A will is a legal statement in which the person making it announces the condition and condition of their property, property and money after death. The will itself can be a useful document that makes the transfer and taking possession of property and other possessions after the death of the pronouncer more transparent, clear and easier to handle. The author of this article would like to highlight the concept of a will in light of the willist`s activities. Drafting a will is very important when looking at the overall legal implications and its meaning from a broader perspective. A will is essentially a person`s written declaration of the distribution of their property, assets and property to the beneficiaries or legal heirs according to their wishes. Beneficiaries can be family members, other relatives, friends, acquaintances, organizations, charities, etc. Anyone attempting to claim the money must prove their relationship to the deceased investor or account holder. You must present a legal certificate of inheritance or a certificate of inheritance. Trust Management: If an individual has a trust, there is generally no public probate process and the terms of the trust name the trustee(s), describe their duties, describe the fees to which they are entitled, and provide for the distribution of assets directly or in trust during the life of the founder of the trust (the “settlor”) and after the death of the settlor. Fiduciary administration is often faster than probate proceedings, but there are always taxes payable, and lawyers and accountants are usually hired by the trustee. The trustees have fiduciary duties to the beneficiaries of the trust and, although no estate has been filed, the court is available to enforce the terms of the trust. With regard to the succession of insurance income, it should be noted that corresponding changes were already made to insurance law in 2015.
The concept of “beneficiary candidate” has been introduced. Under the Act, a policyholder may designate his or her spouse, parents or children, or one of them, individually or collectively, as the designated beneficiary. Such an agent does not act as a mere administrator or trustee, but is considered the ultimate beneficiary of the proceeds payable by the insurer. This is done to the exclusion of other legal heirs. It is important for heirs to understand that the probate process is designed to ensure that all creditors are paid, that all taxes are paid, and that the myriad duties and rights of the deceased are protected and respected. This requires time and effort on the part of the trustee and/or executor. This is not an easy task, and if the deceased owned or operated a business, the task becomes more complex and places a significant burden on the trustee. Nominees are named in term deposits and other investments only because the real investor`s investments are not retained by banks and other organizations and go to a person the investor can trust. It also gives the investor peace of mind that the nominee will ensure that the assets go well to all legal heirs.
If the investor is alive, the nominee cannot break the fixed deposit. However, in the event of the depositor`s death, the nominee may withdraw the money from the investor`s account after providing proof of identity. And then weeks pass, then months, and the asset does not transfer and seems to be entangled in various legal or tax issues that delay the actual transfer. What used to be a gift from a friend or loved one becomes a matter that requires complex documentation, numerous meetings, letters or discussions, costs for lawyers and accountants, executors, trustees and even filing fees for the courts. It may seem that the executor or trustee or legal and accounting professionals get what they can from this gift of love. For many heirs, frustration and often anger increase. We hear it all the time. For example, if a man makes a will during his lifetime and names his wife and children as legal heirs, his wife and children are the rightful owners of his property after his death. It is crucial that a will be executed. It replaces inheritance law as the ultimate source of truth.
One of the legal heirs may also be the nominee. When looking at an heir versus a beneficiary, it is important to understand that there are distinct differences between the two terms. At a high level, the main difference is that an heir is a descendant or close relative equivalent to an inheritance if you don`t set up your estate plans correctly. In contrast, a beneficiary is someone you name in an official legal document as the recipient of your property after your death. If you don`t properly name the beneficiaries, it can lead to an intestate inheritance law, rather than your wishes, dictating who gets what from your estate. [Important: Traditionally, Jewish, Christian and Islamic laws each have their own customs with respect to heirs.] If a nomination has already been submitted to the Society, the normal impression is that after the member`s death, the candidate automatically becomes a member by submitting an application. However, the Supreme Court of India ruled in 1984 that “a candidate is a mere trustee with whom the company may initially negotiate after the death of a member. All legal heirs of the deceased member have a right of succession over the deceased member`s property, and an agent cannot exclude other legal heirs. The agent therefore acts only as a trustee.
In some cases, the candidate and the beneficiary of the will are the same person. At all times, the provisions of the Act shall prevail over the nomination. It is advisable to have the same person as the candidate and the beneficiary of the will to avoid future disputes. To be effective, an appointment does not have to be made in a will, but must comply with the formalities prescribed by the applicable provision. Presumed heir: Unlike an heir to the throne, a presumed heir has the right to inherit, usually from a hereditary throne or honor, but his right could be superseded or defeated. The fact that the nominee and the legal heir are identical can lead to certain complications. For example, if other legal heirs do not claim their share of the assets, the FD candidate may assume that the legal heir has waived his rights. The reasonable period within which the instrument of succession is often dealt with by the High Court on a case-by-case basis. By law, a nominee is a trustee and not the owner of the resources. He is just a guardian of your resources. The nominee will only hold your resource as trustee and will legally transfer it to the legal heirs. A legitimate beneficiary is eligible for the deceased`s funds.
A legal heir is the person mentioned in the will.