When someone passes away, his or her property must somehow pass to another person or institution. A proper estate plan involves strategies to coordinate what would happen with your home, investments, businesses. life insurance. employee benefits, retirement assets and other property in the event of death or disability. Important. basic estate documents include revocable trusts, wills, financial powers of attorney, medical directives. living Wills and nominations in your financial assets including Bank Accounts, Fixed Deposits, Demat Accounts, Life Insurance Policies.

No. a beneficiary cannot be a Witness. A witness's spouse must also not be a beneficiary in the Will.

A Living Will is a declaration stating the persons wishes regarding the use of life prolonging medical treatments if he/she is not in a condition to communicate his/wishes to the family or medical practitioners. It does not dispose property nor is it operational after death like a Will. It must be noted that a living Will is not legally enforceable in India. It only provides guidance to your loved ones and near of kin by stating your wishes regarding the administration of medical treatment for crippling illnesses which lead to fear of an un-meaningful life prolonged through medication and treatment which can be painful, stressful and at times very expensive without desired outcome.

A Nominee will receive the benefits from a bank a/c, insurance policy etc on the owners death. However, the nominee does not become the rightful owner unless he is the legal heir. He receives the proceeds only in capacity as a trustee for the legal heirs. The only exception is in the case of the shares of a company where the rights of the nominee to the shares override the rights of the heirs to whom the assets have been passed on.