An estate plan is the process of planning for the orderly administration and disposition of property after the owner dies. Estate planning involves making plans for the transfer of your estate after death.  Estate planning includes making a Will or setting up a private family trust.

Last Will and Testament:

A WILL is the legal declaration of the intention of the testator, with respect to the person property,which the person desires to be carried into effect after death of the person.

• WILL can be registered and un registered. Registered WILL and unregistered WILL. Both having equal implications. The unregistered WILL may be sometimes contested for its authenticity or written under duress.
• Registered WILL – it has to be registered in Sub register office where the testator resides
• Both registered and unregistered WILL should be witnessed by atleast two literate adults.
• Generally the Witnesses should be non-beneficiary (should not have conflict of interest) , when WILL is implemented .
• The WILL can be altered or cancelled or new WILL can be written any number of times by Testator. But the last written WILL prevail over previous suites.

Private Family Trust:

A private trust is constituted for the benefit of one or more individuals who are, or within a given time may be definitely ascertained. Private Trust are governed by the Indian Trusts Act.A family trust is a trust created for the direct financial benefit of your family members. A Family Trust needs a minimum of two trustees.

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