Legal Question in Wills and Trusts in India
Distribution of funds after death
However for monetary investments like FDs, mutual funds etc, nominee is assigned to receive money in case of death of holders. Rather that registering different nominees for different investments, a single person can be nominated for receiving entire funds out of various legal heirs. And allocation of entire investments can be mentioned in the will for distribution of funds among all sons and daughters. The purpose of this exercise is to avoid the complexities for dependents which may accur after death of the person.
How to ensure that the other heirs do not feel uncomfortable by this arrangement? What provisions and adjustments could be made on the NOMINEE registered singly for entire investments to check accountability? Please advise how can this be achieved?
Also in the event that such a nominee ceases to exist, can I make a 'alternative nominee' also?
5 Answers from Attorneys
Re: Distribution of funds after death
you are confusing yourself . Upto making a single nominee its ok but you can give the will to one or two such persons who are having control over all legal heirs and such person can solve such issue
Re: Distribution of funds after death
Already replied.
Re: Distribution of funds after death
Nominee is just a caretaker . the easy way is to make a will.
Re: Distribution of funds after death
Nominee can only receive the property and he is bound to distribute the same among the legal heirs.you can also make alternate nominee.
Re: Distribution of funds after death
I have already replied to this query.
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Wills Formalities and procedure for registration of Wills in India Asked 4/01/08, 11:38 am in India Probate, Trusts, Wills & Estates
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