I am unable to continue my medical store business (running in rented premises) due to my advanced age. So I want to continue the medical store through a Trust for the benefits of both of my daughter’s sons (the only Trust for them). The trustee will be my daughter, her husband and the trustworthy manager of my medical store (who is running my medical store business for the last 9 years). The Trust will be revocable and discretionary and will be the only Trust created by me. How can I create it through my Will? My daughter and her husband both are in government jobs. What will be the format of the Will and the Trust deed in this case?
—Kalawati Sinha
I understand that you intend to create a private Trust for the benefit of your grandchildren through your Will, which would take effect after your demise. For the purpose of creating the Trust, your Will should clearly set out (i) your intention of creating the Trust, (ii) the purpose or object of creating the Trust, (iii) the beneficiaries of the Trust and (iv) the assets/Trust (that is, your business of the medical store) that will be settled in the Trust.
Also, you would need to appoint your daughter, son-in-law and your manager as the trustees of your Trust (since you intend for them to be the first trustees) and also state the manner in which vacancies would be filled. On your death, your executor will have to ensure the transmission of your business (which I understand will be transmitted as a going concern to the extent possible under applicable laws, since some licences relating to the business may not be transferable without the consent of concerned authorities), to your trustees who will then run the business in Trust for your beneficiaries.
