In the world of real estate, the concept of heir and inheritance plays a significant role in determining the fate of properties and assets. When a property owner passes away, their assets, including real estate, are typically transferred to their heirs. In this blog, we will delve into the definitions of heirs and inheritance in the context of real estate, exploring the legal and practical aspects involved.
Who is an Heir
An heir is an individual who inherits the assets, including real estate, of a deceased person. Heirs are determined based on the deceased person's will, if one exists, or by the laws of intestacy if there is no will. It's important to note that not all relatives automatically become heirs; the specific rules governing inheritance vary by jurisdiction. Common heirs include spouses, children, grandchildren, and other close relatives.
Inheritance in Real Estate
Inheritance, also called succession, the devolution of property on an heir or heirs upon the death of the owner. The term inheritance also designates the property itself. Inheritance in respect of real estate refers to the transfer of ownership and control of real property from a deceased property owner (the decedent) to their heirs.
Law of Inheritance or Succession Law
There are two situations to consider for inheritance:
The properties that fall under the Laws of inheritance are:
Remember that inheritance laws in India are based on the rules of the faith followed by the holder of the property. Anybody who is entitled to receive shares of property, either through a Will or by succession acts, is a legal heir.
Hindu Inheritance Laws:
The Hindu Succession Act covers inheritance only among the Sikhs, Jains, Buddhists and Arya Samaj. The beneficiaries under Hindu inheritance laws are classified into various classes based on the relationship with the holder – Class I, Class II, Agnates and Cognates.
The Class I heirs get equal shares on the demise of a Hindu male. In the absence of Class I heir, it gets passed onto Class II heirs. In the absence of any Class I and II heirs, the Agnates and Cognates get equal shares of the property. If the deceased holder dying intestate has no heirs, the property is declared Escheat and the Government establishes rights on it.
The property is equally divided among her husband and children on the death of a Hindu female. In the absence of a spouse and children, the husband’s heirs get preference. After husband’s heirs, her parents would be given preference. In the absence of these mentioned beneficiaries, the property may be divided first among her father’s heirs and then her mother’s heirs.
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