{"id":13403,"date":"2021-03-26T15:01:37","date_gmt":"2021-03-26T15:01:37","guid":{"rendered":"https:\/\/adda.io\/blog\/?p=13403"},"modified":"2024-10-14T04:19:37","modified_gmt":"2024-10-14T04:19:37","slug":"processing-housing-society-inheritance","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2021\/03\/processing-housing-society-inheritance\/","title":{"rendered":"Processing Housing society inheritance"},"content":{"rendered":"\n
\"Housing<\/figure>\n\n\n\n

Before we proceed let us gain a clear understanding of some legal terms with regard to Housing society<\/a> inheritance:<\/p>\n\n\n\n

Inheritance<\/strong><\/a> –<\/strong> The practice of transferring property, title, debts, rights, and obligations to a descendant upon the death of an individual either by way of \u2018will\u2019 or through the prevalent laws of succession is called inheritance.  <\/p>\n\n\n\n

Will –<\/strong> Under the Indian succession Act 1925, a will is defined as a legal document or declaration indicating the will of the person. The person who makes the will is called a testator and the person for whom the will is made is called the legatee.  Legal Heir<\/strong><\/a> –<\/strong> In Housing society inheritance, an heir is a person who will succeed and inherit the estate of their ancestor who dies.  <\/p>\n\n\n\n

Ancestral & Self Acquired Property:<\/strong><\/p>\n\n\n\n

Ancestral Property \u2013 This property is inherited by the deceased through 3 generations. <\/p>\n\n\n\n

Self-Acquired Property \u2013 This property is purchased or acquired by the deceased during the course of their lifetime. <\/p>\n\n\n\n

Nominee \u2013<\/strong> A nominee is a person who is authorized to receive their assets and properties on behalf of a deceased person in Housing society inheritance. The nominee holds the transferred property or assets of the deceased till the time a legal heir of the said property is\/are chosen.
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Table of Contents<\/p>\n