Sole owner or not
Kalyan Ghosh
(Querist) 10 August 2013
This query is : Resolved
One of my friend's old father has 2 sons.Regarding the immovable properties like house/lands etc he has made a registered will.But for monetary assets(after distribution to his heirs) like Bank Fixed Deposits etc he has made only nominee to one son giving him some extra benefit without making a joint a/c.
Recently I have told him that merely making nominee will not facilitate the nominee to be the sole owner of the liquid assets like FDS/ Insurance Policies etc AFTER HIS DEATH
(1) In fact while A NOMINATION ONLY INDICATES THE HAND AUTHORISED TO RECEIVE THE AMOUNT ENSURING A SMOOTH TRANSFER IT DOES NOT MAKE THE NOMINEE THE sole owner of the assets.THE OTHER LEGAL HEIRS CAN STAKE A CLAIM TO THEM
(2)The best way is to make a joint a/c on either or survivor OR former or survivor mode .
ALTERNATIVELY CAN HE MAKE AN ADDENDUM WILL REGARDING THESE ON A PLAIN PAPER WITHOUT REGISTRATION OR MAKE A FRESH WILL MENTIONING EVERYTHING AND AGAIN REGISTERING.
PLEASE HELP REGARDING POINTS (1)AND (2)
ajay sethi
(Expert) 10 August 2013
he can make a fesh will bequeathing his fixed depsoits etc in fvaour of his son .
you are right nominee is only a trsutee for all legal heris .
he can place fixed deposits in joint names if he so desires
Rajendra K Goyal
(Expert) 10 August 2013
Agree that nominee is only trustee of other legal heirs. Accounts styled either or Survivor / Formar or survivor is better option.
Fresh will is also an option, Bank may ask for probate of will.
Better is E or S / F or S account.
R.K Nanda
(Expert) 10 August 2013
nothing to add.
Raj Kumar Makkad
(Expert) 11 August 2013
A Nominee has to distribute all benefits received by way of nomination among the legal heirs of the deceased as per succession.
