My Mother passed away recently We are 3 brothers She has been with me and my wife throughout last 20 yrs after my father passed away. My mother has had Fixed Deposit and SB account . She has provided nominee for the FD’s and the SB account also (SB account is Family pension) I have checked the details and the major nominee is myself . SB accounts all myself and FD slightly more than others . House is there which we need to sell , it was constructed by my father and I had actually made my mother as the care taker in the documents and I was overseeing it My query——Can I retain the entire SB account as I am the nominee or should I divide FD nominee are there but amounts are different , highest is mine , should I pool and divide or should I retain like this House —-Shall divide equally Gold of Mother —-How to divide Your expert opinion please Regards
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If you were beneficial nominee than all money was yours. It will inherit in 1/3rd each.
Nomination does not provide any benefit but only to receive money then it will divide acc. to Inheritance law.
Up to you to divide or not unless your brothers do not claim their share.
Thanks for the answer . Just to explain . May be my mother has put the nominee of mine as we have taken care and always she has been looked after by my wife as her own mother . But not by others . I was of the opinion to divide it equally but she made the difference in the nominee deliberately I suppose . Your suggestion please
So what. she may not know about law of inheritance. Nomination does not provide any benefit.
Nominee is only trustee for legal heirs
2) on mother demise you and your siblings have equal share in all her assets ie fixed deposits,bank accounts ,house etc
Your mother died intestate or without a will
as mentioned earlier nominee is only trustee for legal heirs
divide it equally among your siblings
Q-1.
Being nominee you are entitled to receive the properties including bank account etc but you are bound to distribute the received properties among all the legal heirs of mother. So you being nominee is not entitled to retain properties. If properties can be divided then the same should be accordingly divided and if property cannot be divided then such property be sold in open market and received amount can be divided among all legal heirs.
Q-2.
It may be your opinion but the law applicable in case of nominee shall prevail and you are bound to divide and distribute the same in equal proportion among all legal heirs.
- As per law , a nominee is merely a custodian or a trustee of the funds , and his responsibility is to transfer the funds to other legal heirs equally.
- Hence, you cannot claim entire fund and investment individually and it will shared with other legal heirs of your parent , and it applied others as well if they are nominee in other account.
- Further, if parent died without leaving any Will , then his property would be devolved upon his all legal heirs equally.
In one of the banks the account is Joint . Me and my mother . The Account and the FD says either or Survivor . May I know for this please
the account is in the name of two individuals says, A & B, the final balance along with interest, if applicable, will be paid to either of account holders i.e. A or B, on date of maturity or to the survivor on death of any one of the account holders.
Thanks a lot for the answer Further a last one please As this is not as a nominee , does this also have to be shared equally as per law ? It may be done on personnel grounds but as per law I want to know Thanks
You ought to share the money lying in account as mother died intestate
Q-1.
Since bank account is joint and is either survivor so naturally as per banking laws the same would devolve upon you but the share of mother should devolve in terms of succession law.
Q-2.
As per law of succession, share of mother shall be subject to division and distribution including you and other class-1 legal heirs.
1. Nominees are considered as Trustees and not joint owners.
2. So, you shall have to equally divide all the remains in the said bank Account swith all the legal heirs of your demised mother.
3. On the same ground all her immoveable and moveable properties shall have to be divided amongst all her legal heirs now.
1. Nominees are considered as Trustees as explained in my earlier post and your taking care of your mother does not change your status as trustee of her Bank deposits.
2. All her assets are to be divided amongst all her legal heirs as advised in my earlier post.
1. Where you are one of the joints holders of the banbk account, you will legally be entitled to own the amount kept therein.
2. You wont have to share the amounts kept in the said account with other legal heirs.
As explained in my last post the amount kept in the Bank Account, where you are the joint account holder, need not be shared with other legal heirs of your demised mother as per law.
1. A nominee is declared only for the purpose of procedure like intimation of death of account holder. Bank will seek succession certificate from Court in that names of legal heirs. You can obtain such certificate from abroad through execution of GPA. 2. It is for the legal heirs to decide whether to pool and divide equally or otherwise. 3. Division of movables is matter to be decided among legal heirs. 4. Survivor, is holder of account after death of joint account holder. 5. A joint account need to be shared.
Your mother's SB account balance, FD account claim can be pooled together and distributed equally among all the legal heirs of your deceased mother.
Gold jewels can be divided in the known partition mode on a mutual note.
Please be aware of the law prevailing in this regard that a nominee is just a trustee to receive the amount and disburse them among all the legal heirs as per law.
A nominee cannot take away the entire amount, the other legal heirs are entitled to their legitimate share as a legal heir to the deceased.
The joint account having a clause of either or survivor, you can avail this amount from the said account for yourself, nobody can challenge this distribution for any reason.
If there is no nominee under the either or survival account, then the survivor need not distribute this amount among all the legal heirs.
Nominee is not the owner he can only have share if he is legal heir of the property and share is given to him through some documents
- Being the nominee , you have right over the accounts fund , and the bank will issue the same without any obstacle, but all the other legal heirs will have right over the same
- Since, the account is a joint with you, then you have right over the 50% plus equal share in the remaining amount of the account .
These cases are very common in various Courts of India and Supreme Court of India. I can understand your concern in this regard.
Please understand that in your case, the nominee can claim the FD by submitting the death certificate of the account holder and KYC documents. The nominee also has to submit prescribed identity proof. You can retain the entire SB account.
Upon the death of the joint account holder, the FD value can be claimed in either of the following ways in different scenarios.
- Either or survivor joint account: The survivor can continue with the FD account after producing the death certificate of the primary account holder.
-Jointly or survivor account: The survivor can keep up the FD account till maturity and assume its ownership after submitting the death certificate of the primary account holder.
-Former or survivor joint account: Former here means the primary account holder. Upon his/her death, the survivor can assume FD account ownership after submitting the death certificate of the primary account holder.
-Anyone or survivor joint account: After the demise of the primary account holder, the next member can assume the primary role till FD maturity. In the case of more than two account holders, the next member needs the consent of all account holders for this transition.
Note that if a Hindu female (mother) dies without a will, then the property is divided among legal heirs as per the Hindu Succession Act's provisions. The legal heirs are: Husband, sons and daughters (if predeceased, their children).
Detailed discussion is required in such cases with complete documents.
You may contact my secretary to connect with me for clarification.
Gopal Verma
Advocate on Record
Supreme Court of India
Account and the FD says either or Survivor - You should claim.
I'm sorry to hear about the loss of your mother. I'll provide you with some general guidance.
Regarding the distribution of your mother's assets, here are some general points to consider:
Fixed Deposits (FD) and Savings Bank (SB) Account: As you mentioned, you are the major nominee for both the FDs and the SB account. If you are the nominee, you may have the legal right to the proceeds of those accounts. However, it's important to understand that being a nominee does not necessarily mean you become the sole owner of the assets. The nominee is often considered as a custodian of the assets until the legal heirs are determined.
House: Since the house was constructed by your father and your mother was the caretaker, it's essential to review the property documents to determine the ownership structure. If your mother was the sole owner, the property may be part of her estate and subject to distribution among the legal heirs. In such cases, it's advisable to consult with a lawyer to understand the specific laws and regulations in your jurisdiction regarding the division of property among legal heirs.
Gold and other assets: Similar to the house, the gold and other assets would generally form part of your mother's estate. In the absence of a will or specific instructions, they would typically be divided equally among the legal heirs.
While it's important to consider your mother's intentions and the care provided by you and your wife, it's crucial to understand that the final distribution of assets should generally adhere to the applicable laws. Consulting with a lawyer who specializes in inheritance and property laws can help you navigate the legal aspects and ensure a fair and proper distribution of assets.
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