Section 2 of ISA : Section 2: Definitions
ISA
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Explanation using Example
Imagine a situation where Mr. Raj Gupta, a resident of India, passes away. He had written a legal document specifying how he wanted his property and assets to be distributed after his death. This document is known as his will. In his will, he appointed his friend, Mr. Anil Kumar, as the executor to ensure that his wishes are carried out.
After Mr. Gupta's death, Mr. Kumar must apply to the court to validate the will and confirm his appointment as executor. This process is known as obtaining probate. During this process, the court will provide a certified copy of the will under its seal, confirming Mr. Kumar's authority to administer Mr. Gupta's estate.
However, suppose Mr. Gupta had not appointed an executor in his will, or the appointed executor was unable or unwilling to act. In that case, the court would appoint an administrator to manage Mr. Gupta's estate.
Let's say Mr. Gupta had made his original will but later decided to make some changes. Instead of writing a new will, he could create a codicil, which might add new beneficiaries or change how his assets are distributed. This codicil would be considered part of his original will.
If Mr. Gupta had a son who was 17 years old at the time of his death, the son would be considered a minor and would not be able to inherit until he reached the age of majority as defined by the Indian Majority Act, 1875.