Wills / Trusts Law
Nomination (Bank/Insurance)
The designation of a person to receive an asset, such as a bank deposit or insurance payout, on the account holder's death.
A nominee is generally only a trustee who receives the asset on behalf of the legal heirs — nomination doesn't override the rightful legal heirs' entitlement under a will or succession law, though in practice it does let the nominee receive the funds quickly from the bank or insurer.
Disputes sometimes arise between a nominee and other legal heirs, which ultimately have to be resolved according to the actual succession entitlement, not merely who was named as nominee.
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