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Creating a Private Trust or Will: Which is the best way to distribute Wealth?

Created by : Rashmi Patil, Financial services  | 10 08 2009 08:13:31 +0000
Industry : Asset ManagementFunctional Area : Personal Finance(Personal Interests)
Keywords : wealth will distribute private trust
Activity:  2874 views;  last activity : 07 06 2010 20:18:09 +0000

After working hard and building wealth in our life its important to ensure that proper arrangements have made to distribute it amongst descendants after death. There are two ways of taking care of this problem. One is making the will and the other is to create a private trust.which is the best way to distribute your wealth?




  
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Creating a private trust Vs will
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I think creating a private trust would be the best way to distribute wealth. As private trust is private, it is not open to public scrutiny and on the other side a will is a public document and can be inspected by parties involved if there is a dispute. moreover trust can be prepared for a specific purpose and can lay down the time frame, after which the trust is declared as null and void which is not possible in will.
By Rashmi Patil, Financial services  10 08 2009 08:15:47 +0000
 
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Yes Private trust will be the best way of distributing wealt incase if you want to maintane confidentiality.
By Ramakrishna Perumal, Electrical Specialist Engineer,  | 10 08 2009 09:10:05 +0000
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I believe will is traditionally cheaper to prepare than a trust would be the best one to select. In case of any problem there will be Court Supervision to protect the rights of beneficiaries. But in trust beneficiaries must take the initiative to enforce their right and more over in private trust there is no statutory limit on how long it might take to fully transfer the assets of a trust after grantor's death. But for a will there are statutes requiring that a decedent's estate be fully administered within 3 years.  
By Rajyalakshmi K, Accounts Manager, Standard Chartered  | 10 08 2009 10:56:02 +0000
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