Sep 17, 2022
After the death of a person, it is important for his or her family to distribute their assets in a legally compliant way. This is relatively easier if the member had a clear record of their assets and shared it within the family.
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If an asset is held jointly, then on the death of one of the holders, the other person can hold the asset after providing the necessary documents. If it is held in a single name, it is always preferable to have a nomination registered for easier transmission.
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The registered nominee(s) can access the asset of the deceased with the help of minimum documentation, such as a death certificate. Nomination can avoid a lot of hassle for the bereaved family.
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After a Will is proved to be the final one by the court through a probate, the assets of the deceased are distributed among the beneficiaries in accordance with the Will. If there is no Will, the relevant succession law will apply.
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Applicability of the succession law depends upon the religion of the deceased. Each religion has different rules for succession.
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A person can create a private trust during their lifetime to decide how their assets will be disposed of after their death.
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It may be useful to take advice from a legal adviser to create a succession plan. (Content courtesy CIEL, ET Contributors)
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