Nomination is sufficient or will is a must for the various securities/bank a/c
jwalamukhi
(Querist) 20 December 2015
This query is : Resolved
I HAVE FOLLOWING SECURITES/BANK ACCOUNTS IN MY SINGLE WITH MY ONLY SON BEING A NOMINEE.
1. SHARES (DEMAT A/C IN SINGLE NAME)
2. FIXED DEPOSIT
3. SAVING A/C
4. MUTUAL FUND INVESTMENT
5. FLAT/PROPERTY IN MY SINGLE NAME.
SINCE I HAVE NOMINATED MY ONLY SON IN THE EACH OF ABOVE. WILL ALL THE ABOVE ITEMS BE TRANSFERED TO MY SON AUTOMATICALLY? SHOULD I MAKE A WILL? AS GETTING PROBATE IS A VERY COSTLY AFFAIR. IS GIVING NOMINATION SUFFICENT TO TR EACH OF THE ABOVE ITEM TO MY SON AFTER MY DEATH. WHAT IS THE LEGAL VIEW IN EACH ITEM?
Kumar Doab
(Expert) 20 December 2015
It is mandatory to probate the WILL in presidential cities only e.g. Mumbai.
You and properties are located in which city?
Is your wife and mother alive?
What is your faith; Hindu?
Are you male/female?
In case of equity shares Nominee is the owner.
In case of FD,SB a/c nominee is not owner but a mere trustee and has to distribute the proceeds to legal heirs.
Nomination in society flat is not parallel route to succession.
If WILL is your choice it shall be appropriate to register it.
You can convert the a/cs to E&S or F&S, gift the property to your son in your life time or as suitable to you.
Dr J C Vashista
(Expert) 21 December 2015
You should make a nominee and execute a Will, the beneficiary shall get it probated, if required. However, nominee is just custodian and cannot succeed the deceased.
Consult and engage a local lawyer for poroer analysis, guidance and proceeding.
Adv. Yogen Kakade
(Expert) 21 December 2015
If you fear that some other person or relative may claim your hard earned property.. then you can make a will mentioning all the details of your movable and immovable properties and the beneficiary for the same..It won't cost you anything.. you can execute the will even on a blank paper (No stamp paper required) and get signed by two or more persons to witness your signature. No need to register.. keep it in a safe custody and relax.
Rajendra K Goyal
(Expert) 21 December 2015
Agree with the expert Advocate. Arunagiri.
Kumar Doab
(Expert) 21 December 2015
You have posted that:
"AS GETTING PROBATE IS A VERY COSTLY AFFAIR."
It shall certainly be appropriate to register the WILL. The fee is reasonable.
After reading all posts consult your able counsel, inquire the charges of court of pecuniary jurisdiction that has to grant the probate, and decide the most suitable option.
A. A. JOSE
(Expert) 21 December 2015
Your best option is to make a proper Will and register the same. Why do you worry about the probate fee at this stage as you need not, in any case, bear the same but your son will be happy to bear the cost and get the properties transferred to his name as and when such a situtation arises .
jwalamukhi
(Querist) 21 December 2015
I AM 54 YEARS OLD MALE. MY ONLY LEGAL HEIR IS MY SON. MY INVESTMENTS ARE VERY LESS APPROX. RS. 100000/- IN MUTUAL FUND AND SOME SHARES AND A SMALL FIXED DEPOSIT AND SAVINGS A/C WITH VERY LESS BALANCE. PROBATING THE WILL IS COSTING NOTHING LESS THAN RS. 100000/- IN MUMBAI. IS THERE ANY OTHER WAY OUT OTHER THAN MAKING A WILL AND THEN PROBATING BY MY SON AFTER MY DEATH. AS THE COST OF PROBATING THE WILL IS ALMOST SAME ACTUAL INVESTMENTS.
Dr J C Vashista
(Expert) 21 December 2015
You have adequately been advised by experts FREE OF COST. However, if you are not satisfied contact, consult and engage a prudent Senior local lawyer.
Kumar Doab
(Expert) 21 December 2015
You have been advised for each item/investment.
Choice is yours.
K.S.Srinivas
(Expert) 26 December 2015
I go with the advice of experts.
