5. Savings Account and Fixed Deposits

       Nowadays when you open a new account in the bank you need to fill the nominees’ name for your account. The best benefit out of this nomination is that even after the death of the account holder the money in his account and the lockers including his contents will be released to the nominee by the bank overriding the succession laws. If you have only one account you can have only one nominee but in case of different accounts you can nominate different individuals.

6. Co-operative Housing Societies And Properties

         In this case even if you nominate a person for your property the nominee will not get the ownership directly after you. The housing society has to transfer all the shares in the name of nominee, after which the nominee becomes the in charge of distributing or transferring among the legal heirs.

7. Other Investments

         ULIP is one kind of life insurance plan it gives two benefits to the investor in the form of insurance and investment under a unique plan. The annuity returns depends on the annuity chosen by you. Annuity is nothing but a contract between the insurance company and you where you pay a lump sum amount to the company you will get disbursements regularly after some point of time.The annuity will be provided to you until you are alive and the nominee gets the initial premium paid by the policy holder initially.

It is good to have a better investing knowledge but along with that always make sure that you are well versed with the legal aspects of nominations to have a better financial life ahead and after you even your family will be free from all the legal issues.

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