Want to transfer your assets? Here are 5 tools for a smooth inheritance – Gift deed | The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/want-to-transfer-your-assets-here-are-5-tools-for-a-smooth-inheritance/slideshow/125380452.cms

Gift deed

It is a legal document that allows a person to voluntarily transfer movable or immovable assets. The transfer happens without any consideration.

Private family trust

It allows individuals to transfer assets to a legal entity managed by a trustee. The trust is created to benefit specific individuals.

Settlement deed

It’s a legal document that gets all family members to agree to the terms of distribution of assets. This ensures clarity and avoids disputes within the family.

Will

This legal document specifies how a person’s assets should be distributed among beneficiaries. It becomes effective after the individual’s demise.

Testamentary trust will

This is a private trust formed through a will. It becomes operational only after the individual’s demise.