Can legal heir claim over nominee?
As per Supreme Court judgements, a nominee is merely a custodian of the asset/money, and the actual heir to the FD is the person to whom you left it in your will. If the two persons are different then the actual heir will have to claim the money from the nominee.
Can Bank nomination be challenged?
A challenge can certainly be mounted if there are good grounds. A lot would depend if there is a will or a succession certificate. In any case a nominee can only receive the money but he/ she is not entitled to keep the amount. The legal heirs will receive the assets/ estate as per succession laws.
What is difference between nominee and legal heir?
The Nominees receive the investment proceeds and assets upon the death of the investors. However, FD nominee is only the trustee and has the rights for holding the assets on behalf of the legal heir. On the other hand, the legal heir is entitled to get the assets of the deceased as per the succession laws.
Is succession certificate valid all over India?
A succession certificate has validity throughout India. If a certificate is granted in a foreign country by an Indian representation accredited to that State, it should be stamped in accordance with the Court Fees Act 1870 to have the same effect in India as a certificate granted in India.
What if account holder dies without nominee?
However, in case of absence of a nominee the money will be given to the legal heir. “In case it is a singly operated account, then the heirs may have to present the will of the deceased stating their claim on the asset.
Is supersede nominated?
Note the will made by the deceased supersedes the nomination for most assets. A will is the ‘supreme’ document that specifies the exact intentions of the testator to the succession of properties. An individual must ensure he/she creates a will even if nominations have been made.
What happens if nominee dies in bank account?
For example, in banking, a nominee is only the legal custodian of deposits and eventually, the money must go to the legal heirs or as per the will or succession. In case the person has died intestate (without a will or succession plan), the nominee has to pass on the monies only to the legal heirs.
Can property be sold without succession certificate?
In short, yes, a court issued succession certificate gives the owner the right to sell the property. Succession certificate is mandatory to transfer immovable property by legal heirs. Without succession certificate they cannot transfer the property.