Who is an heir and what is inheritance?
An immediate relative, such as a son, daughter, brother, sister, aunt, or uncle, is an inheritor if they are legally entitled to claim or receive an inheritance from the dead owner’s ancestors’ assets and/or things in situations where there is no longer a valid will. If no immediate family member is claiming the inheritance, the inheritor may occasionally be a distant relative. Two-thirds of the cases that are still ongoing in Indian courts involve many instances of contested residency. If there is no longer a will, the assets should preferably be given to the closest relative who is still living.
If the nearest family member isn’t constantly present, this may be shifted to a remote-residing home. Although it’s not always a precise rule, a registered companion or surviving partner is often given preference. When it comes to marital assets, the spouse is more often than not the beneficiary of that asset.
According to a recent ruling by the Supreme Court of India (SC), proudly holding an asset or assets is a human right that cannot be taken away without a good reason. As a result, the law does recognize and provide for the benefit of transferring the assets to the jail inheritor. According to Hindu property rights, the inheritor can be a man or a woman, and there is no distinction made for the same regardless of the case, societal mores, or religion the inheritor may also consider as true. After the owner passes away, the inheritor is now responsible for paying any claims.
The surviving partner and/or children and grandchildren are each granted the assets first, followed by any biological grandchildren. If the children in question are deceased, their parents will then get the same rights. When neither the mother nor the father is still alive, extended family members such as aunts, uncles, cousins, etc., become the owners of the property. If there are no claims on the ownership of an asset, it will then belong to the state. Escheatment is the term for this situation.
In terms of how much is to go to whom and how it is divided among the several heirs, if there are more than one, the government-imposed laws come into effect, and the courtroom then makes a judgment based solely on documents on who was the very last authorized beneficiary.
Regardless of the length of the relationship, a single companion is not necessarily legally entitled to something. She or he may get their inheritance if a will is prepared, but if none is, only the jail companion may be the beneficiary. Friends, stepchildren, foster children, former partners who have divorced, mothers-in-law, fathers-in-law, and others are no longer eligible to inherit anything.
What is an inheritance?
An inheritance is required for any inherited property, including any jewels, cash, shares, or other items that are passed to the beneficiary or inheritor after the owner passes away. The actual material possessions and real estate are described as an inheritance. The Hindu Succession Act’s definition of inheritance, which is only utilized in the context of succession, is a crucial law to understand. It is provided here.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
