WHY WILL? – Continued

Arjun: Shri Krishna, last time I asked you about creating a Trust in the Will to look after one’s dependent heirs.

Shri Krishna: Yes.  And, I said I would explain it later.

Arjun: So, tell me about it now.

Shri Krishna: In today’s world, it is difficult to find someone reliable who will take care of your dependents. Those who are reliable may not be capable.

Arjun: And, even if one is trust-worthy and capable, one may not be willing to take up the responsibility.

Shri Krishna: Or, he may not have the time to carry out the responsibility. So, there are institutions who act as Executor and Trustee companies.  They undertake the work of executing a Will.

Arjun: But, they may be charging a lot of fees!

Shri Krishna: Of course!  And one cannot be sure as to how they will handle it.  Ultimately, everything depends on the concerned employee of that company who is assigned your work.

Arjun: Then what to do?

Shri Krishna: It is really a problem.  There is no fool-proof solution. You need to trust somebody. So they think of a private Trust especially if your spouse is not capable of looking after the property.

Arjun: One may have minor children or a handicapped or mentally retarded dependent.

Shri Krishna: A private trust can be created.  If you have some very dependable trustee, well and good.  Otherwise, it is better to appoint two or three trustees including a managing trustee.  In the event of difference of opinion, his view would prevail.

Arjun: I agree.  There may be many areas of differences like where to invest money, how to use the property and so on!

Shri Krishna: Even in serious illness of the dependent, what treatment to be given or how to meet the expenditure!

Arjun: So, everything is complicated!

Shri Krishna: In short, creating a Trust is good in certain situations, but it has its limitations.  If the property is very large and involving legal complications, you may think of an executor and trustee company. It is just like creating a Trust with the corporate body as a trustee.

Arjun: Yes.  Otherwise, if an individual is a trustee, he may also either die or become ill and not capable of managing the Trust whereas the company will continue for a long time.

Shri Krishna: True!  You can also appoint alternative executors to act in the absence of first one.

Om Shanti!!

Leave a comment

9 + 8 =