When another person implements the instructions given in the Will of a deceased, it is called executing the Will. The person who executes the Will is called an executor. Executors take care that the estate is distributed in accordance with the Will. There can be multiple executors. You can choose one person or more than one person to act as executors of your Will. Remember to take their consent. Choosing an executor should be a careful process. If you don't appoint an executor, or the executors refuse to act as executors after your death, the competent court can appoint some of your legal heirs as the executor[s].
If you die without leaving a Will, your property would pass on through Intestate succession. Laws governing intestate succession in India are not uniform. You are governed by the personal law of your religion. Different laws of intestate succession govern different religions in India. For instance, Hindu Succession Act, governs the intestate succession for Hindus. Indian Succession Act, , governs the intestate succession for Christians.
Hence, if you are a Hindu, then the Hindu Succession Act, will apply; if you are a Christian, then the Indian Succession Act, will apply, etc. While different laws apply to different religions, the core provisions are uniform across all laws. Certain persons will become the new owners of your estate. These persons are known as your legal heirs. Each legal heir will inherit a specific share of your estate. The applicable Law of Intestate Succession will hence specify both your legal heirs and the shares of your estate each legal heir is entitled to inherit.
For instance, consider a married Hindu male. If you are a Hindu married male, ordinarily, your wife, sons, daughters, and mother are your legal heirs. They will each take an equal share of your estate. If you pass away leaving behind,a son, daughter and a wife, each of them will be entitled to an equal share.
If your daughter is already deceased and is survived by her daughter, then your grand-daughter would also have a right in the property through her deceased mother.
The Indian Succession Act, , which governs the testamentary succession of the estate of a Hindu. The Hindu Succession Act, , which governs the intestate succession of the estate of a Hindu.
The succession of Hindu Joint Family Property, in almost the whole of India except some eastern regions, continues to be governed by ancient religious rules. Successor refers to the person who follows or replaces another. It denotes a person appointed or elected to a position or office, after the term of someone else. The term, successor , is usually used in the context of a corporation. To refer to the person who has the right by descent to the estate of the deceased, it's more appropriate to use the word, heir.
Inheritance succession is the distribution of property after the death of a person. An inheritance is same as the succession to rights and property of the deceased. People usually want their estate to be distributed in a specific manner upon their death. Succession and inheritance Succession and inheritance are linked to a sad event and often far from our thoughts; death is, however, inevitable and therefore we would all benefit from a knowledge of the principles of succession.
Google Analytic, Youtube e Google Maps. Facebook Pixel. Twitter Pixel. LinkedIn Insight. Succession noun The right to enter upon the possession of the property of an ancestor, or one near of kin, or one preceding in an established order. Succession noun The person succeeding to rank or office; a successor or heir. Inheritance Inheritance is the practice of passing on private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual.
Succession noun ecology the gradual and orderly process of change in an ecosystem brought about by the progressive replacement of one community by another until a stable climax is established. Succession noun acquisition of property by descent or by will.
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