Supreme Court: No Succession Certificate Needed for PF, Insurance Money for Nominees

• The Supreme Court has ruled that a succession certificate is not mandatory for nominees to claim PF, EPF, GPF, or life insurance money.
• This ruling provides significant relief to ordinary people, as it eliminates the need for extensive bureaucratic procedures previously required.
• Despite receiving the money, a nominee does not automatically become the owner; they act as a trustee to distribute the funds according to the deceased's will.
• If a will exists, the nominee must distribute the funds as specified in the will among the beneficiaries.
• In the absence of a will, the money is distributed among legal heirs according to inheritance laws, potentially requiring court intervention or mutual agreement.

Why It Matters: Supreme Court simplifies PF/insurance claims for nominees, removing succession certificate requirement, but clarifies nominee's role as trustee.