1. Insurance:-
As per a Supreme Court ruling, insurer must hand over proceeds to nominee, for giving it to legal heir specifically mentioned in Will, or as per succession laws in its absence, with no benefit accruing to nominee.
2. Property in CHS:-
As per a Bombay High Court ruling, upon death of original owner, CHS has to transfer his shares to nominee, who must, in turn, transfer them to legal heir clearly mentioned in Will, or share them equally among the wife and children in its absence, with no benefit to nominee.
3. Bank accounts, mutual funds & other investments:-
As per a Calcutta High Court ruling, nominees are not beneficiaries of proceeds and have to pass them on to the legal heir mentioned in Will, or as per succession laws in its absence.
4. Employees’ Provident Fund:-Here, it is the nominee, not the person stated in the Will, who inherits the entire amount; in fact, you can't nominate any person other than family member(s) to your EPF account, unless you don't have a family at all.
5. Company Shares:-
As per Section 109A of Companies Act, nominee legally inherits shares after death of original shareholder, even if the latter has named someone else in the Will, and a Bombay High Court judgment has upheld that no one else has any right over them under provisions of Companies Act.
6. Hence, it is advisable to clear any legal confusion before filling up nominations and writing Wills, while keeping them congruent as much as possible.
As per a Supreme Court ruling, insurer must hand over proceeds to nominee, for giving it to legal heir specifically mentioned in Will, or as per succession laws in its absence, with no benefit accruing to nominee.
2. Property in CHS:-
As per a Bombay High Court ruling, upon death of original owner, CHS has to transfer his shares to nominee, who must, in turn, transfer them to legal heir clearly mentioned in Will, or share them equally among the wife and children in its absence, with no benefit to nominee.
3. Bank accounts, mutual funds & other investments:-
As per a Calcutta High Court ruling, nominees are not beneficiaries of proceeds and have to pass them on to the legal heir mentioned in Will, or as per succession laws in its absence.
4. Employees’ Provident Fund:-Here, it is the nominee, not the person stated in the Will, who inherits the entire amount; in fact, you can't nominate any person other than family member(s) to your EPF account, unless you don't have a family at all.
5. Company Shares:-
As per Section 109A of Companies Act, nominee legally inherits shares after death of original shareholder, even if the latter has named someone else in the Will, and a Bombay High Court judgment has upheld that no one else has any right over them under provisions of Companies Act.
6. Hence, it is advisable to clear any legal confusion before filling up nominations and writing Wills, while keeping them congruent as much as possible.