Estate planning is essential to protect your assets and secure your family’s future. Understanding the differences between wills and trusts can help you choose the best option for your needs. What is a Will? A will is a legally binding document that outlines how an individual’s assets should be distributed after their passing. It allows you to: What is a Trust? A trust is a legal entity that holds and manages assets on behalf of beneficiaries. It provides: Meghna Mishra, senior partner at Karanjawala Co., says a will distributes assets per the testator’s wishes but may require probate in some Indian states. A private trust ensures seamless succession, asset protection, privacy, and avoids probate, making it ideal for substantial assets or special needs. A hybrid approach using both offers flexibility and comprehensive coverage. Other Key Estate Planning Tools Shaishavi Kadakia, Partner at Cyril Amarchand Mangaldas, explains that a private trust is ideal for asset protection, business ownership, and dependents but may incur costs. For small estates, a will is more practical. A will is also necessary for untrusted assets and appointing a guardian for minors. Legal advice is recommended for estate planning. Choosing between a will and a trust depends on your estate’s needs. Consulting an estate planning expert can help you make the best decision. Divay Rastogi, counsel at DMD Advocates, adds that a private trust protects assets, ensures succession planning, and reduces disputes. Unlike a will, a trust allows beneficiaries to enjoy assets and income during the settlor’s lifetime.Original Article