Comparison Of Will And Trust

Comparison Of Will And Trust
WILL TRUST
When is the actual transfer of assets? After the demise of the Testator and Grant Of Probate extracted. During the lifetime of the Settlor.
When does it become effective? Upon the demise of the Testator Upon transfer of assets to the Trustee.
Will the assets be frozen upon death? Yes. No.
Is there any application to the Court necessary? Yes, must apply for Grant Of Probate. No.
Can there be more than one? The latest Will prevails. Yes.
Can it be revoked? Anytime by the Testator before his demise. Yes, the Settlor can revoke when the trust is revocable one.
Creditor protection? Yes, if it is irrevocable and after 5 years from the date it was created.
Can conditions be stated? Yes. Yes.
Can I give to any person/organization I choose, even if unborn? Yes. Yes.
Can additional assets be included? Yes, by rewriting the Will or the new assets will be distributed under the residuary estate. Yes, by doing a supplemental deed.
Can the Trustee/Executor be removed? Yes, by rewriting the Will. Yes, by doing a supplemental deed.
Can the Protector remove and appoint the Trustee? There is no Protector. Testator can reappoint Trustee by rewriting his Will. Yes, subject to such conditions as may be stipulated.
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