Legal Question in Wills and Trusts in India

I have come across some very confusing information on the web with regards to Nomination and inheritance rights of various kinds of investments / property. In some cases the nominee is given complete rights over the investment upon death of the investor (ex:- Shares) and in some other cases the legal heir(s) and not the nominee are the beneficiaries (ex:- Insurance). I need clarification on the same for the following type of investments. The deceased investor has left no will.

1. Shares

2. Mutual Fund Units

3. Savings Bank Account

4. Fixed Deposit in Bank/Companies

5. NSC

6. Post Office Monthly Income Scheme / Recurring Deposit

7. PPF (Public Provident Fund)

8. Insurance

9. Real Estate

It would be of great help if you could please mention whether nominee or legal heir(s) against each of the items as applicable for a resident of Karnataka, India. Looking forward to your reply.


Asked on 9/08/10, 11:51 pm

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

nominee is merely a trustee for the Legal Representatives and has no right to dispose off the valuable securities unless he obtains the succession in his favour.

Read more
Answered on 9/08/10, 11:59 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in India