I am the only son and I have one married younger sister.As my parents wanted to transfer all of there cash assets (SB Account,Term Deposits and PPF account) to me and not to sister they included my name as Joint holder in all bank accounts and Fixed deposits with operation mode as ANYONE OR SURVIVOR 5 years back.So that if anything happens to them I can get that money.Also my mother made me sole nominee in her PPF account.Now my mother has lost her memory and my father started transferring all of their money to my account as he wants that before he dies all money is transferred to me and I become the sole owner.My father has written a hand written note mentioning all these gift transaction details to me as a proof of Gifting their money. My sister is not aware of this.Can my sister claim a share after my parents are dead on these gift by my father? Although my father's handwritten note is not having mother's sign(as she is no more able to sign) but while inclusion of my name to all account and nomination in her PPF account she agreed and have signed the application forms which is a proof of willingness to Gift me.My father is not leaving a will as he is not owning any immovable property and all the bank accounts are already having my name as holder.
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Dear Client,
Movable properties can be gifted by mere delivery, Better ask your father to execute WILL also, mentioning already gifted articles and rest properties of his in your name after this death.
Being nominee and joint account holder, dose not give ownership. After their death, sister can claim inheritance right.
Will can be execute for movable properties too.
If mother cannot sign or execute WILL, after her death, sister will have equal share with you and father.
Hii
Greetings of the day.
1. Not only no one can claim on gift asset, even the who gives cannot cannot claim back the gift as per the law.
2. More of in your case your father is making legal gift deed which is more than to execute in the eye of law.
1. for the bank accounts with operation mode 'Anyone or Survivor', upon demise of your parent, the money will come to you exclusively
2. for the nomination made by your mom for the PPF Account, after her demise, you will get the money only as a trustee and you will be liable to share that money in equal proportion with your sister. A nominee does not automatically become entitled to the monies of the deceased account holder but holds that money in trust for the legal heirs of the deceased account holder
3. if the bank accounts were made joint account with you at a time when your mother had lost her memory, then it cannot be said that she willingly agreed for making the account as joint with you. When she was in loss of memory, she becomes incapable of contracting and any signature given by her at a time when her memory was not sound then it is not binding on your sister and your sister would get a share in the moneys lying in the bank accounts. However your sister has to first prove that your mom's signature was taken at a time when she had lost her memory
4. cash gifts made by parents during their lifetime are solely the prerogative of the parents and they can gift the cash to any person of their choice. Cash gifts made to you in their lifetime becomes your sole property and your sister cannot claim in the same after your parents demise
Cash gifts made by father cannot be claimed by your sister on father demise
2) however PPF amount can be claimed by her as nominee is only trustee for legal heirs
1) The Will must be executed by the testator, i.e., the person making the Will (or by some other person in the testator’s presence and under his directions; if it is not possible for the testator to affix his signature, he/she may also put his thumb impression)
2) The Married daughter have equal right in the parental property after the advent of amendment in Hindu Succession Act 1956
3)A person who is owner of a SELF-ACQUIRED PROPERTY (means property obtained / purchased out of his own earnings) has a right to dispose it of in the way he likes. He is free in that regard, and not bound by anybody's else's desires / obstructions. He can sell it, gift it, donate it or dispose it off in any legal way he wants, to any body. He may choose NOT to give it to his children / or to any one of them. Law permits him to do so.
4) right on father's self-acquired property as his daughter will come into effect only on his demise / death. Not during his life. So while he is alive, your sister cannot restrict your father from giving it to your brother.
First case in accounts where you are nominee your sister shall claim share as the nominee is only the trustee of the legal heirs in that case the sister has share.
Further in case where the amounts are transferred as gift there your sister cannot claim a single penny. So in case of EPF where nominations are there she can ask for the share. All so in accounts where you are co-holder on basis of either or survivor there also she cannot claim anything.
Making nominee are joint holder in and movable property are account is more than enough as the condition is operation by anyone or survivor is more than enough to withdraw the amount by any account holder even if the other account holder is expired
Hello a gift that has been executed by the donor in the lifetime of the donee and the donor and is accepted by the donee solely belongs to the donee. You have exclusive rights to the property a cash etc and nobody can claim a share.
Regards
Firslty, Sir, as your name is already been added by your mother in her PPF account as a nominee which means that you are only legal person having right over the same.
Secondly, and as per your father is concerned, please ask him to make a registered gift deed including everything in it, otherwise you’d sister may ask for her share if your father leaves no Will as per law of Succession.
Thirdly, having name as joint holder doesn’t give you any legal right over the property, your name should be there as nominee.
Fourthly, your sister can’t claim if gift deed is executed as all income are self acquired income, but not the anscestral one.
This is my response to you:
1. Your sister cannot legally claim any movables from you or her father;
2. Her father can dispose of the properties as per his wish;
3. Once it is gifted to you become the sole owner;
4. Also, the properties that have not been gifted you will have an equal share;
5. After your parent's demise, you can obtain a legal heir certificate and stake claim on other movables which were not gifted to you.
Firstly, please still ask your father to make a Will and get it registered. A Will takes care of movable and immovable property. Therefore, please draft a Will stating that all the movable properties like cash assets (SB account, PPF, term deposits etc.) shall go to you. Even though your sister may not be able to make a claim in the current scenario, however, this step will ensure that your sister cannot.
Secondly, with regard to your mother's property, as long as she does not have a Will in place stating otherwise, the money will go to you being the sole nominee.
If all these transfers were made properly and valid in law then your sister's claim at a later stage may not be maintainable.
You may secure the documentary evidences to this effect now itself.
Thanks for the reply experts.As both my parents were in job so they both earned these money and used to keep it jointly.There is no division as whose money is how much in these bank accounts and FDs. Although I am a Joint holder under ANYONE OR SURVIVOR mode for all FDs and bank accounts I still have a doubt.The handwritten note is only by my father for all the Gifts made to me now as mother is unable to sign anymore so can't get her sign.Will the absence of mothers signature be a problem in the Gift note or having document proofs of banks passbooks,FD Certificates where everywhere my name is printed will be enough to prove my mother's willingness to gift me? As while opening a FD or inclusion of Third holder in bank accounts all account holders are required to sign.Now to include my name mother must have signed and that is why my name is included.Is it enough as a proof?
Since you are the joint holder of the account there shall be no issue further in case your mother cannot sign she can make an affidavit of making her thumb impression attached to that she can write a not as will and can give attested by two witness and similarly to protect from inconvenience father and mother can prepare a joint will for all the movable property in your name.
As the third holder you are not nominee but the owner of the amount equally so in that case question of gift doesnot arise. Further for any amount a will can be made and mother can put thumb impression along with an affidavit of putting thumb impression instead of sign.
Your mother has not signed any documents for gift in your favour
Hence it can create legal complications for you
Being nominee, survivor or anything dose not make you owner after their death and sister will have equal inheritance right.
So whatever acquired by father, that should/could be gifted you, and mother can execute the WILL, all she need to under stand the content of WILL by reading her out and third person can sign on her behalf (it shall be signed by some other person in her presence and by her direction.) attested by 2 witness.
The proofs what you have should suffice the legal requirement to defend your interests in the court of law.
However if you apprehend any other type of legal danger in future, you may better drain out all the money from the joint account and deposit the same in your personal account so that there can arise no issue on this by anyone.