Minor property

Sivasankari (Querist) 25 July 2013 This query is : Resolved
Sir/ Madam
My husband passed away three weeks ago and he left no will. He was the bread winner. He has some properties in his name and a flat( in chennai) which was bought on home loan. We applied for legal heirship and the process is going on.
My querries are
1) We were NRIs. He had the NRE account in Axis bank and it was the account used to pay the EMI for the home loan. I am the registered nominee of the account. Is it possible to change the account to my name?
2) There are some lands in his name in various parts of Tamilnadu. Everybody says that we can't sell the lands as my daughter is a minor ( 2 yrs old). I want to save the flat as it will be a good asset for my daughter in future. So after getting the legal heir certificate if i sell the other lands I can settle the loan and save the home. So how can i proceed? What is the legal procedure to sell the minor property?
3) Our family has four members now. My Father in law , Mother in law , My daughter and I.Who will be the class 1 heir and who will be the class 2 heir?
4) My husband had some life insurance policies. My mother in Law is a nominee for 3 policies and My Father in law is a nominee for a policy. I am a nominee for a policy. As a heir how much share will my daughter get?

thanks in advance.

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adv. rajeev ( rajoo ) (Expert) 25 July 2013
Class I legal heris :
Wife, children and mother of the deceased.
All are got equal share in deceased's property.
Your minor daughter is also one of the sharer in the deceased properties. You cannot sell her share. If you want to sell the property you will have to take the permission from the court. If the sale is for the benefit of the minor then only court will give the permission.

R.K Nanda (Expert) 25 July 2013
nothing to add.

Sri Vijayan.A (Expert) 25 July 2013
1. You can change the account balance to your name, as already you are nominee.

2.Yourself, your MIL and daughter are the owners of the properties left by your husband. To sell the property you have to apply to Court stating the reasons behind the sale of the property, the legal necessity, its inescapability.
On hearing your case, the Court will order and allow you to sell the property and impose some conditions.

3. already answered.

4. as your husband already declared the nominees, nominees only shall get the amount from insurance.

ALSO CHECK, WHETHER THE HOUSING LOAN WAS CONNECTED WITH ANY INSURANCE, IN SUCH CASE, YOU MAY NOT NEED TO CLOSE THE LOAN, THE INSURANCE CO. SHALL PAY THE OUTSTANDING LOAN BALANCE.