Who gets money nominee or legal heir?

As per Supreme Court judgements, a nominee is merely a custodian of the asset/money, and the actual heir to the FD is the person to whom you left it in your will. If the two persons are different then the actual heir will have to claim the money from the nominee.

Who is considered a legal heir?

An heir is a person who is legally entitled to collect an inheritance when a deceased person did not formalize a last will and testament. Generally speaking, heirs who inherit the property are children, descendants, or other close relatives of the decedent.

What is difference between nominee and successor?

Definition of Nominee He/She is the one who receives the assets or amount, on the demise of another person. The nominee is not the owner, but for the time being acts as the holder of the wealth of the deceased and passes it to the legal heir, according to the will drafted by the deceased.

Can parents be legal heirs?

The following persons are considered legal heirs and can claim a legal heir certificate under the Indian Law: Spouse of the deceased. Parents of the deceased.

Who are legal heirs Philippines?

Generally, the compulsory heirs entitled to their share of the estate are the legitimate children, the spouse, the illegitimate children, and the parents of the deceased.

Can legal heir claim insurance money from nominee?

When the insured person dies, his/her nominee receives the claim amount. However, they cannot use the claim amount unless they are a legal heir of the policyholder.

Is mother a legal heir?

A mother is a legal heir to her deceased son’s property. Therefore, if a man leaves behind his mother, wife and children, all of them have an equal right on his property.

Is brother a legal heir?

As per Section 8 of the Act, brother is a Class II heir, and he gets the share in deceased brother’s property if no one is present in Class I heir and father is not alive.