🟨 It is important to note that if an individual dies without making a Will in respect of his/her Assets, the Indian Laws of inheritance would apply on such assets.
🟨 As per the Hindu Succession Act, 1956, when a Hindu, Sikh, Jain, & Buddhist individual dies without a Will, his assets are divided equally among the Class I heirs.
🟨 The Class-1 heirs in case of a male are Mother, Widow, Daughters, Sons, and Heirs of the predeceased Son / Daughter and in case of a female are Sons, Daughters, Children of predeceased Son / Daughter and the Husband.
🟨 If the deceased male or female does not have any of the above stated relatives, the assets are passed to the Class-II and thereafter the Class-III heirs, who are distant relatives.
🟨 In order to carry out the transfer procedure, the legal heirs under the Law of Succession should obtain a certificate of Heirship (Varsai Ambo / Pedhi Namu / Family Tree) from Mamlatdar office.
🟨 The legal heirs should then apply to the court to obtain a Letter of Administration which is an order of the Court certifying the legal heirs of the deceased and the assets bequeathed to the legal heirs.
🟨 The Court will issue public notice and consider any responses received, after which it will issue a Letter of Administration.
🟨 If a resident Indian is holding assets abroad, the requisite inheritance laws in the respective foreign jurisdiction have to be complied simultaneously.
🟨 It may be noted that a Nominee is not the legal owner of the asset. He/she is merely a Custodian/Trustee of the asset of the deceased. The lawful owner is the person who is the legal heir under the laws of inheritance and in case of a valid Will, the beneficiaries under the Will.
🟨 IT IS ALWAYS ADVISABLE TO MAKE A WILL IN RESPECT OF ALL ASSETS SO THAT ONE CAN TRANSFER THE WEALTH TO THE INTENDED BENEFICIARIES IN THE DESIRED MANNER.
🟨 Contact us to plan the succession of your wealth to your successors in a legitimate, convenient and efficient manner.
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Disclaimer: The above message is based on our understanding of the relevant laws. Please take appropriate professional advice.