Ring-fence your wealth from creditors by setting up wills and trusts

It is a versatile instrument suited for the wealthy, but it must be drafted carefully

According to media reports, the late billionaire investor Rakesh Jhunjhunwala set up separate trusts for his three children and appointed his spouse, a few close relatives, and a couple of his long-term associates as trustees. Wills and trusts are two instruments which ensure that assets are passed down to a person’s heirs according to  their wishes.
 

Key differences

A will is a document that directs the distribution of assets of the testator (the person making the will) after his death. It requires appointing an executor.
 

Maneet Pal Singh, partner, I.P. Pasricha & Co says, “A will is implemented by following a