Read more about Ensure smooth transfer of assets on Business Standard. To ensure that the nominee becomes the account’s beneficial owner in the absence of a Will would require laws to be changed
Did you know that you can’t have more than one nominee for a bank account? Did you know that on the account holder’s death, even this nominee can only hold the money in trust for the legal heirs, as determined by the Will, and if there is no Will, then by the personal succession laws governing the deceased? Did you know that if the nominee in a life insurance policy is a parent, spouse or child, and there is no Will, then she/he can inherit the amount beneficially without being accountable to the other legal heirs determined under personal succession law? Don’t… Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world.
