Business News›Wealth›Legal / Will›6 situations in which you and your children lose legal right to inherit a property
6 situations in which you and your children lose legal right to inherit a property
Synopsis
As per the Hindu Succession Act, if a Hindu Male dies intestate (i.e. without having a will), then class-I legal heirs will have first right over the assets including property. However, there are six situations where an individual and his/her children lose their legal right over the assets such as bank accounts, mutual funds, property etc.
When a person dies without a will, then all his/her legal heirs (defined as 'heirs' as per succession laws) have right to the property of the deceased, depending on the applicable succession laws. For instance, if a Hindu male dies intestate (without a will), then the Hindu Succession Act, 1956 will be applicable. Under this Act, the class-I legal heirs have first right over the assets of a deceased Hindu male. These class-I legal heirs, amongst
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