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Ajay (Staff)     28 July 2014

Nomination of demat account

Dear Experts.

My father has put me as nominee for his Demat account.  The shares were purchased with his earnings.

If my father prepares a WILL, that the share proceeds are to be  distributed to his other children as well (i.e. to my siblings and me) then would this WILL be valid or will the nomination hold.

We are Christians and I am not sure what succession/inheritance rules we would follow.

I understand that when a nomination is made for Demat accounts, on the death of the demat holder, the shares vests in the hands of the nominee and the nominee has total rights and becomes the sole beneficiary of the shares, irrespective of what is written in the will.

I would like to advise my father so that he knows  and he can open more demat accounts and make the other children nominees as well so there is no confusion and his other childrens interests are also covered.


Request learned experts to advise.



Learning

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