Nominee for financial assets
yogesh mahla
(Querist) 02 March 2012
This query is : Resolved
I want to Know after marriage who should be nominee( Wife/ parents) for the financial assets of the individual? I understand that this depends on family to family and nothing concrete can be said about this but are there any legal bindings to this issue?
Arvind Singh Chauhan
(Expert) 02 March 2012
First right is of wife, even if nominee is appointed successor will exclude it. But "will" on any body's favour may exclude all.
Guest
(Expert) 02 March 2012
What type of financial assets?
Kirti Kar Tripathi
(Expert) 02 March 2012
nominee can be any one, it is different from legal heirs.
yogesh mahla
(Querist) 02 March 2012
@PS Dhingra: Assets include physical property, EPF/PPF, equity/mutual funds investments.
@ Kirti Kar : i am not aware of the term legal heir kindly explain. In case of married man with no kid who is the legal heir?
Kirti Kar Tripathi
(Expert) 03 March 2012
mr. Dingra,
Obviously his wife, if he have no wife and children, his other legal heirs according to personal law applicable to him.
Guest
(Expert) 03 March 2012
Dear Kriti,
I have merely asked for the nature of financial assets, the querist was referring to. The reason being, if he is talking about Pension on retirement, the position becomes quite different than other financial assets.
In fact the querists sometimes put the experts to merely guess their problem without any specific problem, when they put incomplete or hypothetical queries. The querist is a manager by status, but he has preferred to put just an hypothetical academic query, as if he desires the experts to answer his question like students in the exam. NOT EVEN THAT, the querist has preferred to observe silence even after my question to him. PROBABLY HE EXPECTS THE EXPERTS TO QUOTE ALL TYPES OF FINANCIAL ASSETS ON WHICH NOMINATION CAN OR CANNOT BE MADE AFTER MARRIAGE.
prabhakar singh
(Expert) 03 March 2012
Dear yogesh mahla!
I appreciate you for your nice observation.But point is the culprit which tempts us to enter in territory quite foreign to us.
I think it is a hindu case.
If so Hindu Succession Act shall Apply where under mother widow and children male or female are heirs and in absence thereof
the father is heir to let nominee be any one is obliged to recognize as nominee in law is simply trustee and who may or may not be an heir and is under legal duty to disperse any such property to all legal heirs of the deceased.
legal heirs are persons recognized by law to inherit any deceased property who had right to make a will but did not so far a hindu deceased is concerned.
Hope you understand it now.
yogesh mahla
(Querist) 03 March 2012
Thank you Mr. P Singh. :)
Shonee Kapoor
(Expert) 05 March 2012
Prabhakar Ji is great
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Guest
(Expert) 05 March 2012
Dear Yogesh,
Thanks for your compliments and advice. But you are also not supposed to put the experts in guessing state by raising incomplete queries, which would need to seek even some basic information. You are also required to appreciate time and efforts of the experts, who are rendering free service to you. If I sought some basic information that clearly meant that I intended to solve your problem with my to-the-point reply, rather than writing some evasive reply.
About your statement that you already replied my query is quite wrong. I would like to advise you not to try to be oversmart, if you really have the desire to avail free and reliable service from experts. I know quite well that you just edited your reply addressed to Shri Kriti Kar earlier just to add reply to my query before your earlier text merely to justify yourself. Had your contention been true, I would not have pointed out about your silence before the reply of Mr. Kriti Kar.
