G My point is - Banks will not tell about Nominee, if the legal heirs approach. For example, for Fixed deposits there is an option, whether nominee is to be printed. Most banks fill- Nomination given.
Why a nominee is given other than legal heirs in many cases? Most think the money must go the nominee. Whatever the definition of nominee, the person depositing thinks so. Gopalakrishnan KR Sorry you are worse dull headed Read all together and get the answer. Dont go to Quora KR IRS 7623 On Wed, 7 Jun 2023 at 16:50, 'gopala krishnan' via iyer123 < [email protected]> wrote: > Sir, > > My point is - Banks will not tell about Nominee, if the legal heirs > approach. For example, for Fixed deposits there is an option, whether > nominee is to be printed. Most banks fill- Nomination given. > > Why a nominee is given other than legal heirs in many cases? Most think > the money must go the nominee. Whatever the definition of nominee, the > person depositing thinks so. > > Gopalakrishnan > > On Thursday, 8 June, 2023 at 01:12:41 am IST, Rajaram Krishnamurthy < > [email protected]> wrote: > > > Parkinsons' law I could see in few of the above discussions; to the level. > No bank will give the money to the nominee and as a CA I do not know how he > says so. A banker having a long relationship in rare cases of > genuineness where there is a single HEIR may. Even a will unless registered > may demand court access to act upon. So subject to many kinds of > interruptions, a liberal view adopted by some, may not be a true law. As > stated a nominee is liable for all the pros and the cons of the deceased; > and may deny that also by releasing proper doc also. Will is the system. > Even when there are no wills,still law has given the ranks of the legal > heirs to whom they may pass. However where the manager gave treating the > nominee as heir , then he is solely liable for the actions of omissions. > Why Gopala is not appointed but Rajatam as nominee, only the owner shall > say; maybe the owner had seen the leelais of Gopala and so nominated a 3rd > party as trustee. Always Gopala Q and A is always so interesting!!.KR > IRS 7623 > > On Wed, 7 Jun 2023 at 12:02, 'venkat giri' via iyer123 < > [email protected]> wrote: > > *Respected Sir/s,* > > *With little knowledge gained (through the internet) on this , I am > venturing into this post.* > > > - > *A WILL is a legal pronouncement in which the person who makes it, > announces the condition and state of his property, belongings, and money > after his death. The will itself can be proven to be a beneficial document > that makes the transfer and takeover of property and other possessions > following the pronouncer's death more transparent, abundantly clear. * > > A *WILL* also known as a testament, is a legal document in which a > person, known as the Testator, appoints one or more executors to > administer > <https://www.indialawoffices.com/knowledge-centre/concept-of-will> his or > her estate and prepare for the transfer of his or her property after his > death. Anybody over the age of 21 can make a will. > > However, the will can only be written for self-acquired property, not > ancestral property. Future properties that accrue to the Testator after > the execution of the WILL can also be passed on. The Testator's WILL takes > effect after his death and can only be nullified during his lifetime. > However: > the Testator cannot give his wealth to a charity and so deprive his family > of their inheritance without providing valid grounds > <https://www.indialawoffices.com/knowledge-centre/concept-of-will> for > such disinheritance that would hold up to legal scrutiny. > > *The reason why a will is a necessity is*: > > - A well-drafted WILL helps to minimize family feuds over the > testator's property, and if a feud does develop, the estate beneficiary has > a powerful document on his side. > - The law of inheritance does not take into account whether the > deceased wanted or did not want any of his family members to receive his > property and in what percentage, but the Testator can partition the > property according to his wishes through a WILL. > - It has been observed that the deceased bequeathed (left behind) > possessions that his inheritors were unaware of; nevertheless, a WILL > guarantees that all types of property are divided equitably by the Testator > during his lifetime. > - It is currently a common legal requirement for transferring real > estate, bank accounts, stocks and shares, and company interests. The legal > requirements are satisfied with a well drafted and registered WILL. > - After the Testator's death, the WILL guarantees that there will be > no fraudulent claims. > > *NOTION OF NOMINATION UNDER WILL:* > > A nominee is a trustee, not the owner of the assets, according to the law. > To put it another way, a nominee is only a steward/custodian of assets. > > The nominee will only act as a trustee for the assets and will be legally > obligated to pass them on to the rightful heirs. The nominee is then > responsible for holding the proceeds in trust until the legal successor is > able to collect the funds. The person named in the will is considered a > lawful heir. > > For example, if a man makes a will during his lifetime and names his wife > and children as legal heirs, his wife and children are the legal owners of > his assets after his death. It is critical that a will be carried out. > > Upon the death of the investor/s, the > nominees receive the investment money and assets. The FD nominee, on the > other hand, is just a trustee with the authority to handle assets on behalf > of the legal heir. The legal heir, on the other hand, is entitled to the > deceased's assets under the laws of succession. > > As per law, a nominee is a trustee and not the > proprietor of the resources. He is just a watchman of the resources. The > nominee will just hold the resources as a trustee and will lawfully and > undoubtedly move them to the legal heir. > > *LEGAL CONNOTATION ABOUT NOMINEE* > > In a legal sense, a nomination is simply a clause that allows the Nominee > to claim the property as a "custodian" in the event that the property's > owner dies. > > *CONCLUSION* > > Thus, a nomination is not a will. > > When there is a nomination already filed with the society, the normal > impression is that the Nominee upon the death of the Member automatically > becomes a member by filing an application. However, The Supreme Court of > India ruled in 1984 that “a Nominee is a mere Trustee with whom society > can initially deal with after the death of a member. All the legal heirs of > the deceased Member have a right of succession to the property of the > deceased member, and a Nominee cannot exclude the other legal heirs”.Thus, > the nominee merely acts as the TRUSTEE. > ----- > *Regards* > *V.Sridharan* > *Trichy* > On Wednesday, 7 June, 2023 at 08:53:36 pm IST, 'gopala krishnan' via > iyer123 <[email protected]> wrote: > > > Thank you Mr Sekar for your response and marking copy to respected T N C > Rangarajan. Let us wait for his response > Gopalakrishnan > > > On Wednesday, 7 June, 2023 at 07:50:38 pm IST, 'N Sekar' via iyer123 < > [email protected]> wrote: > > > As far as my knowledge goes, banks will hand over their dues to the > Nominees. Should the nominee not be a legal heir, and if the legal heirs > decide to contest that, then courts are the remedy. > > Generally, your wife and children are your legal heirs. However, I have > seen, especially when you have more than enough, you leave a deposit or two > to your siblings or to someone else. So long as the legal heirs don't > contest that, no problem. But courts have to decide if there is a fight. > > The fight will get complicated if there is NO WILL. > Hence the need for a Will. > > Also, the property, if it is inherited by the father, whether he can will > all of it to his children alone is another big issue. Self earned property > - you can do anything with it but not so if it is inherited by the father > himself. > > I have written based on what I know. Learned members can throw more light. > > I am copying Sri T N C R for his comments. > It is up to him. > > N Sekar > > > > Sent from Yahoo Mail on Android > <https://go.onelink.me/107872968?pid=InProduct&c=Global_Internal_YGrowth_AndroidEmailSig__AndroidUsers&af_wl=ym&af_sub1=Internal&af_sub2=Global_YGrowth&af_sub3=EmailSignature> > > On Wed, Jun 7, 2023 at 5:22 PM, '[email protected]' via KeralaIyers > <[email protected]> wrote: > Sir, > > While I agree with all the definitions, why a person makes a different > person as nominee, other than educated legal heirs? A big question arise in > me. Is it due to the fact that quarrel may arise between legal heirs and > nominee will settle properly? Why should a nominee take all the burdens? > > In most cases a person makes a different person as nominee other than > legal heirs, with the intention the different person should get the > benefit. > > Gopalakrishnan > > Gopalakrishnan > > On Wednesday, 7 June, 2023 at 03:56:56 pm IST, Ramachandran V.G. < > [email protected]> wrote: > > > this only helps financial institutions to settle the dues on the death of > the a/c holder to the nominee after proper identification. nominee is > only a trustee. He will have to share with legal heirs as per succession > law. > > On Wed, Jun 7, 2023 at 1:32 PM Rajaram Krishnamurthy < > [email protected]> wrote: > > One more thing to know. Many even well-educated think nomination is > enough. Nomination is not a will. KR IRS 6623 > > On Tue, 6 Jun 2023 at 23:50, SRIRAMAJAYAM <[email protected]> wrote: > > நெருப்புன்னா வாய் வெந்துடாது. > > > -- > You received this message because you are subscribed to the Google Groups > "Sanathana dharma and science" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/sanathana-dharma-and-science/CAL5XZorPmduJ3B8hxyS-%2Biatvm-eGmJS8tTUyMj%2BaFaCvs%2BGbQ%40mail.gmail.com > <https://groups.google.com/d/msgid/sanathana-dharma-and-science/CAL5XZorPmduJ3B8hxyS-%2Biatvm-eGmJS8tTUyMj%2BaFaCvs%2BGbQ%40mail.gmail.com?utm_medium=email&utm_source=footer> > . > > > > -- > V.G. 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