Death and transmission of Assets

Did u know

That it is best to get ur will registered and certified by a doctor if u are a Senior Citizen, and that u mention all utility company deposits in ur will (like BEST / Gas / Mtnl etc ) so that tranferring the account to your beneficiary’s name is not a tedious and complicated process .

That a Nominee is not a legal heir, but a Trustee or a Guardian of the said funds on behalf of the Legal Heirs.

That if u had a joint account with any bank or a joint demat account (for shares), death of the first holder did not mean that the second holder automatically gets the funds/ shares in the account.

Remember, being a joint holder only allows transfer of shares,or funds. It does not create an automatic legal right of inheritance, without due procedure, as formulated by the Company or Bank !

Therefore one must always open Anyone or Survivor accounts or Either or Survivor accounts in banks, so that the funds are not frozen by the bank on learning of the demise of the first holder.

That having appointed a nominee in a savings bank account , u have to re- nominate, for every fixed deposit, same with  multiple mutual funds and in case of  change in name or transfer of mutual fund.

Also having a online demat account allowing off mkt requests might come in handy to transfer shares as per the wishes of the owner instead of going through the correct procedure.

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4 thoughts on “Death and transmission of Assets

  1. registering of the will is not compulsory…
    and regarding nominee.. its a small 1 line formality (no legal documents)… and once it is done.. all ur nominee has to do is produce a copy of ur death certificate and lay his/her claims on the assets.

  2. i know it all but do you know that companies make their own guidelines about transmission claims ? Even Sebi and Stock Exchanges n others are silent and no official policy has been layed down, it took so many yrs and people like kirit somaya and sucheta dalal to get the nomination facility in shares.
    They can even reject a registered will if they so choose to, ask for a probate if amt involved is above say a Rs 50000, though nomination sure does help.
    Worse is the delay…

  3. You are right @prax.
    I am facing it myself in case of my mother-in laws shares for the last 2 years inspite of a will. Companies do make thier own guidelines about transmission claims.

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