Estate Planning is an important element in ones financial plan. Without making provisions for clear distribution of your estate when you are no more, no financial plan can be said to complete. But it may be easier said than done. There are succession laws which govern how the assets gets distributed if you do not make enough provisions or legal battles within the families disturb your succession planning.
A private trust is an effective tool for succession planning. It can cater to various needs in various situations. Globally this one tool is now being considered by many families to ensure the wealth they have built from years of hard work can be preserved and benefits can be passed on to the right heirs at right time.
What is a private trust, how the income of a private trust is taxed in India, How a Living trust is useful and many other concepts I have pen down in this series of article originally published in FPSB, India Journal. Read thr the series to know all about private trust an dits benefits-