Can a will affects on bank account nominee?
robin
(Querist) 02 December 2012
This query is : Resolved
I have an query.
if a person has made NOMINEE on his bank accounts already
after that if he makes a WILL stating that all his moveable property he wants to give some other person
in that case who shall get the money ? is the bank account nominee shall get the money or the other person mentioned in the WILL receive the money?
Devajyoti Barman
(Expert) 02 December 2012
In any case the nominee is mere trustee only. Whether the owner of the property makes Will or not, his property and movable assets go to the legal heirs only.
The legal heirs on production of Probate or on execution of Indemnity Bond can claim the money
robin
(Querist) 02 December 2012
to mr. devajyoti barman
I HAVE AN ANOTHER QUSTION.
for bank accounts which is joint account in either or survivor mode in that case what happens?
can legal heir can get the money or the survivor gets the money?
SUPPOSE a JOINT ACCOUNT OF PERSON A and B(EITHER OR SURVIVOR MODE) . A dies . then shall B get the all money?
or the legal heir C gets the money?
Raj Kumar Makkad
(Expert) 02 December 2012
In the subsequently given case, the survivor shall get the entire money. Survivor word itself is very clear and there is no suspicion about it.
Advocate Bhartesh goyal
(Expert) 03 December 2012
According to Banking Regulation Act,nominee will get the money/deposites. although he will be only trusty of that money/deposites and he has to distribute the same to legal heirs or any person as per order of the court.
45ZA. Nomination for payment of depositors' money. —(1) Where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together, may nominate, in the prescribed manner, one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the banking company.
(2) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such deposit, where a nomination made in the prescribed manner purports to confer on any person the right to receive the amount of deposit from the banking company, the nominee shall, on the death of the sole depositor or, as the case may be, on the death of all the depositors, become entitled to all the rights of the sole depositor or, as the case may be, of the depositors, in relation to such deposit to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner.
(3) Where the nominee is a minor, it shall be lawful for the depositor making the nomination to appoint in the prescribed manner any person to receive the amount of deposit in the event of his death during the minority of the nominee.
(4) Payment by a banking company in accordance with the provisions of this section shall constitute a full discharge to the banking company of its liability in respect of the deposit:
Provided that nothing contained in this sub-section shall affect the right or claim which any person may have against the person to whom any payment is made under this section.
Guest
(Expert) 03 December 2012
Dear Robin,
There is a lot of difference amongst the terms and legal status of a nominee, a joint holder of account and the beneficiary of a will. Your original question was, "Can a will affects on bank account nominee?" while you put a subsequent, but quite a different question about joint account. So to get your riddle solved, it is better if you state the real problem, rather than putting a general query.
Raj Kumar Makkad
(Expert) 03 December 2012
Advocate Bhartesh has given reply of initial query which is correct and legal but he has not addressed the subsequent query which also requires his kind attention.
