A nomination and inheritance rights

At a glance

A nomination is an asset-specific arrangement. Do not assume that naming a nominee conclusively settles beneficial inheritance for every kind of asset.

Law and context

The Indian Succession Act provides estate and certificate procedures in its applicable scope; substantive succession may follow personal law. The effect of a nomination must also be checked against the law governing the particular bank, insurance, securities or other asset.

Practical next step

Obtain the nomination, account terms and death-claim requirements. Separate the institution’s payment process from any dispute between the people claiming entitlement.

Important qualifications

This guide does not state a universal nominee rule. Different statutory schemes and current judgments may produce different consequences.

Document checklist

• Nomination record
• Asset terms and statements
• Death certificate
• Claimants and relationship details

Sources

• The Indian Succession Act, 1925 — 370-373
• The Hindu Succession Act, 1956 — 8,15

General information. The appropriate course depends on the complete facts, documents and applicable law. Editorial process and website disclaimer.