14 October 2010
Say a person , X , holds a Property (a Flat) in his name . He has got it registered at the Sub-registrars Office on his name (Single) name . He also has Mutual Funds . Now , as he is getting old-aged , he decides to nominate the Property & Mutual Funds . He collects form for Nomination (Form No. 14) from the Mumbai District C-operative Housing Federation ,fills it , signs it & files it in the Society Office of the Building in which he holds the Flat . In this Form he nominates his wife to the Flat.Also he nominates all his Mutual Funds on his wife"s name by filling up& signing the concerned form & submitting it at the Mutual Fund Office .
However , after a few years , he forgets he has done these Nominations and makes a Will in which he nominates his elder son to the same Flat and his younger son to the Mutual Funds . A few months later he dies .
Now , after his death , who would be the Legal heir to his Flat & his Mutual Funds - His Wife or his Sons ?
What would happen if he has forgotten to have his will Registered ?
14 October 2010
It is not necessary to register a will. It should be signed by the testator and 2 witnesses. Also a person does not become an owner by being a nominee. A nominee just holds the estate on behalf of all the legal heirs for them. So, if the will is valid, then the property shall devolve as per the will.
15 October 2010
The opinion given by Ms. Archana is correct. I would add that it has been held bythe Bombay HC that the nominee does not get title to the flat but will hold the same in trust for the benefit of the legal heirs of the deceased member. Hence in the present case while the wife is the nomiee f0or the flat she will not get title to the flat since the Member has bequeathed the flat to his son. Hence the Society will be bound to honour the will and may have to transfer the flat finally in favor of the Son on his obtaining probate of the will. The above psoition holds good in the case of the Mutual Fund investments also.
16 October 2010
1.A property can not be transfered by nomination. 2. Will is a valid document, even if it is not registered. 3. In light of the view, his elder son is owner for the flat 4. His second son can acquire the immovable funds
21 October 2010
What if he made one will on a particular date , say 20-10-2005 , in which he names his elder son as legal heir for his flat & younger son as legal heir to his Mutual Funds . Two witnesses have signed in this will . However , he makes another will on 20-10-2010 , in which , he names his wife as legal heir to all his property & estate .He , however forgets to get the signatures of 2 witnesses in this latest will . In 2012 , he dies . On his death , one will is found from his one Bank Locker & the other from his another Bank Locker .Now , who would be the owner of his flat and of his Mutual funds ?