Legal advice
iqbal
(Querist) 24 June 2012
This query is : Resolved
My mother (widowed) has a son and daughter(myself). she has a house in her name. She is investing in mutual funds through SIP and I am the nominee for the same. My mother wishes to give the house to her son for which she will be executing a gift deed.She wishes that the amount which she is investing in mutual funds to come to me. As I am the nominee,the units of mutual fund will get transferred to my name after her demise. Is there any other legal formality which has to be done so that the units of mutual fund legally belong to me.
Adv.R.P.Chugh
(Expert) 24 June 2012
Dear Querist,
1. The gift deed executed in favour of your brother would stand complete in the lifetime of mother itself.
2. Don't settle in for a mutual fund transfer post her demise, for you may expect the worst in matters related to money. After her death your brother may try laying a claim to Mutual Funds also. Hence insist on a transaction during her lifetime only.
Nadeem Qureshi
(Expert) 24 June 2012
Dear Querist
as you inform that the house in in her name then she is the absolute owner of this house and she has right to sale, gift or transfer the same to anyone through any means no one can stop her, regarding the Mutual Fund/SIP where you are the nominee after her death you will be the owner of that money.
Feel free to call
Isaac Gabriel
(Expert) 24 June 2012
Legal heir will stake the claim with the banker after the lifetime of the depositor and start legal battle for the same.Take precaution by getting setllement beforehand.
J K Agrawal
(Expert) 24 June 2012
Either you should enter in a family settlement agreement or There should be a will with signature of both of you.
Shonee Kapoor
(Expert) 25 June 2012
You should go for the will of house as well as Mutual funds.
Nominee is just the custodian and not the owner of the properties.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
