My paternal grandfather passed away last month and then my paternal grandmother passed away on the 5th of June. While they were alive they had done 30 lacs fixed deposit MICR and selected there youngest daughter my aunt as a Nominee..Thy were getting 26k interest from the bank every month that was coming into my aunts account. My aunt inturn was spending that on my grandparents. Now post their death that I want to know if the other children of my grandparents (1 more daughter and 2 sons)are eligible to get any amount from this fixed deposit of my grandparents. My aunt claims that since she has taken care of my grandparents she is the sole owner of the money and she is the nominee as well. But all children of my grandparents have taken of them in some or other. My father as a son also has tried to take care as much possible. But aunt is declining to share the fixed deposit. Pls request your help. Some legal advice.
1. The nominee is mere trustee and he can not be come its sole owner.
2.On the death of your grandparents their money will be equally divided among all of their sons and daughters in equal share..
3. So the other son/daughter can file suit to claim their share if the nominated aunt refuses to part with the money.
1) nominee is only a trustee for legal heirs
2) you have one fourth share in said FD
3) apply for succession certifcate from court
4) also write to bank not to permit aunt to with draw said FD
Nominee is only a trustee for legal heirs .Even though the nominee is eligible for accepting the Fixed amounts. If other childrens have any objection file application before the bank against the disbursement of amount to aunty and if the bank is not ready to do that then approach the civil court for distribution of amount .
The 30 lac FD was done by grandfather abt 10 yrs back in his name, wife's name(grand ma) and my youngest aunts name. Aunt is telling FD post maturity in Agust would go to either or survivors. Since grand parents have expired. It would come to her. And because she has taken care of parents she demands more money. Is it legally correct to demand more share if parents were dependant on daughter? Also is it correct that as per bank norms either or survivor will get all the money post maturity of FD? There are other 3 children too..are thy not entitled anything legally? How can we move forward here. Pls advice.
If the FD was in the name of both your aunt and the grand mother then the half share of your grand mother i.e 15 lakh would be divided among all her legal heirs including your aunt.
Only because your aunt looked after the parents, she cna not demand the whole FD amount or any other proeprty beyond her due share.
1) Merely because aunt had taken care of parents dos not mean all FD would go to her only
2) if your parents. wanted money to go to aunt only they could have executed will bequeathing all money lying in fixed deposit to her only
3) your aunt was mere trustee for legal heirs and other legal heirs also have share
Hi, even thought one of your aunt if nominee but she is not entitled for full amount in FD. As per law all the legal heirs of your grandfather have share in the FD.
2. Nominee will not entitled for full amount in FD.
Now post their death that I want to know if the other children of my grandparents (1 more daughter and 2 sons)are eligible to get any amount from this fixed deposit of my grandparents.
The fixed deposit amount in the name of your grandfather, if was not transferred through any testamentary disposition during his lifetime, it shall be intestate. Though your aunt is the nominee,her role is only to receive the money on behalf of all legal heirs and to disburse them equally to all of them and since she too is one among the legal heirs she can take a share due to her from it.
My father as a son also has tried to take care as much possible.
But aunt is declining to share the fixed deposit.
Pls request your help. Some legal advice.
Your father can issue a legal notice to the bank restraining them from disbursing the amount to her as he is also one of the legal heirs and simultaneously he may file an injunction suit as well as the relief of partition seeking his share in the amount as well restraining the bank from disbursing the amount till the disposal of the suit by the court.
She cannot take away the entire amount herself.
The 30 lac FD was done by grandfather abt 10 yrs back in his name, wife's name(grand ma) and my youngest aunts name. Aunt is telling FD post maturity in Agust would go to either or survivors. Since grand parents have expired. It would come to her. And because she has taken care of parents she demands more money. Is it legally correct to demand more share if parents were dependant on daughter?
You are coming out with new information about the either or survivor arrangement as far as this FD is concerned.
Your father has to immediately move the court with an injunction as well as partition suit as told above.
Also is it correct that as per bank norms either or survivor will get all the money post maturity of FD?
There are other 3 children too..are thy not entitled anything legally?
How can we move forward here.
The bank may speak about the FD rules as per the bank rules governing it.
This will not prevent you from filing a suit as advised above.
1. A nominee is only a trustee of all legal heirs who is under a duty to receive the assets for and on behalf of the heirs and distribute it among them. Your aunt is only of the heirs and not the sole heir.
2. Any one of the heirs is at liberty to file a suit for partition to cull out his/her share notwithstanding what your aunt thinks.
Your aunt could not get whole amount .All other legal heirs also have right over the FD.