Yes. You can execute a will covering all your immovable assets as well, which would supersede the nominee s listed in your policies and saving accounts.

Hello, 

Yes the will shall supersede the nomination. Nomination is Right to Receive Asset. WILL is Right to Own it. WILL supersedes Nomination & Succession.

Regards 

Will always supersedes any nomination

nomination is only a trustee for the legal heirs

whereas a beneficiary under the Will becomes absolute owner of property after demise of testator

you can have same person as nominee as well as beneficiary

if the two are different, then on demise of testator, the insurance company will transfer funds to the nominee and the nominee in turn will have to account for the same to the beneficiary named in the Will, subject to any probate requirement

Hi, yes a WILL can be executed for financial assets ... The WILL shall supercede the nominee ... You can draft the WILL accordingly replacing the nominee of account 

you can execute will for your insurance policies and retirement benefits 

2) will supersedes nominations made by you 

Dear Client,

You can change nominee even now. Nominee dose not have any inheritance right but to receive benefits in his/her than it will distribute acc. to inheritance law in legal heirs.

And through testamentary disposition (WILL), you can bequeath your assets to any of your choice.

1) Yes, the WILL be executed to the beneficiary. Nomination will just receive amount however that whole amount will be beneficiaries rights.

Will can be made.for all movable and immovable assets as amount in your account, your retirement benifit and others. The will.shall supercede the nomination.

1. As per the information mentioned in the present query, makes it clear that you have already nominated someone, but now want to do a Will in favour of someone else.
2. I advice you to first make an application to the concerned department for delete information the name of the nominee.
3. Though if you do not do that nothing would happened as the date of the Will would prevail over the time of the nominee.
4. I advised for deleting the name just to avoid any future discrepancy.

Yes. Will will supercede nomination

yes you can write a will covering all assets. 

a nominee is only a custodian and not the owner of your assets, and is legally bound to transfer the assets to the legal heirs. 

a. Will is not required to be registered. For the department to transfer amount to beneficiary named in the Will, they will need a probate for the Will. If that is not there they will simply transfer the money to the nominee on an application made by nominee to the dept.

b. yes, there is no harm in providing a Will copy to the nominee. You can also give original Will to the beneficiary. But beneficiary cannot claim the amount gifted to him under the Will if the Will is not probated (if probate is required by the department) or unless the beneficiary submits NOC of all the legal heirs of deceased testator, stating that they accept the Will of the testator and have no objection if amount specified therein is transferred to beneficiary named in the Will

c. Insurance company is wrong. An insured person can anytime delete his nomination or change his nomination 

Nominee can be any person. Even a non-relative

If there is WILL than it will go directly to WILL holder/beneficiary. He should directly approach the authority. Any one can be made nominee.

You have not gone through my opinion I guess, else there's no scope for follow up question. 

Nomination operates only if the concerned person expires intestate ie without leaving behind a will. If there's a will I place, it supercedes all nomination and nominations cease to operate

You can approach insurance company with copy of the will and request it not to make payment to the nominee 

2) insurance company will direct you to apply for probate of will 

3) to avoid legal complications request testator to change the nominee of policy to the beneficiary under the will 

Nicholson departments follow the procedure of nomination is only for this purpose so that they should not get into any legal hassle to transfer the proceeds of this ad account in the name of Nominee.

Even if you submit your bills to the departments that is of no use and they will follow the only the nomination beneficiary

a. Yes they will directly transfer on production of registered will.

b. Not necessary if they are not beneficiary to will. The beneficiary or the executor can approach the department.

c. Yes nominees can be changed you can file in new nomination.

Hi,

The nomination can be changed as per desire of investor/insured. So better go for nomination change.

1) No, the Insurance Company will provide amount to nominee and then to beneficiary.

2) If you still want the amount should go in the beneficiary's hand than you have second option to change nominee names make application to insurance company and change the nominee.

If you had LIC policy than below is procedure :

To changethe nomination in LIC policy, the policyholder has to give a notice to LICOF INDIA in a specified form (Form 3750) and nomination has to be endorsed.

Hi

1) You should be aware that the laws for nominations is different for Insurance, Banking, Provident Fund, Gratuity etc as these are separate Acts, Rules by itself and that in India we do not have a single rule for nominations to movable properties .

Example

a) Life Insurance nomination process is governed under the rule Sec 39 of Insurance Act 1938.

b) The nominee for a Savings Account or FD is registered as per the Section 45ZA(2)(Banking Regulation Act)

I) For Insurance Policies: 

2) You should be aware that under  Insurance Laws (Amendment) Act, 2015,The amended Act has introduced the concept of a beneficial nominee.

3) The nominee in this case is the person who ultimately benefits or owns the insurance money.

4) According to the Amended rules, when a policyholder nominates parents, spouse or children, then the nominee or nominees will be beneficially entitled to the amount payable by the insurer and as such family members are called beneficial nominees. 

5) “In the Amended insurance law, if an immediate family member such as spouse is made the nominee, then the death benefit will be paid to that person and other legal heirs will not have a claim on the money.

6) The Amended rules give rights to the nominee to collect the insurance money even on maturity of the policy in the event of the policyholder’s death.

7) “Before the amendment Act, a nominee had the right to collect the policy money only upon death of the life assured during the term of the policy, but not if a policyholder survived till maturity, but died before getting the maturity corpus.

8) The nominee is entitled to receive the maturity benefits, and in case he happens to be the beneficial nominee, then other legal heirs can’t claim the maturity proceeds,

9)  But if the nominee is not the legal heir or if he is not appointed as the beneficiary of the amount through a registered will, then he/she will act as a caretaker and has to settle the funds as per the will. If there is no will, then the nominee must distribute the funds to all legal heirs as per the succession law.

II) For Savings Instruments./FD'S 

10) The Nominee for Banking Instrument  is only a trustee unlike the case in Insurance Policies/ PPF/Gratuity/Shares/Equities etc. 

11) The principle is that nominee is only a trustee competent to act on behalf of legal heirs and the right of legal heirs were not extinguished because of such nomination.

12) As per this, the nominee has all the rights to receive the money from the bank account, and the Nominee should distribute the monies in accordance to Succession Laws.

III) For  PPF/Gratuity Accounts.

In a PPF and Gratuity account, you can nominate one or more persons as Nominees and the also allocate the percentage of monies that each of your nominees should receive. 

IV)  Shares and Equity: 

For shares, the role of a nominee is quite straightforward, unlike other investment instruments.

As a nominee, the Nominee Will become the rightful owner of the Investments made by the deceased. Legal Heirs etc will not have any claims whatsoever. 

With different rules for each instrument(Insurance/ Banking Deposits, PPF/Gratuity, Shares, Equity etc), you should be cautious whilst making nominations for each of the above instrument.

Now coming to your specific queries. 

a) There is no necessity to provide a copy of the registered Will to concerned banks/departments , but you can always let your legal heirs and the nominee to be aware of the existence of WILL either through your family member, doctor, lawyer, chartered accountant etc. Subsequently your legal heirs can distribute the legacy in accordance to the WILL and by following the process of law.  

b) There is NO necessity to provide the copy of the WILL to the Nominee.  All that is required is that your legal heirs should know about the existence of a Will and the details of bank accounts, insurance policies , details of nominees in said accounts policies so that they are aware of the fact of existence of these assets(legacy) left behind by you for your loved ones.  

c) Beneficiaries upon the death of testator will come to know of the contents of the Will (provided they are aware of its existence) and will have to follow the process of law to claim their legacies. 

d) Yes, You can nominate any person other than your family member to act as a trustee in Bank accounts/ FD's, but that should be made clear to the trustee and your legal heirs. 

Hope this information is useful. 

Any person can be entered as nominee irrespective of the fact whether the person is a blood relative or spouse of the account holder.

You can register a codicil for the same and change it

The nomination made in the insurance poliucyhas to be cancelled for effecting the Will.

The insurance company may insist on probate of will if the nomination was not cancelled 

a) No, the registered Will cannot cancel the nomination, the insurance company shall disburse the insurance claim amount to the nominee, who in turn, instead of disbursing the claim amount to the legal heirs, may disburse the same to the beneficiary of the Will, provided the Will is probated.

b) The beneficiary only has to approach the insurance company as well as the nominee for this purpose provided the Will becomes enforceable.

c)  Change of nominee can be made anytime, which would be more sufficient instead of Will for insurance claim amount