator's death.
Beneficiaries: Names and details of the individuals or entities who will benefit from the trust.
Assets and Property Details: Details of the assets and property to be included in the trust, like real estate, bank accounts, investments, and personal items.
Trust Objectives: The purpose of the trust, outlining how the assets should be used or managed for the beneficiaries.
Terms and Conditions: Clear rules on how the trust should be managed and how the assets should be given to the beneficiaries.
Avoids Probate Delays: The trust can make it easier to distribute assets and may help avoid delays in probate court.
Ensures Accurate Distribution: It explains exactly how your assets should be divided among beneficiaries, which helps reduce the chance of disputes.
Provides Financial Security: Beneficiaries can get financial support based on your instructions, which is useful for minors or dependents.
Maintains Privacy: The terms of the trust stay private, while a will is a public document.
Protects Assets: It makes sure your assets are managed and given out as you wish, even if you’re not there to oversee it.
Flexible Management: You can set rules for when and how your assets are given out, giving you more control over your estate.
Valid Will: The trust must be created through a legally valid will that clearly outlines the trust's terms and conditions.
Witness Signatures: Make sure the will is signed in front of at least two witnesses who are not beneficiaries..
Photographic Evidence: Submit passport-sized photographs of the testator and trustees for identification purposes.
Detailed Trust Deed: Write a detailed trust deed that explains the trust's terms, names the trustee, and describes how the assets will be managed.
Proof of Assets: Include documents that prove ownership of the assets in the trust, like property deeds, bank statements, or investment certificates.
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A Testamentary Trust is set up through a will and starts working after the person passes away. It manages and distributes your assets based on your instructions once the will is approved.
A Testamentary Trust starts after the person dies and is set up by your will, while a Living Trust is created and used during your lifetime. Testamentary Trusts go through probate, but Living Trusts help avoid it.
The process includes writing a will with trust instructions, listing the assets for the trust, choosing a trustee, and making sure the trust terms are clear and follow legal rules.
Our expert lawyers handle every detail to ensure accuracy and completeness. You’ll have the opportunity to review and suggest changes during the drafting process.
You can reach out to us at support@legalverifier.com. Our team will assist you with any queries or issues you may have.
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