• Transfer of funds

I am a Nominee in my fathers account. After his death, i have transferred the funds from his account without informing the bank about his death. He has willed all his assets in name of my son. Now my sister has lodged a complaint against me in economic wing of police. Did i commit a crime and what should i i be doing in my defence
Asked 9 months ago in Property Law
Religion: Hindu

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9 Answers

- As per the Banking Rules, a nominee is having his right to withdraw the amount , in case the account holder dies.

- Further, as per law, after the demise of father , his assets & property would be devolved upon his legal heirs equally. 

- Hence, it is the responsibility of the nominee to disburse the proceeds among the legal heirs equally. 

- Since, being a nominee in the account of father , you was having legal right to withdraw the amounts , then in such a way , you have not committed any offence. 

- However, the other legal heirs are also entitled to get his share in the amount withdraw from the account of deceased father. 

Mohammed Shahzad
Advocate, Delhi
12923 Answers
186 Consultations

5.0 on 5.0

In given circumstances, you were required to inform the bank about the death of your father and after completing formalities then only you were suppose to withdraw the money transferred in your account. Being nominee you are entitled to receive the money but is legally bound to distribute the same among legal heirs of father. In instant case since there is WILL so firstly probate in respect of WILL is must and as your son is beneficiary so a guardian is also required to be appointed through court in respect of your son. You can also be guardian for which a petition is required to be filed. You have neglected, surpassed and bypassed all these legally required steps and invited police complaint by your sister.  Technically you have not committed any crime. As such there is no universal defense. To suggest defense, the contents of complaint filed by your sister is required to be examined. 

Siddharth Srivastava
Advocate, Delhi
1227 Answers

5.0 on 5.0

A nominee is just a trustee to receive the funds from bank account ofg the deceased account holder and then disburse it to to the legal heirs of the deceased.

You being one of the legal heirs, you can take one equal share out of the balance amount, at par with the other legal heirs.

But it becomes your duty to distribute the share of your sister who is also one of the legal heirs to succeed to the estates and other estates of your deceased father.

Besides you have stated that you have transferred the funds of your father's bank account, but it is not known that how did you transfer the same?

A nominee has to give an application to withdraw the amount lying in the account of deceased account holder by attaching the death certificate and he cannot transfer the funds to his name if the account was operated by your deceased father alone.

If you have done it by any illegal means then it can be considered as a crime.

 

T Kalaiselvan
Advocate, Vellore
84409 Answers
2131 Consultations

5.0 on 5.0

Transfer funds back to your deceased father account 

 

nominee is only trustee for legal heirs 

 

apply for probate of father will 

 

probate is judicial proof that will is genuine 

Ajay Sethi
Advocate, Mumbai
94210 Answers
7429 Consultations

5.0 on 5.0

Nominee is just trustee and not the owner but if in will he has also given you bank balance then you can transfer it to yourself on basis of will but informing bank is essential . Now you can say that it was inadvertent and not intentional 

Prashant Nayak
Advocate, Mumbai
31568 Answers
168 Consultations

4.1 on 5.0

1. Even though you have been nominated as Nominee, after submitting your father's death certificate, the bank would have disbursed the money to you only.

2. By not disclosing your father's death to the bank and transferring funds from his account to your account attracts criminal charge.

3.  Nominee is only a custodian for the money of the deceased person and it has to be equally distributed to all the legal heirs, in case of your father's intestate death.The rights of the legal heirs supercede the right of the nominee.

4.  Since your sister has already lodged a complaint against you with the economic wing of the Police, talk to her and give her the share she is entitled to and get the execution of Relinquishment Deed by her in the jurisdictional Sub Registrar's Office in your favour and let her withdraw complaint against you with the economic wing of the Police.

Shashidhar S. Sastry
Advocate, Bangalore
5031 Answers
313 Consultations

5.0 on 5.0

Dear client,  

it's important to consult with a lawyer who specializes in inheritance and banking laws in your jurisdiction for accurate advice based on the specific laws and regulations that apply to your situation. They will be able to provide you with guidance tailored to your circumstances.

When you are nominated as the beneficiary of a bank account, you generally have the right to access and withdraw the funds in the account upon the death of the account holder. However, it's important to follow the legal procedures and requirements in your jurisdiction.

Here are a few general considerations:

Disclosure of death: In most cases, it is required to inform the bank about the death of the account holder. The bank will then take necessary steps to freeze the account and prevent unauthorized transactions.

Legal requirements: Depending on the jurisdiction and the specific circumstances, there may be legal requirements to follow when it comes to handling the assets of a deceased person. This may include obtaining a probate or letters of administration, which establish your authority to manage and distribute the assets according to the terms of the will.

Compliance with the will: If your father has left a valid will and has bequeathed his assets to your son, it's important to ensure that you are following the provisions of the will. This may involve transferring the assets or funds to your son's name in accordance with the legal procedures.

Consult a lawyer: Given the complexity and potential legal implications, it is advisable to consult with a lawyer who specializes in inheritance and banking laws in your jurisdiction. They can review your specific situation, advise you on the applicable laws and regulations, and guide you through the legal process. They can also assist you in formulating a strong defense if legal action has been taken against you.

It's important to remember that laws and regulations can vary significantly depending on the jurisdiction. Therefore, it is essential to consult with a local lawyer who can provide accurate advice based on the specific laws in your area and help you understand your rights and obligations.

Please consult with a legal professional for specific advice tailored to your situation.

Anik Miu
Advocate, Bangalore
8555 Answers
105 Consultations

5.0 on 5.0

Your question is not clear. You say that you transferred the funds from your father's account without informing the bank about his death. Does it mean that you used some of his already already signed cheques or you are also a joint account holder. The fact that the bank has allowed the transfer indicates that you must have used either his cheques or you have exercised the authority as joint account holder. As you have written that your father has willed all his assets in favour of your son, so legally speaking your son is the rightful owner of all bank balances after the death of your father. You as his nominee can withdraw the funds but you cannot utilize the funds for your own benefits. The funds need to be given to your son who has a will of your father. Nothing can be said about the complaint lodged by your sister as it is not clear what are the ground of making the complaint.  

Dalbir Bharti
Advocate, Gurgaon
41 Answers

Not rated

In many jurisdictions, it is illegal to transfer money or property from an account without your own permission, especially if it involves defrauding the bank or withholding information about the owner's death. Depending on the laws of your jurisdiction, this could potentially be considered fraud, theft or other forms of financial misconduct.

If your sister has filed a complaint against you with the financial police wing, it indicates that a legal investigation has been done. It is important that you seek legal advice promptly to guide you through the process and provide appropriate advice in your specific circumstances.

Your defense will depend on a variety of factors, including the specific laws in your jurisdiction, any documents (such as a will) and the details of the deeds you have. 

Saksham Jain
Advocate, Hapur
5 Answers

Not rated

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