Living Trust
A Living Trust is a vital tool for effective estate planning, designed to manage your assets during your lifetime and ensure a seamless transfer to your beneficiaries. It bypasses probate, maintains privacy, and offers flexibility and security for your estate. Commonly used for real estate, investments, bank accounts, business interests, and personal property, Living Trusts in India operate under the Indian Trusts Act, 1882, making them a legally sound option for individuals seeking comprehensive estate management.
Why Choose a Customized Will?
✅ Avoid Probate: Bypass the time-consuming and costly probate process.
✅ Privacy Protection: Maintain confidentiality of your estate details.
✅ Flexibility: Revocable trusts allow modifications or termination during your lifetime.
✅Legal Safeguards: Resist potential challenges with a properly drafted deed
✅Continuity: Ensure uninterrupted management of your estate in case of incapacitation
Living Trust Registration Process
1.Consultation with Lawyer
Discuss requirements and share asset details.
2.Drafting the Trust Deed
Lawyer prepares a legally sound deed.
3.Schedule Registration Appointmen
Appointment is set with the Sub-Registrar's office.
4.Register the Trust
Trust is registered, finalizing the process.
Contents of a Living Trust
- Name of Trust: A unique identifier.
- Trust Creator Information: Details of the person establishing the trust.
- Trustee Information: Appointed individual(s) managing the trust.
- Beneficiaries: Recipients of the trust’s benefits.
- Assets and Property Details: List of properties under the trust.
- Trust Objectives: Reasons for creating the trust.
- Terms and Conditions: Governing rules and instructions
Benefits of a Customized Will
Control Over Property Distribution
Ensures that your property and assets are distributed according to your wishes.
Appointing Guardianship
Allows you to designate a guardian for minor children.
Bespoke Instructions:
Provides for unique circumstances like blended families, business succession, or international assets.
Peace of Mind
Gives you the assurance that your wishes will be respected and your loved ones will be cared for.
Enhanced Control
Specify precise conditions for inheritance or asset management.
Prerequisites for Drafting a Living Trust
Trust Deed
Comprehensive document outlining details
Identification Proof
Aadhaar, Passport, Voter ID, etc., for settlor and trustees.
Photographs
Recent passport-sized photos of settlor and trustees.
Proof of Property
Evidence of assets under the trust
Stamp Duty Payment
Proof of registration fees and applicable stamp duty
Declaration
Signed consent from settlor and trustees
Deliverables of a Registered Living Trust
- Consultation: Guidance from legal experts to understand your objectives.
- Trust Deed Preparation: Drafting of a detailed, tailored deed.
- Trust Deed Review: Comprehensive review to align with your requirements.
- Registration Assistance: Support with necessary documents and formalities.
- Stamp Duty Execution: Ensuring compliance with legal and fiscal obligations.
Frequently asked Questions
A private trust managed by the creator (settlor) during their lifetime, with assets transferred to beneficiaries upon their death.
Yes, a trust can legally hold property.
Unlike a will, a Living Trust bypasses probate and ensures continuity in case of incapacitation.
Trust income is taxed based on its structure and beneficiaries' nature of income.
While not mandatory, registration ensures legal enforceability and clarity.
Registration Process
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