The translator’s property act and Indian succession act have been intermingled and go side by side when it comes to issues related to property. Whenever an individual feels that he or she is incapable of taking care of a particular property, whatever may be the reason, this account too translating it to someone who has the skill set to take care of it or is considered as the legal successor. The issue with transfer property occurs when they have decided which mode of transfer they want to adopt and which will be helpful for them or the beneficiary. Will versus trust is where most of the conversation comes to an end. When either wants to transfer the property through a will or by the trust. The procedure involved in transferring property through will or trust may not be as complicated as it may seem, but they are a few steps that one needs to follow if they want to register a will or a trust deed.
Formalities Required :
- Details of the testator –
All the information regarding name age addresses other identification details that might be necessary for the transferor included whenever a will is drawn.
- Details of beneficiary –
All the information regarding name each address another information that might be necessary for the testator to know, and in which ratio the assets are deemed to be divided will be mentioned under this head.
- Declaration –
Under this head, the testator declares that he or she is a sound mind and is making this will out of any coercion and undue influence.
- Witnesses –
Whenever a will is drawn, it must be signed in front of two witnesses. Those witnesses must know the entire detail regarding the property and what is being agreed on between the parties.
- Details of property and asset –
Under this, all the little details read it to certain properties are mentioned by the testators and things that will be covered under the will.
What are the steps involved in making and executing will?
• When executing a will, one must adhere to all the essentials that are mentioned in a will. Specific performance is the goal of execution of the will and must take care of it.
• As mentioned earlier, a will is a document that can be prepared without any format, but it is advisable to consult a family lawyer before drafting it. It can be dropped by the testator himself or with the help of your family lawyer.
• Before executing, a will make sure all the signatures of testators, witnesses, and beneficiaries are present in it.
• It is in the goodwill of the testator and the beneficiary to make sure that the bill is registered. It helps people in making sure the legality of the will is maintained in the long run.
Formalities that needs to be fulfilled before farming a trust deed
• The minimum and maximum number of people required to frame a trust are three and 21.
• There should be the proper name given to a trust
• This needs to be decided for a trust
• All the objectives and aims of the trust should be mentioned in the written stamp paper.
• A trustee secretary and a treasurer must be decided beforehand.
The procedure of making trust is quite Lindy as it involves the framing of memorandum of society we order details little registered office, ancillary bodies, aims, objectives and government bodies are mentioned. Some major rules that a trustee must abide by include membership subscriptions, government bodies, bank accounts, the functionality of general bodies, management of funds, election and, filing of vacancies.
It is very important to settle all disputes and asset-related affairs sooner than later. The main purpose of will and trust is to make sure that the possession of the property is transferred from one person to another and what is changing things in between people is the manner of transfer. Another aspect that comes into play in a will or a trusted dispute is the involvement of a guardian. If the transfer all transferee is minor then insert the situation guardianship comes to play its part and it stays with the guardian until the minor child attains the age of majority. The main purpose of transfer to trust is to streamline your estate transfer, whereas, in a will, it will go through the probate. So nearly everyone in their lifetime has to make a will if they want to avoid any future disputes in between their kids. When it comes to choosing between what purpose or mode is better, it depends upon the individual itself. If one tries to streamline their assets, then it might result in lesser future disputes than that of in the will. It’s all about the matter of choice and need of the art that people are willing to make such decisions.