[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Lee Jang Ho staff of Kamagroup Pvt. Ltd. Here I have an important INDIA REAL ESTATE news to share with you which is as undermentioned.
Efficient succession planning is very important to ensure that your hard-earned wealth reaches the right people. This is more important in the case of immovable property as the legal succession of such assets is not a simple process. For instance, people living in flats, are governed by the cooperative laws of the state which provide for the nomination of the house in case of a death. However, a nomination is not the same as bequeathing a property by will.
It may be noted that the nomination only provides for the transfer of the name in the records of the housing society but it does not make the nominee a full-fledged owner of the flat. The legal heirs are the beneficial owner of the property and the nominee cannot dispose the asset for his own benefit. The law for succession to a property, depends on whether the deceased person has executed a will or not. Hindus (including Buddhists, Jains and Sikhs) are governed by the Hindu Succession Act, 1956. The rest of the Indian population comes under the Indian Succession Act, 1925.
Read more at: https://housing.com/news/inheriting-assets-after-death-of-the-owner/
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