The following article was first published in the Mint newspaper on 1st November, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.
I am 76 years old and hence want to write a will. I have two houses worth ₹2 crore. We are living in one of the houses and the other is rented for ₹75,000 per month. We also booked a shop having a resale value of ₹1 crore. I have ₹1.6 crore in mutual funds and ₹65 lakh in shares.
I have a wife and a daughter. I want all my assets to be given to my wife and thereafter to a trust that should decide on monthly distribution of income from the assets to my daughter and grandson. Thereby, I want to ensure that the assets generate wealth without being misused by anyone. Please guide me on how I should go about setting up a trust.
—Name withheld on request