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Ring-fence your wealth from creditors by setting up wills and trusts

It is a versatile instrument suited for the wealthy, but it must be drafted carefully

Will, trust
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Wills and trusts are two instruments which ensure that assets are passed down to a person’s heirs according to their wishes.

Bindisha Sarang
According to media reports, the late billionaire investor Rakesh Jhunjhunwala set up separate trusts for his three children and appointed his spouse, a few close relatives, and a couple of his long-term associates as trustees. Wills and trusts are two instruments which ensure that assets are passed down to a person’s heirs according to  their wishes.
 
Key differences
A will is a document that directs the distribution of assets of the testator (the person making the will) after his death. It requires appointing an executor.
 
Maneet Pal Singh, partner, I.P. Pasricha & Co says, “A will is implemented by following a

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First Published: Aug 31 2022 | 12:21 AM IST

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