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Private Trust Establishment PDF Print E-mail

Trust it is where you (The Settlor) transferring your assets during lifetime to Trustee with a written legal obligation (Trust Deed) to hold and manage assets (Trust Property) for the benefit of your named persons (Beneficiaries) for a period of time. All assets that are free of encumbrances can be used as a Trust Property.

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Why Your Will is so Important? PDF Print E-mail

When you die and left behind a Will, you are died testate.

The executor named in the Will shall apply to High Court for Grant of Probate.

  • In the Will, you decide whom, how and when to give.

  • To ensure the future of your family members is protected

  • Minimize the red tape delays

  • Right to appoint entrusted Executor to manage and distribute your assets

  • Right to appoint guardian to your minor children who will look after their welfare

  • Right to appoint Trustee and creating a Testamentary Trust

  • Faster distribution of Estate

  • Administration Bond is not required (no guarantor).

 
What are the Characteristics of Your Will? PDF Print E-mail
  • Details of the Testator (Name, National Identification Card No., Correspondence Address and Contact No.) 
  • Revoke all earlier Wills made.
  • Details of in expectance of marriage to the fiancée inserted. Will shall not be revoked if mentioned in the Will.
  • Appoint minimum of one executor, trustee and guardian. (Executor can be Individual or Trust Corporation under Trust Companies Act 1949.
  • Instructions to distribute Estate
  • Directions for burial and donation of organs or donation for charity.
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Why you don’t need a Lawyer to make a Will? PDF Print E-mail
  • A Will can be made without the service of a lawyer.
  • All Wills must be in accordance with the Wills Act, 1959. As long as if complies to the Wills Act, 1959, there is no obligation to engage a lawyer.
  • Most Will Writing cases are done by Trust Corporations nowadays. Although the Wills are not prepared by lawyers, but the Wills are prepared by the Trust Corporation’s in-house legal officers. 
 
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