Legal right and ownership of heirs – intestate liquid assets
The family is governed by Hindu Succession Act. The father dies intestate (F), leaving behind 3 equal heirs - his wife (M) and two sons (S1 and S2), there are no daughters. Liquid assets consist of bank accounts, demat accounts, and fixed maturity plans. All liquid accounts are set up as JOINT accounts with the Father’s name as one of the joint holders, in the following format:
1) In the name of F and M
2) In the name of M and F
3) In the name of S1 and F
4) In the name of S2 and F
Question: What exactly would go into the F’s estate? Would it be half of the assets in each of these joint accounts that would be then shared equally by the three legal heirs?
Thanks in advance for your response. Will follow up with request for consultation.
Asked in Family Law from United States
on demise of father his 50%share in bank accounts , FMP etc would devolve on his wife and 2 sons . in other words each legal heir would have 1/3rd share in father assets .
1. Since in all the four accounts F was a joint account holder his share has devolved equally on M, S1 and S2. So every legal heir would get 1/3rd of his assets.
2. The assets lying in the accounts will be computed separately in case of each account.
3. If the holder had not appointed a nominee, the claimant will have to submit, in addition to the notarized copy of death certificate, either a succession certificate, copy of probated will, or a letter of administration issued by the court. So in your case all the legal heirs of F would require a succession court issued by the court before the liquid assets owned by F can be realised by them. The bank/financial institution will allow the assets to be realised only when a succession certificate issued by court of law is presented thereto. Succession certificate is the only legal document issued by a court of competent authority wherein the liquid assets of a deceased are quantified.
A. all 3 legal heirs will get 1/3 share each in all father assets.
B. file petition in district civil court to get succession certificate for said assets of ur father.
C. submit said certificate to concerned banks to get said assets released to you.
Advocate, New Delhi
Hi, all the legal heirs have 1/3rd share in the joint account maintained by the father and file a petition for getting succession certificate before the District court.
1. The surviving holders of the joint accounts will own the respective accounts and will operate the same,
2. Immoveable properties will be equally shared by all three legal heirs.
As per Hindu succession Act, the share of F I.e. Father will be divided into three parts viz wife and two sons.
your father's property shall be devided into 3 parts and each member has right to get 1/3 part. but your mother has only life interest in the property and she can't alienate that property. her part shall be devided into 2 parts and each heir shall get 1/2 part.