nomination favouring a minor grandchild

Querist : Anonymous (Querist) 16 January 2010 This query is : Resolved
Shouldn't nomination in favour of a grand child qua any fixed deposit operate as intended gift borne out of love and affection? Can the garnad child be held to be a trustee?

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R.R. KRISHNAA (Expert) 16 January 2010
Nomination does not operate as gift. In such case the grand child cannot be called a trustee but only a beneficiary for the proceeds that arise out.

Guest (Expert) 19 January 2010
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