Right over bank deposits
Sunil kumar
(Querist) 24 July 2018
This query is : Resolved
Hello everyone. I have two queries
1. My dad has passed away. The house property was on dad's name and mom's name.. now who will b the legal heir of the property ?
2. He has FDs in the bank. He has made nominee to his sister. Now, mom n daughters being the legal heir.. can we claim the FD amount ? What is the procedure.
3. The amount in saving account will b given to whom ?
Sudhir Kumar, Advocate
(Expert) 25 July 2018
1. My dad has passed away. The house property was on dad's name and mom's name.. now who will b the legal heir of the property ?
half of the property will be devided amongs legal heirs of father (including mother)
2. He has FDs in the bank. He has made nominee to his sister. Now, mom n daughters being the legal heir.. can we claim the FD amount ?
Yes. nominee receives the money on behalf of legal heirs.
What is the procedure.
file civil suit on the nominee after she has received the money.
3. The amount in saving account will b given to whom ?
nominee if any. (better ask bank)
Dr J C Vashista
(Expert) 25 July 2018
I think you are also one the LR of the deceased, isn't it?
Did you apply/obtain LR Certificate?
Whether the deceased left intestate?
Consult a local lawyer with relevant documents/details of the case, if there is some truth in your query/case/question paper, which is prima facie an academic exercise.
R.Ramachandran
(Expert) 25 July 2018
You say Mom and daughters are the legal heirs.
Since the house is in the name of the deceased father and mother, each have 50% share in the property. Therefore, the 50% share of the father in the property (in the absence of any WILL left by him) will go in equal share to his widow (your mother) and the daughters.
As regards the FD, first the bank/financial institution will release the amount to the Nominee. Nominee is only a trustee of the amount received. The nominee cannot be the owner of the money. The Nominee has to ultimately hand over the money to the legal heirs of the deceased, which the legal heirs will share amongst themselves equally. Therefore, in order to ensure that the Nominee does not fritter away the money in any manner, it will be advisable for the legal heir(s) to approach a local lawyer, discuss the matter, and file a case for directing the Nominee to hand over the money to the legal heirs, and to restrain the Nominee from spending away the money in any manner. THIS ACTION IS TO BE TAKEN WITHOUT LOSS OF TIME, OTHERWISE THERE IS EVERY CHANCE THAT THE NOMINEE MAY MISUSE THE FUND AND IT WILL BECOME VERY DIFFICULT TO RECOVER FROM THE NOMINEE.
Similarly, if there is nomination for Savings Bank Account, the amount will be given to the Nominee. The same procedure as mentioned above for FD has to be followed. If there is no Nominee in the Savings Bank Account, and if the amount in the savings account is less than Rs. 1 lakh, then the bank will be agreeing to release the amount to the legal heirs provided the legal heirs give an INDEMNITY BOND. If the balance in the SB Account is more than Rs. 1 lakh, then the bank will not release the amount immediately, but will insist upon production of Succession Certificate.
Therefore, any one or all of the legal heirs have to apply to the Civil Court having jurisdiction, for grant of succession certificate.
This will take 3-4 months to get. On the basis of the succession certificate the legal heirs can get the money released by the bank from the Savings Bank Account.
Sunil kumar
(Querist) 25 July 2018
Thanks for the advice
