Is the nominee of account holder equls to the legal owner
Surajit das
(Querist) 09 December 2016
This query is : Resolved
sir,
My grandfather has died recently, keeping some bank balance of which the nominee is my uncle. The Will(i.e gift deed) does not mention who is the owner of the money. Does the legal owner of that bank balance will be my uncle only or my father too. Can you please advice what i will do if my uncle does not want to give any share to my father.
kavksatyanarayana
(Expert) 09 December 2016
Only to your uncle. and you mentioned that "the Will i.e.gift deed does not mention that who is the owner of the money.
the Will is a testamentary document and gift deed is not Testamentary document. In the gift deed it is not possible to mention regarding the bank balance.
Ms.Usha Kapoor
(Expert) 10 December 2016
Nominee of the account holder is equivalent to owner(true) owner? No he is not. He is only a trustee who hods the bank deposit in trust for true legal heirs of the deceased account holder.IF YOU APPRECIATE THIS ANSWER PLEASE GIVE ME ALL MY PROFILE LIKES.
Sudhir Kumar, Advocate
(Expert) 10 December 2016
Normally I may tend to agree with above views.
However, since there is a WIll, A gift deed and nomination as well. It may not be safe to express any vies without seeing the papers.
Please me your lawyer with papers.
malipeddi jaggarao
(Expert) 10 December 2016
As regards the rights of the nominee, in fact, there is no automatic right to the nominee. Legal heirs can stake their claim in the amount. Bank nominations are for hassle free transfer of funds after the demise of the depositor. It does not mean the nominee will become the automatic owner. However, the bank will allow the nominee to draw the money on the maturity of the depositors. He is the trustee to the amount and it is his duty to see that the amount is distributed among all the legal heirs. Hope you are clear now.
As regards Will and Gift deed, you are confused. Will is a Testamentary document, comes into operation only after the demise of the Testator. It specifies the shares of the legal heirs. If your grandfather did not specifically mention in the Will that the deposits are to be given to your uncle (who is a nominee), your father, along with our legal heirs if any has a right to the deposit money. Gift Deed will come into operation immediately after it is created. First of all, you should be clear whether your grandfather left a Will or executed a Gift deed.
Kumar Doab
(Expert) 10 December 2016
Since the deceased depositor a/c is with valid nomination; Bank can discharge its liability by making the payment to nominee without any limits/threshold value.......................until or unless there is an order from court of law.......................or any WILL is made known to the bank covering the Bank a/c in question.
Nominee is not owner and a mere trustee.
The money disappears very fast.
So act as suitable to you.
Rajendra K Goyal
(Expert) 10 December 2016
Bank would pay balance in the account of deceased to nominee.
nominee is trustee, the balance in the hands of nominee belong to legal heir of the deceased.
Kumar Doab
(Expert) 10 December 2016
If you have doubts that your uncle won't pay the share of legal heirs to respective legal heirs, then either fetch court order for bank or litigate later with your uncle.
Are you sure that he won't share?
Rajendra K Goyal
(Expert) 10 December 2016
Agree in case you feel that your uncle may not give the proceeds to legal heirs, can take a stay from court so that Bank would not release the payment till final orders in the matter.
Kumar Doab
(Expert) 10 December 2016
If the said WILL or Gift deed whatever it is does not cover the said bank a/c and if you are apprehensive that your uncle won't pay the share of legal heirs to respective legal heirs, then fetch court order for bank.
It can be better option than litigating later with your uncle.
Sankaranarayanan
(Expert) 10 December 2016
well better to approach a local lawyer and submit all relevant records and act accordignly
Kumar Doab
(Expert) 10 December 2016
Subsequent to posts act and defend your interest.
Guest
(Expert) 10 December 2016
Every word of Expert malipeddi jaggarao Sir , I agree and wanted to convey same.
Sudhir Kumar, Advocate
(Expert) 11 December 2016
I agree with M Jaggarao.
But
I do not know if these views are suitable to this case as the queriest has not given clear facts as also observed by Mr Sankar Narayanan
Kumar Doab
(Expert) 11 December 2016
If your uncle does not share after collecting the funds from bank then if matter is not resolved amicably, you need to approach court.
If you are apprehensive or sure that your uncle shall not share the funds after collecting the funds from bank then, you can approach court now.
Your own counsel can advise you in detail and help you.
Surajit das
(Querist) 11 December 2016
Thank you every one. I understand your views. Actually my grandfather has left a will. i am now clear that will is not equivalent to gift deed. actually my uncle is not willing to give us any share of that.Thank you. I understand that I should go to court for a stay order.
Surajit das
(Querist) 11 December 2016
Can you please tell me What time does the court take to pass a stay order.
Kumar Doab
(Expert) 11 December 2016
In our last post you have posted that:
"Actually my grandfather has left a will. ......................"
In our 1st post you have posted that:
"The Will(i.e gift deed) does not mention who is the owner of the money."
As already posted in previous posts;
"If the said WILL or Gift deed whatever it is does not cover the said bank a/c and if you are apprehensive that your uncle won't pay the share of legal heirs to respective legal heirs, then fetch court order for bank.
It can be better option than litigating later with your uncle."
Kumar Doab
(Expert) 11 December 2016
If the WILL does cover the said bank a/c and if the WILL is valid then it might be futile to rake up the issue and spoil the relation permanently.
Show the copy of WILL to your own counsel, for a considered opinion.
Kumar Doab
(Expert) 11 December 2016
If copy of WILL is available then your bank/banker may ask to get WILL probated from court/ratified from all legal heirs, as per advise from their legal cell.
This can also fetch breathing time, if you are in hurry.
Kumar Doab
(Expert) 11 December 2016
You have posted that:
"Can you please tell me What time does the court take to pass a stay order."
Your counsel is best placed to answer it.
He/she may opine; NO time, ASAP.......
You seem to be running short of time.
Visit your own counsel at your own location with all docs on record......ASAP.
Rajendra K Goyal
(Expert) 11 December 2016
You said:
Actually my grandfather has left a will. i am now clear that will is not equivalent to gift deed. actually my uncle is not willing to give us any share of that.Thank you. I understand that I should go to court for a stay order.
Reply:
Try to have amicable settlement with the help of relatives. If not possible discuss with your lawyer and proceed for the stay and settlement of your claim.
Rajendra K Goyal
(Expert) 11 December 2016
You said:
Can you please tell me What time does the court take to pass a stay order.
Reply:
Stay depend on merit of case and court. It is dealt under urgent process in case of need.
Dr J C Vashista
(Expert) 12 December 2016
The author seems to be confused with facts of the case, if the statement may be believed to be true.
Otherwise, it is a concocted story wherein he is not sure about the document being referred. Besides this, the author wants to have a share or stay order on the bank balance to be drawn by nominee. Moreover, he did not disclose who is beneficiary of the "Will" or "Gift Deed" and how he claims a share?
Inconsistent stand taken by author shall result into the inference that the author has fabricated this story for a time-pass query.
Kumar Doab
(Expert) 12 December 2016
Show all of the docs to your own local family counsel and come back if you still have doubts.
Your family counsel can help you understand ; what is what and what is the remedy!
You can show this thread also.
Rajendra K Goyal
(Expert) 12 December 2016
May proceed as advised by the expert Kumar Doab.
Kumar Doab
(Expert) 12 December 2016
Thanks for agreeing Mr. Goyal.
