Will & Trust – Iplanning Wealth Management

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ALL ABOUT WILL

A Will is a legal document you draw up to declare your wishes for your loved ones as to how you want your assets to be distributed after you passed on.

ALL ABOUT TRUST

A Trust is an estate planning instrument for an Individual to ensure that his assets are protected and looked after by a Trustee or Trustees for the benefit of the trust beneficiaries.

A COMPARISON OF A TRUST AND A WILL

TRUST

WILL

When is the actual transfer of assets?

During the lifetime of the Settlor.

After the demise of the Testator and Grant Of Probate extracted.

When does it become effective?

Upon transfer of assets to the Trustee or triggering event.

After the demise of the Testator and Grant Of Probate extracted.

Will the assets be frozen upon death?

No.

Upon the demise of the Testator

Is there any application to the Court necessary?

No.

Yes.

Can there be more than one?

Yes.

Yes, must apply for Grant Of Probate.

Can it be revoked?

Yes, the Settlor can revoke when the trust is revocable one.

The latest Will prevails.

Creditor protection?

Yes, if it is irrevocable and after 5 years from the date it was created.

Anytime by the Testator before his demise.

Can conditions be stated?

Yes.

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Can I give to any person/organization I choose, even if unborn?

Yes.

Can additional assets be included?

Yes, by doing a supplemental deed.

Yes, by rewriting the Will or the new assets will be distributed under the residuary estate.

Can the Trustee/Executor be removed?

Yes, by doing a supplemental deed.

Yes, by rewriting the Will.

Can the Protector remove and appoint the Trustee?

Yes, subject to such conditions as may be stipulated.

There is no Protector. Testator can reappoint Trustee by rewriting his Will.

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