Technically speaking, a nominee is just a custodian. They are people who have the responsibility of ensuring that the legal heir of an asset such as a Fixed Deposit, gets the asset or money from it. While there may be times when the nominee is the same as the legal heir, their status as nominee means that they don’t really ‘own’ the money.
Who is a legal heir?
A legal heir, simply put, is a person defined by a will and testament as the person who should receive the benefits of the deceased’s estates.
But what happens if no will has been created?
In such cases, legal heirs may be decided based on prevailing laws of inheritance in India.
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