Nominee or legal heir, who actually receives my assets when I die?

These are two different roles and confusing them causes real family fights. In many Indian assets (bank accounts, mutual funds, insurance, demat), a nominee is often just a trustee or custodian: the institution can hand the money to the nominee quickly, but that person may be legally bound to pass it on to your rightful legal heirs as decided by your will or by succession law. So naming your sibling as nominee does not automatically make them the final owner over, say, your spouse and children. The clean approach is to set nominees on every account (so your family can access funds without delay) and also write a will that says who truly inherits, keeping the two aligned. The rules differ by asset type and keep evolving, so confirm the current position for each account with a lawyer or advisor. This is general education, not legal advice.