Often people consider the nominee and successor to be the same, but in the true sense, not only the meaning of both but the rights are also different. According to experts, the nominee does not own any movable or immovable property. He is only the keeper of your money. At the same time, the legal heir is the one who is officially entitled to receive the property on the death of the person.
Nominee has no ownership
Legal experts say that whether one is a nominee in an insurance company’s policy or in a bank account, being a nominee does not in itself confer ownership. If the account holder has made someone a nominee or the insured has made a nominee in the policy, then that nominee is only for the convenience of the transaction. Being a nominee does not mean that the person becomes the owner of the money or the sum insured in that bank account. If the bank account holder has not made a will or the insured does not have a will, the amount will be divided equally among all the legal heirs.
Who is the successor?
After the death of the owner of the property, the property is handed over to his relatives. Along with taking birth, there is an inheritance on the ancestral property. According to the Hindu Succession Act 1956, son, daughter, widow, mother come in Class-I heirs. Whereas the sons and daughters of father, son and daughter, brother, sister, children of brother and sister come in class-2. If the deceased is a Muslim, then the heir of the property will be decided according to the Shariat Act 1937. In the case of Christian the heir is usually decided under the Indian Succession Act 1925. Under this, husband, wife, sons and daughters are considered heirs.
If there is no successor, then the claim
According to experts, if someone has deposited his earnings in the bank and has made someone a nominee in the account. For example, made his eldest son a nominee but has not bequeathed his property. If that person dies, the nominee can withdraw money from the bank, but all the Class-1 heirs of the deceased will have an equal claim on the money. They will also have equal rights on the rest of the property. If there is none of the Class-I heirs, then there will be division among the Class-II heirs.
