Yes you will get entire fathers share and the mothers share will be divided as per her will or equally if there is no will. Father also can will you only his self acquired property and not ancestral
Will in case of joint things
My father passed away and left a WILL stating that he wish to leave the entirety of his assets to me. My mother and father are having a joint bank locker and also a joint bank account, for both the mode of operation is Either or Survivor and Nominee is me. They also have a joint demat account(first holder is my father) and i am the Nominee for this as well. Will i get anything now ? Atleast 50% ?
Asked 4 years ago in Property Law
Religion: Hindu
26 Answers
Your father 50 share in bank account would devolve on you
2) in respect of shares wherein your father is first holder father share would devolve on you
- Since your father passed away after leaving a WILL in your favour , hence by way of that WILL you can claim entire assets legally , and not body has right to challenge the same.
- But where is your mother is having joint account , there you will get 50 percent share i.e your fathers share , if your mother is alive.
- Further , as you are nominee in the Demat account , hence you can claim full amount from the account legally.
Father all assets inherited to you by virtue of Will.
Father 50% in joint holding inheirted to you.
Yes, you are entitled to 50% share.
On the basis of the Will you are entitled to all the properties of your father in full share.
However his moveable assets including investments if lying in bank jointly with your mother then you are entitled only half of it.
Your father's assets may be acquired by you operating or enforcing the Will he has left behind.
However the joint account in the bank as well as in the stock exchange i.e., the demat account may devolve on your mother alone as she is the survivor for the bank account in the E or S basis and the demat account she is the second holder.
The nominee is to be given all the property ie movable. Therefore the demat account you are the nominee and hence you have a right.
Liquid bank account demat accounts are based on the joint holders and the survivor gets the bank the will of your father is effective in case of the fixed assets which can identify and can be divided.
Yes you will be getting the share of your father from every source
Yes, you are eligible for 50% of the property kindly get WILL probate from court.
1. According to the will of your father you succeed to his properties.
2. However, so far as the joint account is concerned you succeed to only 50% of the amount in the account, whereas your mother is the owner of remaining 50%.
3. Being a nominee in the demat account you succeed to the entire account absolutely.
I searched in the Google and understood that for a joint bank account or locker there are different modes of operation like 1. Either or Survivor 2. Jointly 3. Former or Survivor 4. Later or Survivor etc.. In case of Either or Survivor mode if one of the account holder dies the Survivor can continue to use that account. No death claim or settlement is made in such case. If mode of operation is jointly then the survivor cannot operate the account alone so death claim or settlement is made. In case of demat account it is completely a different story and not like bank accounts. Any demat joint account always have only ONE mode of operation that is jointly and it is default. If one of the joint holder dies the account cannot be operated further and it must be closed. All the shares in the demat account are transferred to the joint Survivor that is 2nd holder. Google says this..can you please recheck the details.
Asked 4 years ago
In respect of shares standing in demat account on demise of holder account has to be closed
the shares would devolve on legal heirs as per provisions of Hindu succession act in case of Hindus
since father has executed will you are benficary of will
the survivor(s)/nominee would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor, i.e., such payment to him / them shall not affect the right or claim which any person may have against the survivor(s)/nominee to whom the payment is made.
Its not important what Bank forms norms are saying, its what is the wish of account holder and whether that wish is mentioned in the WILL that is considered. If you probate the WILL from court that order will be final. for all movable and immovable properties.
Yes either or survivors case other person can use it. Yes dmat account will be closed unless you don't know the password. It should be then transferred to the nominee or legal heir
You have rightly understood the provisions of law.
You can initiate action for your claim accordingly if you feel that you are eligible and entitled ad per law.
In any case you may better consult an advocate in the local with all the relevant papers to get more proper opinion in person about further course of legal action in this regard.
Dear Querist
as per your information, it seems that your mother is alive, if she is creating any trouble then you may take legal help otherwise, first of all, try to convince her and settled all the accounts with an amicable settlement.
if she is, then you have a right to claim the amount which is in the account of your father, in the joint accounts too. but in case of a Joint account, the bank may demand a legal heir certificate from you. as you are the nominee in the accounts, the bank can believe you and without any demand of legal heir certificate allows you to withdraw the amount from the accounts, so contact bank officials.
There is a exception to both situation and that is testamentary succession.
Correct
Yes you can get 50% of money from bank account.
With regard to demat account you will be nominee and you are entitled to half share of your father.
Reply to your second post:
Yes you are correct, on death of one of the joint holders of demat account is has to be closed. Since, you are nominee of same it devolves on you through Will left by your father.
Yes, it is survivor / nominee, either of them can claim
You can file for probate of will, you are eligible for 50% of share.
1. Yes you can claim share of your father as per his will.
2. If your mother refuse to give you the share then file suit to probate the will and claim shares of your father legally.
3. You cannot claim the assets in accounts where mode of operation is either or survivor because in those account surviour will be considered as owner of the assets.
1. Google does not give accurate information always.
2. For a demat account the nominee succeeds, whereas the will comes into operation in respect of a joint account. Undoubtedly that in case of demise of a joint account holder the survivor can continue to operate the account.
Yes, your submissions are correct.
what is your query now.?
Yes it is true. This information is correct.