Sole nominee of deceased in-laws... pls advice...

Manjulanathan (Querist) 07 March 2012 This query is : Resolved
My Wife's Mother & Father (My In-laws) made some Fixed Deposits & PPF accounts on their name with My Minor Daughter as Sole Nominee & My Wife as Guardian on Behalf of Minor.

Now they were expired and these Fixed Deposits & PPF accounts got Matured. My Minor Daughter being Sole Nominee can get all this Money. If so, what is required?

My Wife has other Married Brothers & Sisters. Will they also get share in Fixed Deposits & PPF accounts for which My Minor Daughter is a Sole Nominee...

Please Advice...

Manjulanathan

Follow Query

Report Abuse

Deepak Nair (Expert) 07 March 2012
Approach the bank for procedures regarding the withdrawal of matured amount.

Brothers and sisters of your wife too can claim their share on the above.

Nadeem Qureshi (Expert) 07 March 2012
I agree with Mr. Nair

ajay sethi (Expert) 07 March 2012
a nominee is only a trustee. bank may ask for NOC from other legal heirs.

generally banks make payment to nominee . the amount paid to nominee amounts to valid discharge of the bank .

in case any legal heir claims deposit amount the bank may direct the legal heir to obtain injunction from court restraining payment of deposit amounts

Raj Kumar Makkad (Expert) 07 March 2012
It seems you are not been provided with true answer to your question and your intention.

All 3 legal heirs of your deceased father in law are equally entitled to inherit the amount lying in the bank whose nominee is your minor daughter under guardianship of her mother. Your daughter legally cannot retain even a single penny out of the aforesaid money and the same is legally required to be disbursed among her mother, aunt and uncle equally.

adv. rajeev ( rajoo ) (Expert) 07 March 2012
Being a nominee, she / he cannot claim. Legal heirs of the deceased are entittle for equal share. Duty of the nominee is to distribute the amount amongst legal heirs of the deceased.

Sankaranarayanan (Expert) 07 March 2012
I agreed with mr makkad and sethi's advise. All are legal right of equal share. If they are not willing to claim then ask them to give NOC

Guest (Expert) 07 March 2012
Minor nominee through her guardian can only withdraw the accumulated money of the FD and PG, but the legal heirs have the right to claim separately all the accumulated money, unless they relinquish the said property in the name of the nominee.

V R SHROFF (Expert) 08 March 2012
all her heirs get their share.
u keep quite till ur Minor Daughter get adult.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries