Will versus trust: Choosing the right tool to protect your estate

I am a textile merchant and I want to plan my estate to protect my daughter, wife, and parents after my death. What should I look out for?

- Aditya Chopra

—Name withheld on request

Estate planning ensures that your assets are protected and your family's future is secure. Here are key elements to consider for an estate plan:

Will: Will is a legally binding document delineating the distribution of assets or properties following the person's death. It allows individuals to designate specific beneficiaries, appoint executor responsible for fulfilling directives, and make arrangements for minor children or dependents.