My father passed away recently. He had a joint will with my mother, leaving all assets to either survivor and upon her death to be passed to both children in equal share. (In this case, my brother and me). The will was duly registered with photographs of both my mother and father on it
My father had an investment account with a brokerage service, with a nomination in the name of my mother (done in 1999). However, brokerage service told my mother that the rules changed in 2002 which required that the nomination be done on a particular form with a photoraph, and my father did not do this and most likely wasn't aware of the change.
The brokerage said that since the nomination has not been done according to the format required, therefore my mother will need to obtain a letter of administration from the court.
My mother contacted a lawyer. As part of the initial process, my brother and I signed affidavits relinquishing all rights in favor of my mother. However, the lawyer has told my mother that she will need to provide the amount of the assets to the court and pay 4% stamp duty of that amount to the court, before the letter of administration can be issued.
My questions are
1. Do we need a letter of administration / probate in this situation just because the brokerage service changed their nomination format? . Does the change of nomination form make the original nomination null and void?
2. What is the typical sequential procedure for getting the letter of administration and how long does it take
3. Is there any other easier way to approach this matter to make the process simpler and not requiring a stamp duty. What is the correct stamp duty rate? This is in Delhi
4. In the event of my mother being unable to pay this fee, what will happen to assets in the brokerage account
