Legal Question in Banking Law in India
there are 5 legal heirs of a deseased person, but the nomination of her bank money has been made on 1 person. can that 1 person take all the money of the deseased person or should it be shared amongst all the 5 legal heirs.
Asked on 3/14/10, 3:54 am
2 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The nominee is a trustee for all other legal heirs and is required by law to distribute the money as per share of each person.
Answered on 3/14/10, 6:27 am
Nandita Haldipur
Haldipur Associates
nominee is only a trustee of the property
Answered on 3/15/10, 7:13 am
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