» It depends on the facts of the case. Ideally, everybody should have a will however not everybody might need a family trust. As discussed above, considering the complexity of ownership and nature of assets and objectives, one should create a family trust.
» A Will is ideal when a person owns multiple business interests, and children manage those interests in their respective capacities without anyone’s intervention.
» For example:
1. If you have minor children and sizable real estate, having family trust until they become an adult makes sense.
2. Protection of the rights of mentally challenged family members can also be ensured through a family trust.