What Happens to Property When a Couple Has No Children? Inheritance Rules in India
Many couples assume that if one spouse dies, the other automatically gets everything. When there are no children, this is often not true. Parents, siblings and in-laws can have a legal claim, and the source of the property matters a great deal. This article explains the rules for Hindu, Sikh, Jain and Buddhist couples under the Hindu Succession Act, 1956, and briefly covers other communities. Nominee vs. Legal Heir: Know the Difference A nominee is the person named in your bank account, mutual fund, FD, PF or insurance policy to receive the money after your death. For most assets, the nominee is only a custodian who collects the money on behalf of the legal heirs. Life insurance is the main exception, where a nominee who is a close relative is generally treated as the beneficiary. A legal heir is the person entitled to your property under succession law if you die without a will, or under your will if you leave one. So naming your spouse as nominee does not guarantee that the...