MANISH TERVANKAR Tax Compliance, Admin
1 year ago
What is the legal status of the nominee under the law?
A Nominee is the custodian of the assets belonging to the deceased. Wherever a nominee is appointed, assets of the deceased go in the hands of the nominee. A nominee may or may not be the beneficiary and this can be determined by what is mentioned in the Will. Any creditor or custodian who handovers / transfers the assets to the Nominee is legally discharged of the obligations. Lack of this information can often lead to legal disputes which can be avoided by executing a Will.