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What every woman in India must know about her inheritance rights

https://timesofindia.indiatimes.com/india/what-every-woman-in-india-must-know-about-her-inheritance-rights/articleshow/70606122.cms?utm_medium=referral&utm_campaign=iOSapp&utm_source=WhatsApp.com

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Can Nomination supersede Will?

For a lot many of us this question will seem to have an obvious answer as considering nomination to be the solution to handing over properties and legacies. The truth speaks otherwise; a nominee is not the ultimate benefactor of the property or asset left under their care. Let us start with a basic understanding of what 'Nomination' is. Nomination is a process of designating a 'nominee' during the lifetime of the owner, the nominee in case of a sudden demise of the owner "acts as the caretaker and an 'in-between’ possessor of the property". One should note that neither the nominee becomes the sole owner of the property after the death of the caretaker nor receives any superior right of ownership, it is only for the period in between the death and necessary arrangements to be carried out by the legal heir to come in possession of the property or asset, that the nominee holds the property or asset under their care. Whereas on the other hand a Will ensures that all your hard work's earning is rightfully received by the people for whom you meant it to be for. It is an expression of one's specific instructions on how and between whom their all properties and assets are to be distributed, also containing the possibilities to impose clauses within to ensure legitimate succession.

There is a common misunderstanding among a lot of people that just leaving behind a designated nominee might act as a will or supersede succession laws, but that is nothing more than a myth. To make it easier to understand let us consider three persons, ‘A’, ‘B’ & ‘C who have recently passed away.

·         ‘A’ has neither left any designated Nominees nor left behind a Will.

·         ‘B’ has left behind a Will.

·         ‘C’ has left behind designated Nominees as well as a Will for all his assets and properties.

Now let us discuss how the properties and assets of the three deceased people be distributed among their close and loved ones-

1. In case of ‘A’- Existing laws of succession will come into play for deciding who would be the legitimate successor of ‘A’. Considering that ‘A’ is a Hindu, according to Hindu succession act the property of a Hindu male is to be divided equally among the 'Class I' heirs which consists of the wife, son, daughter and such others. In absence of any such heirs, the property is to be equally distributed among the 'Class II' heirs which consists of the brothers, sisters and such others.

2. In case of ‘B’- The functions and powers of a properly constructed Will supersedes the powers of nomination. Hence ‘B’ distributed his properties among the beneficiaries as per his own wishes. All specific instructions and clauses mentioned in the Will of ‘B’ will be carried out in presence of legal authorities, ensuring that no beneficiary is deprived of any property or assets in any possible ways.

3. In case of ‘C’- All properties of ‘C’ will be handed over to the designated nominees. Though as discussed earlier, only for the period during which the legal heirs or successors carry out necessary proceedings to legally come in possession of those assets and properties. Note that succession laws will come into consideration even if there are nominees for those properties and assets available. Yet a properly constructed Will even though there are nominations made for all properties and assets will ensure that all the specific instructions as penned down on the Will are carried out. Thus ‘C’ will have all his properties and assets handed out to the nominees for caretaking as long as it takes to fulfill the clauses and instructions of the Will to handover the properties to the actual desired beneficiary.

Though there are few exceptions where Nominations override Wills-

a) In case of shares held by the owner.

b) In case of an E.P.F (Employees’ Provident Fund) held under the owner’s name.

c) Debentures held by the owner.

d) Others.

In famous Indrani Wahi case judgment by the Supreme Court, the law had made it clear that a nominee by no ways gains any interest out of the property but only ensures that the property or assets does not stay under lockdown suffering a commercial loss until proper proceedings are carried out by the legal heirs to come in possession of such property or assets.

So what do you think will happen to your properties and assets after your demise? Would you like to watch your hard earned assets be distributed among the people you don't actually consider to be close and loved? Or would you rather rest in peace knowing that your hard work will pay off and be enjoyed by the people you so loved and considered closest to you?

The three cases discussed above makes it clear that making a Will during your lifetime is the best bet to ensure proper and desired distribution of your properties and assets after you have passed away except the few cases where nomination overpowers a Will. Make a Will now and ensure that peace of mind for yourself and your loved ones. No one can predict the time of their demise, the more you procrastinate, the riskier it becomes for your close ones.

Our team at DiL SE Will promises to be by your side, working for the best of your interests, being there to solve and where answer all your doubts and queries related to a Will. Providing you with an option between offline and online Wills. Either you can visit us at our office with your specific requirements and instructions or you can enjoy the privileges of a team of lawyers working on your will from the comfort of your home, everything according to your individual specifications. So why wait? Go leave a Will behind!

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