In the prior is-sue, our column demystified in detail several aspects of making a ‘Will’ and the relevance of it to all individuals with assets, but especially, senior citizens. What will happen if a person dies without making a Will? What happens to his/her assets? Read on to learn more on the subject. The laws of succession can broadly be divided in two parts: (a) where a person dies leaving behind a valid and enforceable ‘Will’ (a document that is drawn by a person with clear instructions as to how his/her assets are to be distributed on his/her death) and (b) where a person dies without leaving behind a ‘Will’. Where an individual dies before making his/her Will, such a person is said to die ‘intestate’ and succession to assets of intestate persons is referred to as ‘intestate succession’.
Did you know that in India, succession and testamentary matters are governed by the personal laws of each individual? The Indian Succession Act, 1925 (‘the Act’) governs the law on succession in India for Hindus, Jains, Sikhs, Buddhists, Christians and Parsis; and for intestate disposition for Parsis and Christians. The Hindu Succession Act, 1956 codifies the law relating to ‘intestate’ or ‘unwilled succession’ among Hindus, Buddhists, Jains and Sikhs. The Muslim law of succession is a combination of four sources i.e. The Holy Quran, Sunna (practice of prophet), Ijma, (consensus of the learned men of the community over the decision over a particular subject matter), Qiya (deductions based on analogy on what is right and just in accordance with good principles).
Diese Geschichte stammt aus der September 2020-Ausgabe von Dignity Dialogue.
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Diese Geschichte stammt aus der September 2020-Ausgabe von Dignity Dialogue.
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