Legal heirs for the transfer of shares of the deceased

hi,

    first of all, in the demat account maintained by the deceased had nominee name. it may be wife/son / any other else. the amount in the demat account will go by that.  generally ,  ithe legal heirs for the deceased are wife , son, daughter, mother, father. 

The wife, son and daughter are the legal heirs of the deceased.  Brothers are not come under the purview of legal heirs in the presence of First Class Heirs under tghe Hindu Succession Act.

Mr. Sudalaimuthu has stated that father is also the legal heir of the deceased.  To the best of my knowledge,  he is wrong.  He will not come under the category of First class heir.  If I am wrong, I request Mr. Sudalaimuthu to enlighten me how the father is the legal heir of the deceased husband while his wife and children and mother are alive.

i agree with advocate natarajan M. wife and daughter are the two legal heirs.

in respect of demat account of shares did your brother in law make any nomination . if he  had made a nomination then nominee will get all the shares in demat account .

In that case, it is very clear that the brothers and the father of the deceased are not the legal heirs.

Thanks.

Pl. help us out in getting the heir/succession certificate.

Unfortunately not ..

if  no nomination then legal heirs will have to obtain succession certificate . where are you located?

My sister lives in Zirakpur, Punjab. Her old address registered in DEMAT a/c. is in Chandigarh.

you will have to contact a local alwyer in chandigarh to obtain succession certificate from courts

Mr. Sachdev.

You need not spend huge money in obtaining the Succession Certificate.  Succession Certificate is meant for only "Debts".  So, ask the wife, her daughter and son open a single Demat Account.  Produce the Death Certificate and Legal Heirship Certificate to the Share Trasnfer Agent with a request to transfer the shares stands in the name of the deceased to the newly opened account.  The Transfer agent may ask some Indemnity Bond etc.  Furnish the same.

If the Share Transfer Agent refused to transfer the shares, consult your local advocate and he will do the needful.

Thanks. But my sister i.e. the deceased's wife is already having a Demat account in the same bank (a seperate account), where he was having the account. Can the shares be tranferred in her account or should we open a new joint account in the name of wife, son and daughter ?

First, Open a Joint Demat accounts in the names of wife and her 2 children and then begin the transfer process.

Account in the name of wife alone is  not sufficient to transfer the shares.