What is the legal meaning of the word nominee?

What is the legal meaning of the word nominee?

As per law, a nominee is a trustee, not the owner of the assets. In other words, a nominee is only a caretaker of your assets. The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs. The nominee can also be one of the legal heirs.

What does given concept mean?

A concept is a thought or idea. Concept was borrowed from Late Latin conceptus, from Latin concipere “to take in, conceive, receive.” A concept is an idea conceived in the mind. The original meaning of the verb conceive was to take sperm into the womb, and by a later extension of meaning, to take an idea into the mind.

What is the role of nominee?

A Nominee is a person whom you can list in your investment or bank application as the person who can receive the proceeds of your account in case of your unexpected death. The nominee can be anyone you deem to be your first relative – your parents, spouse, kids, siblings etc.

What are the rights of a nominee?

A nominee (pursuant to a nomination by the deceased during their lifetime) acts only as a trustee on behalf of the rightful legal heirs, holding any property until the matter of succession or inheritance has been decided under law.

Which is the best definition of the word nominee?

noun a person nominated, as to run for elective office or fill a particular post. a person who is nominated to an office or as a candidate

What does a nominee mean in financial trading?

A nominee in financial trading refers to a person or company who has been entrusted with the safekeeping of investors’ securities. The nominee company should be a third party that is separate from the broker itself; all of your investments are held in its name, while you retain control.

How is a nominee chosen in a will?

2) the executor proposed by a person in a will is a nominee until officially appointed by the judge after the testator (will writer) has died, and the will is submitted for probate (administration of the estate). 3) a person chosen by convention, petition or primary election to be a candidate for public office.

What is the purpose of the nominee theory?

The nominee theory attempts to discern whether a taxpayer has engaged in a legal fiction, for federal tax purposes, by placing title to property in the hands of another while actually retaining all or some of the benefits of being the true owner.