I would like to create a Trust for my 3 children, along with my wife. As of now we do not have any funds but we own a property (Flat), and have a 50% share in another Flat along with my uncle which is under probate.
The Trust will be funded by proceeds of our Life Insurance policies, PF, etc amounting to Rs. 1.5 crore approximately each. The properties are valued at Rs.2.5-3 crore totally. Hence the total value of the trusts (notionally) can be Rs.5-6 crore which should be distributed more-or-less equally amongst my 3 children.
What is a water-tight way to ensure a Trust works as it is intended and how to go about its legal documentation?
1 Answer from Attorneys
You may approach Chartered Accountant, and Lawyer.