04 Sep 2026
Legal heir vs nominee explained: Why estate planning is crucial before writing your will
29 Mar 2026
29 Mar 2026
This is a link-enhanced version of an article that first appeared in Live Mint
Article Overview:
The article explains that nominees only act as custodians who receive assets for transfer, while legal heirs retain ultimate inheritance rights under succession law or a will, making clear estate planning essential to avoid disputes. Tanmay Patnaik, noted that although certain “beneficial nominees” under the Insurance Act, 1938 may have entitlement to policy proceeds, succession law principles still largely govern ownership, and individuals should align nominations with their will to ensure intended beneficiaries receive assets smoothly.
Our Partner, Tanmay Patnaik, Private Client, shared his perspective. Here’s what he had to say:
“Under the Insurance Act, 1938, certain “beneficial nominees” (such as the spouse, children, or parents of the policyholder) may be treated as having beneficial entitlement to policy proceeds. He, however, added that the Supreme Court has not fully settled whether such provisions override succession law. “For insurance policy proceeds, it is recommended to nominate those individuals who are intended to be the ultimate beneficiaries, and to draft the bequest of the life insurance proceeds under the Will accordingly,”
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