TESTAMENTARY TRUSTS or Will Trusts – OVERVIEW AND INSIGHTS

Trusts are recognised internationally as favoured vehicles for estate and succession planning. Although most private asset-holding trusts are created during the lifetime of the creator (settlor), there is another category of trusts called testamentary trusts. As the term suggests, testamentary trusts (also known as ‘Will-trusts’ in certain jurisdictions) are formed through testamentary instruments such as a Will, and which take effect only upon the death of the creator. This post seeks to provide an overview of the Indian law on testamentary trusts, and offer insights into their creation, function and utility.
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Will and testament
The Indian Succession Act does not make it compulsory to appoint an executor of a Will, (iStock)

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the  following Q&A which was published by the Mint Newspaper on and the online edition of the same can be found at: https://www.livemint.com/insurance/news/it-is-not-necessary-to-appoint-a-lawyer-as-executor-of-your-will-11580203086115.html

My life insurance policies have nominees. But I want the life insurance proceeds to go to a few other people, too. I wish to specify the same in the Will. Can it get challenged as the nominee names are different?

—Herman Patel
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Will Making
Photo: iStock

The Private Client team at Cyril Amarchand Mangaldas is delighted to share, via our Private Client blog, our comments and opinions shared in various leading media publications globally. We hope these inputs help our clients and readers gain a practical perspective into key legal, financial, commercial and other aspects that need to be duly considered in Estate Planning.

The following Q&A was published by the Mint Newspaper on and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/trust-made-under-will-works-well-for-bequeathing-assets-to-a-minor-11578997625506.html.

For further information, please contact our Partner & Co-Head of our Private Client team, Mr. Rishabh Shroff, at Rishabh.shroff@cyrilshroff.com
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