Who is the legal heir of the original shareholder?
The Legal Heir contended that by virtue of him being one of the legal heirs of the Original Shareholder and thereby being entitled to 1/4th of his estate including Shares, he effectively, held more than 10% of the shareholding in the Company. The NCLT appreciated the contention of the Legal Heir and held that the Petition was maintainable.
Who are the heirs to a life insurance policy?
The life insurance proceeds will pass directly to the decedent’s living heirs-at-law, individuals so closely related to him that they would be legally entitled to inherit from him if he had not left a will. This can depend on state law and the insurance company’s payment policies, but the bottom line is the same.
Who is the legal heir of a deceased person?
The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs. For most investments, a legal heir is entitled to the deceased’s assets. For instance, Section 39 of the Insurance Act says the appointed nominee will be paid, though he may not be the legal heir.
Who is considered a legal heir in India?
A legal heir means any person, male or female, who is entitled to succeed to the property of a deceased person under a will or as per the succession laws. According to the Indian law, the nominee will receive and hold the property of the deceased until the nominee is legally bound to transfer or distribute it to the legal heirs of the deceased.
Who are the heirs of a life insurance policy?
The insurance proceeds bypass the estate and go directly to the deceased’s “heirs-at-law.” Heirs-at-law are people who are closely related and in most cases would be considered legal heirs even if someone left no will at all. Keep in mind that state laws and insurance company policies can vary here, so the process can too.
Who is the legal heir to an asset?
In simple words, a nominee is somebody who will receive the asset upon the death of the owner/holder. A legal heir means any person, male or female, who is entitled to succeed to the property of a deceased person under a will or as per the succession laws.
Who is an heir in a will and testament?
Who is an heir? An heir is a relative who is legally entitled to an inheritance from a deceased relative’s estate when the decedent did not have a legal last will and testament.
A legal heir means any person, male or female, who is entitled to succeed to the property of a deceased person under a will or as per the succession laws. According to the Indian law, the nominee will receive and hold the property of the deceased until the nominee is legally bound to transfer or distribute it to the legal heirs of the deceased.