Intestate succession


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Intestate succession in insurance industry

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Intestate succession

  1. 1. IntestateSuccession
  2. 2. INDEX Introduction Succession Of A: ◦ Hindu Male Dying Intestate Under The Hindu Succession Act ◦ Of a Female ◦ Of a Child Intestate Succession: ◦ Parsis ◦ Mohamedans Conclusion
  3. 3. Introduction Referring to a situation where a person dies without leaving a valid will. This usually is voiced as "he died intestate," “Intestate Estate," or “Intestate Succession." The distribution (when a person dies without leaving a valid will and the spouse and heirs) will take (receive the possessions) by the laws of descent and distribution and marital rights in the estate which may apply to a surviving spouse. Collectively these are called the laws of intestate succession`
  4. 4. Succession Of A Hindu Male Dying Intestate UnderThe Hindu Succession Act:Sections 8 to 13 of the Hindu Succession Act, 1956 laydown the general rules as to the order of successionwhen a Hindu male dies intestate. Section 8 lays downcertain rules of succession of property of a Hindu malewho dies intestate after the commencement of the Act.
  5. 5. Succession Of A Hindu Male Dying Intestate Under TheHindu Succession Act: (Continued…) (a) Firstly, upon the preferential heirs, being the relatives specified in Class I of the Schedule. (b) Secondly, if there is no preferential heir of Class I, then upon the preferential heirs being the relatives specified in class II of the Schedule (c) Thirdly, if there is no preferential heir of any of the two classes, then upon his relatives being the agnates specified in Section 12. (d) Lastly, if there is no agnate, then upon his relatives being the cognates specified in Section 13.
  6. 6. OF A FEMALE The property of the female dying intestate shall devolve firstly upon the sons and daughters ( including the children of any predeceased son or daughter ) and the husband , and failing them , upon other classes and in the order set forth in sec.15 . The act also contains rules for distribution among the members of the class entitled to succeed to the estate
  7. 7. OF A CHILD A child who was in the womb at the time of the death of an intestate and who is subsequently born alive , shall have the same right to inherit as if he or she had been born before the death of the intestate.
  8. 8. INTESTATE SUCCESSION AMONG PARSIS The rules of intestate succession among parsis are set forth in chapter III of part VI of the Indian Succession Act There is no distinction between those who were actually born in the lifetime of a person deceased and those who at the date of his death were only conceived in the womb, but who have been subsequently born alive; Where a 2[ widow or widower of any relative] of an intestate has married again in the lifetime of the intestate, 2[ such widow or widower shall not be entitled to receive any share of the property of which the intestate has died intestate, and 2[ such widow or widower] shall be deemed not to be existing at the intestate s death.
  9. 9. Mohamedans Law The Mohamedans are governed by their personal laws in the matter of inheritance. Under the Hanafi Law of inheritance, there are three classes of heirs, namely, sharers, residuaries and distant kindred.
  10. 10. Conclusion Where the claimants under a policy are persons who are entitled to succeed to the estate of the deceased policy holder according to the law applicable in his case and there is no dispute among them as regards title to the policy moneys the claim may be settled on a joint discharge signed by all of them. Indemnity Bond With Surety.