Infographic comparing Wills and Trusts for estate planning in Indian families

Estate planning is not just for the ultra-wealthy. If you own a house, have mutual fund investments, a PPF account, or even a savings account with a nominee — this concerns you. Without proper planning, even well-meaning families can fall into long legal delays and bitter disputes.

In this article, we explore the two most important estate planning tools — Wills and Trusts — and help you decide which is suitable for your situation.

📝 What is a Will?

A Will is a legal document through which you specify how your assets will be distributed after your death. It includes:

  • List of assets and their distribution

  • Appointment of an executor (to carry out your wishes)

  • Names of beneficiaries

Key Features of a Will:

  • Easy and inexpensive to create

  • Can be handwritten or typed (registration is optional but recommended)

  • Can be changed or updated anytime

  • Cost: ₹2,000–₹10,000 (via lawyer or DIY kits)

🏦 What is a Trust?

A Trust is a legal arrangement where you (the settlor) transfer assets to a trustee, who holds and manages them on behalf of beneficiaries.

Key Features of a Trust:

  • More suitable for large or complex estates

  • Can be set up during your lifetime (living trust) or post-death (testamentary trust)

  • Helps bypass probate

  • Private, unlike Wills which may become public

  • Cost: ₹25,000 to ₹1 lakh+ depending on complexity

📊 Will vs. Trust: Side-by-Side Comparison

Side-by-side comparison chart showing key differences between a Will and a Trust for Indian estate planning

🤔 When Should You Use a Will or a Trust?

Table showing scenarios where an Indian family should use a Will, a Trust, or both for estate planning

🧠 Key Takeaway

If your assets are straightforward — house, bank FDs, mutual funds — a Will is enough. But if you foresee complications, own a business, or have special dependents, a Trust is worth the extra cost.

✅ Action Points

  • Start by writing a Will — even a basic one is better than none.

  • Review your nominees — make sure they are updated across all accounts.

  • If you have > ₹1 crore in assets or expect disputes, consult a professional about setting up a trust.

“Don’t wait for a medical emergency to realize you should have written a Will. Do it now, peacefully.”

Stay tuned for Part 2 where we’ll guide you asset-by-asset — from bank accounts to EPF and mutual funds — and tell you exactly what happens after you’re gone.

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