BackNominee only holds property till it passes on to the legal heirs
It is one’s legal right to initiate or defend a legal action. Therefore, even if the property is bequeathed by a Will, one cannot rule out the possibility of the Will being challenged
PremiumMy father passed away last year. My sister, who is settled in the US, is his nominee for certain savings accounts and fixed deposits. Now we, my mother and I, who hold legal heirship, want the funds in the accounts to be transferred to my mother’s account. Please advise how to solve this issue.
—Name withheld on request
It is assumed that you are a Hindu. With the demise of your father, who we understand to have died intestate, his property will devolve upon all his legal heirs equally. As regards your concern of your sister being the nominee of the bank account and FDs, a nominee is only a custodian, who holds the property until the same is devolved upon the ultimate legal heirs/beneficiaries.
My friend has received a Will deed from his father, who, in turn, had received the property from his father-in-law. Can my friend’s siblings challenge this Will deed after my friend’s father dies? Will a property acquired through Will deed, gift deed or partition deed be considered own property thereafter?
—Name withheld on request
It is one’s legal right to initiate or defend a legal action. Therefore, even if the property is bequeathed by a Will, one cannot rule out the possibility of the Will being challenged. Therefore, it is important that the testator’s intent is clearly mentioned in the Will and it is attested by two witnesses and, preferably registered with the concerned office of sub-registrar of assurances for credibility.
To avoid any such hassles, the property may be transferred in favour of the beneficiary during the lifetime of the owner. Further, once the property is transferred by way of a gift, the beneficiary of such gift becomes the owner of the property after executing all necessary documents that are necessary for completion of the transfer.
Aradhana Bhansali is partner, Rajani Associates.
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