Nominee V/s Legal Heir | What is the difference?

Making a Will is almost a social taboo in our country. Often equated with anticipation of death or breaking up of a family, this is the most neglected aspect of personal finance. Nomination, while it still exists as a concept, is often not given enough importance. It is either not made, or not updated which is equally bad. We, as advisors are slated to play a phenomenal role in this aspect if we are able to convince our clients to pay as much attention to the distribution and transmission of their assets as they pay to accumulate them. For this, some very crucial concepts need to be clearly understood. This week, we have CA Toral Shah and Khushbu Chheda tackle the topic of the rights of a nominee versus those of a legal heir. This interesting read has the potential to bring tremendous value to your advisory practice and the lives of your clients.