Let’s look at it this way - a Will - clearly drafted and printed, open for everyone to refer to when the time arrives. And a Trust - it’s private, controlled, and can be opened by a particular person only.

Truth be told, many Indian families are interested in having a Trust rather than a Will, to safeguard their substantial assets or complex family arrangements.

In this blog, we’ll go through the differences between a Will vs. Trust and the instances where each one makes sense.

What’s the difference - trusts vs. wills?

A will is a legal document that applies after your death. It’s pretty straightforward to draft a Will, but it requires probate in India and becomes a public record.

A trust, on the other hand, is a legal arrangement where you can transfer your assets to trustees to manage them according to your wishes. It is applicable even while you’re alive, does not need probate, and is private. They’re flexible. Almost always.

Why rich families in India are shifting to trusts?

It’s true. More and more of the population of the Indian demography is moving their interests into trusts. And most of those are rich people. Why is that so? Let’s find out.

Court queues and probate delays

High-value estates often need Wills to face probate and there are chances of court disputes. This slows down access to assets. It can take up to months. Sometimes, even years. Wealthier families want continuity. And a trust distributes the power to trustees immediately, so businesses can operate and bills can get paid.

Privacy issues

Registered wills accounts in public records. But trusts generally do not. Here come privacy issues. Entrepreneurs and land-owning families who prioritise confidentiality would go for trusts as they’re discreet.

Personalisation, power and dispute-free

Trusts allow you to lay down conditions, such as protection for minors, staggered distribution, maintenance of family firms, and appoint neutral trustees. This facility reduces ambiguity and the possibility of family disputes. This is why you get to see more and more private family trusts today as they’re deemed as conflict-prevention tools.

When a Will still makes sense

Despite all the benefits of having a trust in place, a Will might still make sense owing to the following factors:

• Cost and ease of process – A will is simple to make, is cheap, and fast when you have a few movable assets and want a straightforward inheritance. And online platforms make the process even easier (Eg., AasaanWill).

• Flexibility – You can easily make changes to a Will. If you have dynamic priorities and a simple estate, a Will makes a practical choice in such terms.

When to pick a trust

And here’s the straightforward choice of a trust. You should go for a trust when:

• You have a family business or possess properties that need immediate distribution before or after death.

• You prioritise privacy and want to keep court visits to a minimum.

• You want control – asset protection, staggered payouts, or management instructions.

Who makes estate planning in India quick and easy?

For most people, the real challenge is to get started, rather than choosing between a Will and a trust. That’s where we, AasaanWill, enter.

Being a 100% online platform, drafting a legally valid will from the comfort of your home is what we’re prioritising to offer. Needless confusion of confusing jargon or endless lawyer interference. Additionally, if you are someone who considers a trust, AasaanWill got your back, too.

Talk to us, and we can help you with resources and guidance to understand whether a trust is the right choice for your needs.

Why trust us?

We believe in taking one step at a time, easing the process for first-timers.

You can tailor your wishes in your estate plan, whether it includes businesses, is simple, or includes several properties.

Our team of legal experts ensures your documents are valid and enforceable.

We believe in setting the tone for tomorrow and being future-ready. While you strategise your estate plan, we also share resources and advice on trusts, nominations, and succession so you can make an informed decision.

Final thoughts

To sum it up, we’d say the best strategy is one that combines the best of the two - Will + Trust. A trust can help escalate the continuity of core assets with privacy in mind, while a will can take care of minor movables and residual bequests.

Don’t decide on a whim. Be a planner. Protect your business, do not compromise privacy, and keep things simple. They need not necessarily be complex always!

Estate planning isn’t a one-size-fits-all. Start by defining your goals and pick a combination that best serves your family’s interests.

So, if you’re ready, we’re here to give you all the clarity you need and get started on that will!