Legal Question in Wills and Trusts in India

I am reposting the question with references to the confusing online information. My previous post received a reply on this forum according to which the nominee is just a trustee. The following ruling however disproves that. Based on these references its clear that treatment of nominee is different for different kinds of instruments. I request you to kindly provide specific info for each of the items below.

References:-

http://www.taxguru.in/corporate-law/nominee-not-heir-to-get-shares-after-holders-death-hc.html

http://www.hinduonnet.com/businessline/2001/01/18/stories/041801a3.htm

Actual Question:-

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.

1 Answer from Attorneys

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