Human life is bound to cease. When we live, we make money, obtain residential or commercial properties and invest someplace. At the end of the journey no one would take away what they have earned throughout the course of their lifetime. And it is unavoidable that the wealth should be passed on to the next beneficiary. Here comes the crucial concern regarding whose hands the residential or commercial property goes on legally. That’s why it is really essential to decide about who you want be the next recipient of your wealth after you. There is constantly a confusion among the masses about the difference in between Candidate and legal beneficiary. Here we talk about the substantial distinction and the related implications. Now check more information for “ Candidate Vs Legal heir” from below …
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Nominee Vs Legal heir
Nominee:
A person who has been nominated by you to function as the trustee/caretaker of your properties in case of your death. However, he is not the owner of the residential or commercial property, he can simply serve as the holder of the residential or commercial property. A nominee is bound to transfer the possessions of the deceased to the supreme legal successor based on the will carried out by the deceased. A nominee might not necessarily be a legal heir or a relative. Nevertheless, a candidate holds the properties with him till a genuine claim is made by the legal beneficiaries of the deceased’s property.
Legal heir:
A legal successor is somebody who is pointed out in the will of deceased individual as the ultimate owner of the possessions and investments of the deceased. It is really important to carry out the will when you are alive to prevent any possible disputes among your beneficiaries after your demise.
Succession laws:
| Act | Relevant to |
| Indian Succession Act, 1925 | Christians, Jews, Parsis |
| Hindu Succession Act, 1956 | Hindus, Sikhs, Jains, Buddhists |
| The Muslim Personal Law (Shariat) Application Act, 1937 | Muslims |
Here are the links to the respective acts:
Indian Succession Act, 1925:
Click to access indian_succession_act _1925 pdf
Hindu Succession Act, 1956
Click to access indian_succession_act _1925 pdf
The Muslim Personal Law (Shariat) Application Act, 1937
Muslim Personal Law (shariat) Application Act1937 pdf
Lack of will:
If an individual passes away without making any will then the properties and financial investments will be shared according to the particular succession serves as pointed out in the above chart. It is extremely recommended to make a will while you are well and good. Absence of will may result in chaotic situation where the legal successors would lodge legal fights against each other and end up with sorrow.
Care ought to be taken while making a will such as:
- Mention the complete name of the candidate together with his address, age and relationships
- Instead of mentioning the relationship alone such as kids, kid, spouse and so on, mention their names along with the relationship
- If the candidate is a minor, then appoint a trustee who will act as a care taker till the nominee obtain the majority.
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