Will and bank accounts ...

Querist : Anonymous (Querist) 25 December 2011 This query is : Resolved
I and my mother have Joint Account Fixed Deposits as Joint Holders as "Either or Survivor".
1.Will the other legal heirs of my mother(my siblings) also have rights on the said Fixed Deposits after my mom expires.
2.If my mom nominates me on the said account - Will the other legal heirs still have rights to these Fixed Deposits.
3.Whats the best way to safe guard my self from my siblings to any right over the said Fixed Deposits.
4.Can a will by my mother can be an option to the same.

Thanks.

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Nadeem Qureshi (Expert) 25 December 2011
1. Either or survivor it is only terms & conditional types of bank for bank account to maintain the account & give the right both the parties that whenever the holder is alive then holder is owner of A/c after that the survivor.
2. all legal heir of your mother will have rights in your mother's FD(Property)
3. Will is the best safeguard
4. yes. it can be
feel free to call

Devajyoti Barman (Expert) 26 December 2011
1&2. Yes but on your mother's share only.
3.Gift or Will.
4.Yes

ajay sethi (Expert) 26 December 2011
the best way to safeguard your interests against your siblings is to request your mother to execute a will in your favour wherein t is provided that on her demise amount lying in fixed deposits shall be bequeathed to you .

Shailesh Kumar Shah (Expert) 26 December 2011
If your mother wish to transfer all money to you, ask her to gift or will to him. This is only option to get whole share, in other case, other legal heir have also right.

prabhakar singh (Expert) 26 December 2011
WILL IS THE ONLY MEDICINE AS CURE OF YOUR ALL DISEASE OF GIVEN CASE.

Guest (Expert) 26 December 2011
Agree with experts.

malipeddi jaggarao (Expert) 27 December 2011
Either or Survivor in a joint account is arrangement for operational convenience. Nomination is entitlement to take the money by a particular nominee without any hassles. These two do not exclude the rights of legal heirs to claim their share. As experts opined your mother can gift the amount or make a Will to exclude the others with her free consent.

Madan Gopal Dasaur (Expert) 27 December 2011
I agree with opinion given by experts

Querist : Anonymous (Querist) 28 December 2011
1.If she makes a Gift , should it be before the Bank Manager as they will have to change the nature of the Deposits from Joint to Single Depositor in the Bank as they will not change it before the end of the term of the deposit.

2. In the joint account how will one determine the share of each joint holder or will it be 50 % each .

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