Page 47 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

assigns or nominee or assignee or proving executor or

administrator or legal representative.

Will means the legal declaration of the intention of the testator

with respect to his property which he desires to be carried into

effect after his death.

Probate shall he granted only to an executor or legatee

appointed by the Will.

Universal legatee is the person to whom the entire estate is

bequeathed and residuary legatee is the one who is designated

by the testator to take the surplus or residue of the property

after distribution of other bequests.

As per the Transfer of Property Act a minor cannot be a

transferor. A minor can be a transferee but cannot reassign nor

give valid discharge.

Section 39 of the Insurance Act provides for appointment of an