Will/legal heir certificate
Rajarajan
(Querist) 19 October 2011
This query is : Resolved
Dear Experts,
I have come across various queries regarding the Will/Legal heir Certificate/Succession certificate in forum for transfer of assets to the legal heirs/nominees.
I have few rather peculiar queries as a laymann. For Example:
A husband and wife has only one child. Husband's parents are not alive.And Husband has no brothers/sisters.
Husband dies without leaving any will and all the assets are earned by himself.
Assuming the husband has left bank balances with/without nomination, Shares and Mutual Funds and deposits. But I dont talk about any Immovable Properties here.
The wife is not having any legal documents for relationship like Ration card/passport/marriage certificate.
My query is ; If there is no dispute between wife and children, Why is there a need for any proof for claiming money.
Is it not possible if the wife or child can use the ATM Card of the husband to get the money from the bank accounts ? or Use the Netbanking to transfer funds from Husband account to Wife or Child Account.
How does the bank / Mutual Fund company comes to know whether the account holder is alive or not unless informed by the family member?
Same thing for Mutual Funds - Wife or child can sell the Mutual Funds / Shares using the Net banking or Trading Login of the Husband and then transfer funds from the bank accounts .
Again my assumption here is :
1. No properties.
2. No dispute between wife and Child
3. It is a case of contingency where the wife and child depend on the income of Husband for the life and no proper documents to claim money.
Please pardon me in case of any wrong questions or silly questions?
Regards,
Rajarajan Gurunath
Mumbai.
ajay sethi
(Expert) 19 October 2011
you are smart . the wife should know the Atm password of husband .
similarly for net banking bank have imposed additional safegaurds . besides your passs word .for instance HSBC in Mumbai has intorduced a security device which lies only with the account holder .
for mutual funds even if you are able to transact through online portal the passwords keep on changing . it is possible if wife has her husband passwords she can redeem those units and have the funds deposited in bank account .
but in today world how many husband will trust their wife with the passwords when cases of divorce are increasing at an alarming rate . we recently had a query in this site wherein wife transferred 11 lakhs from husband account .
not everyone is net savy
R.Ramachandran
(Expert) 19 October 2011
Dear Mr. Rajarajan,
Removing the money from the Account of a dead person, by another person who is not a joint holder of the account, will amount to impersonation and a criminal act.
Today, there may not be any dispute between the wife and the child. That does not mean that the wife can do such an act of removing the money from the account of her deceased husband by the method suggested by you.
The normal legal procedure is for the wife and the child to apply for Succession Certificate and to get the amount / shares remaining in the account of the deceased.
I do not know what you suggest when you say that the wife is not having any proof like ration card, marriage certificate or passport. But please come clean whether she is legally wedded wife or not. Further, how long they were married? What is the age of the child? Whether the office people know that the deceased is a married person? Does the wife has the Death Certificate of the deceased husband? Has she proof of marriage like marriage album etc?
Does she fear that if she applies for succession certificate there will be some opposition from any quarter?
I am afraid, there is some thing to the matter than what has been revealed by you.
Sankaranarayanan
(Expert) 19 October 2011
wow so nice opinion given by my good friend mr ramachandran. i like his way of answer as well as given suggestion. i too kept in mind the same question.
This query teach lesson that husband and wife is only for living together ans share their body , but they have to share all legal , and day today activities without hide, those thing will help in future before law.
Rajarajan
(Querist) 19 October 2011
Thanks for your replies.
It is not a real case. I regulary read the lawyersclub india forum. Come across various subjects / discssussions. As I mentioned in the query, it is a kind of silly query due to anxiety to know the facts.
Because we have various regulatory authorities like IRDA, SEBI, RBI etc... governing Insurance, Banks and Mutual Funds etc.... So we face practical difficucties . Thats why Wanted to know what would be legal validity on this way.
Thanks.
Regards,
Rajarajan.
Sankaranarayanan
(Expert) 19 October 2011
mr rajarajan no need to self declaration regarding your query, we never ask any one personal details except their name .
have nice day
prabhakar singh
(Expert) 19 October 2011
The adventure you conceive,is not fool proof.
The moment one dies,one can not be supposed to transact,so one who takes money from a deceased a/c exposes to many criminal liabilities.
More over when one any way succeed in selling
shares,the money would again come in deceased
a/c and again the withdrawal or transfer from that a/c will be criminal offense.
If things are so easy as you think then there can not be rule of law.I do not say
that killers do not commit murder but is it not all face trial many go convicted many gets freedom under umbrella of benefit of doubt,but once some is charged of offence
you are conceiving ,there will be self created evidence which shall lead to prove the offence.Better do not adventure in such a manner.
Shonee Kapoor
(Expert) 20 October 2011
Also, later the children can file cases against the person who illegally removed money./
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
