I am raising this query for a possibility of split of property sale among the co-owners (including a mentally unsound person).
Can the legal-guardian create a FD which is non-encashable till the death of the person (mentally unsound)? This is to prevent any misuse of the FD either by legal-guardian or the person himself, such a provision would be helpful.
Also can a bank account have multiple nominees with clear indication of their % shares? This would be helpful for each nominee to independently receive respective share. As per my knowledge, now all the legal heirs need to jointly receive and any co-operation issue would put the funds in waiting!
Regards,
Harsha Vardhana R
