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Meha Harish (Proprietor)     07 August 2015

Beneficiary of joint demat account holder

Husband invested in market equity shares, debentires, bonds, etc and inserted his wife as second holder - therefater opened Demat account with 1st name of husband and wife joint demat account in 2000. Wife died in 2008 at age of 70+ after making a will 3 month prior to death stating that she bequesths all her 'movable and immovable properties' to her younger son without specifying details of bank accounts, location of flats etc.

She was a simple housewife and never had any income of her own during her life time nor any gifted properties from her parents. She had never filed any tax returns nor even had a individual savings account. Husband filed all income tax returns towards dividends, interest, etc from investements of shares, debenetures, bonds etc.

Now the younger son has filed for probate claiming 50% in joint demat account, jointly held flat, and also individividual saving demat and PPF accounts of husband -his father. He also claims 50% of his fathers self created HUF demat and savings account.


What defense does the husband of deceased wife have to defend his assets in court.


 2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     08 August 2015

The distribution of the properties (movable or immovable) of deceased, will be as per WILL.


1]Since you made your wife as joint holder of demand account irrespective of she earn income or not, it is incumbenet that she qually eligible for share or her suceessors as may deem fit. 2] Secondly she has made Will favouring her son. He has right to probate it and get the share in favour. 3] Relating to share of your property, he is ineligible will not succeed, whie you are alive. Hope it is clear.

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