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Aks   16 February 2017

Life interest vs remainder beneficiary

Father left a will with  the mother as life interest beneficiary......son as remainder beneficiary.   Accountant shunted the father;s estate funds under mother's name and made FDs . Mother nominated son as nominee on all Fds and DMAT account.  Mother has died.

Who gets the assets if her daughter makes a claim that because the FDs are under mother's name she has right to get them.

There is paper trail that mother was taking life interest for over a decade.  So, per father's will, will the son inherit these FDs ???



Learning

 34 Replies

Kumar Doab (FIN)     16 February 2017

The estate mentioned in the WILL includes what: Immovable property only or funds also?

The estate mentioned in the WILL is located at which city?

Was the WILL probated?

Did all legal heir sign NOC before the WILL was acted upon?

If the WILL was duly acted upon and funds mentioned in the WILL were transferred to mother’s (wife of deceased testator) bank account and converted to FDR and nominee was son (son of deceased testator) then the action seems to be in order.

Son should inherit funds in FDR’s.

If you have proper record to establish it then it is much better.

Any WILL can be contested!

1 Like

Aks   26 February 2017

Father died in 2003. His will gave life interest to mother and remaindermanship to me.(son)  Original Will was hidden from me for 12 years . I found the original will recently and two witnesses have verified the signatures on affidavit. Executors never tried to probate the will and now, renunciating the role.

The estate included a flat in Kolkata ,A DMAT account and RBI bonds.  Mother has been taking interest, dividends only and kept flat mostly locked for last 13 years. Mother died in 2016.

Estate is showing these as estate assets and ITR have been files under estate by accountant . Mother have been signing capital accounts and balance sheets all these years.  Accountant sold RBI bonds of estate and made FDs under mother's individual name.  Also, DMAT account was put under mother's individual name.

Mother made me nominee on DMAT account (availed nomination facility of Axis Bank DP) and made me nominee on FDs.   Sisters got her to write a handwritten will 3 years before her death as she was living with sisters and was dependent on them.

WILL I BE ABLE TO PROTECT MY GIFTS MY FATHER GAVE ME IN HIS WILL ?  Or sisters. accountant, executors gang have permanently deprived me of my beneficiary status.   PLEASE ANSWER...I FEEL BAD ABOUT TRUSTING THESE PEOPLE FOR SO MANY YEARS,   I do have all documents to prove the facts I wrote above.   I live overseas and scared reading rampant corruption in India.    Sincere thanks in advance for guidance in this matter.

 

 

 

Kumar Doab (FIN)     26 February 2017

You have posted that:

“Mother died in 2016.
Original Will was hidden from me for 12 years.

Sisters got her to write a handwritten will 3 years before her death as she was living with sisters and was dependent on them.”

Are you a Hindu?

Are you a Bengali?

Kumar Doab (FIN)     26 February 2017

It is mandatory to probate the WILL in presidential towns that includes; Kolkota.

The succession is as per personal law that applies to deceased owner e.g; Hindu Succession Laws.

The last wish of testator left in his valid WILL is supreme and will stay valid and supreme.

The WILL (any WILL even a registered WILL) can be contested.

Apparently the accountant has arranged the funds as per WILL and left traces of proof of source of funds and estate.

The trail of funds/estate can be traced back to the days/dates before date of death of father and as on date of death of father and after date of death of father………………………….till current date.

1 Like

Kumar Doab (FIN)     26 February 2017

The Nomination in equity shares/accounts confers ownership.

Nominee in such accounts is owner.

Other than this Nominee is mere trustee and is under obligation to pass the funds to legal heirs.

The estate of mother (personal and not from estate narrated in WILL of father) can devolve upon her legal heirs as per personal law that applies in her case e.g; Hindu Succession Laws.

You can proceed to act upon the WILL after death of Mother (as per WILL of Father) and from the date existence of WILL came to your knowledge.

If executor is renunciating, you may proceed to submit the WILL for probate.

In any case it is mandatory to probate the WILL in presidential towns that includes; Kolkota.

The estate as mentioned by you is in Kolkota.

Otherwise also: If WILL is contested it WILL land up in probate court of pecuniary jurisdiction.

Here you will require: The trail of funds/estate can be traced back to the days/dates before date of death of father and as on date of death of father and after date of death of father………………………….till current date.

1 Like

Kumar Doab (FIN)     26 February 2017

If possible; in your case; try for amicable family settlement (on fair terms or as per sweet will without any coercion of all parties) and register it.

 

The above are only 1st hand impressions on your posts.

Kumar Doab (FIN)     26 February 2017

Approach a very able and senior counsel/law firm of unshakable repute, specializing in such/succession/civil matters with all docs and facts on record, for a considered opinion.

If you have your apprehensions check on the credentials of the counsel on your own.

Thereafter you can proceed further as deemed fit to you, at your end.

LCI expert Mr. Devajyoti Barman is from Kolkota.

If you wish you may  approach him and benefit from his counsel.

Aks   26 February 2017

(1) I have 13 years of Father's estate capital accounts , balance sheets and Income tax returns showing estate assets and the fact that mother was taking interest and dividends from the estate assets for 13 years until her death in 2016. Father earned all assets..mother was lifelong housewife.

(2) Both witnesses have signed affidavits verifying signatures on the will.  Executors still refusing to be executors.

(3)A probate petition is being prepared . Will is typed on executive bond paper ,duly signed by testator and two witnesses, father had no mental disabilty, I was living 9000 miles away that time so no coercion possible...and to top it all, there is track record of mother taking interest and dividends for 13 years (which is a main provision in the father's will (mother as life interest beneficiary and me the remainderman) 

Mr.Kumar Doab, Thank you very much . You did help me clarifying the matter better. Wish you all the best ! 

Kumar Doab (FIN)     27 February 2017

The estate acquired by WILL is of nature; self acquired.

The proceeds that mother got as per WILL becomes her self acquired/absolute estate.

If she has saved anything from it then it remains her self acquired estate.

If she has created further estate from such funds, then it remains her self acquired estate.

She can dispose such estate by her personal WILL in favor of anyone by a valid deed in her life time.

However she can not dispose the estate narrated in her husband’s WILL, as she was not vested with such power by testator, in his Last valid WILL.

The last wish of testator left in WILL is supreme.

Kumar Doab (FIN)     27 February 2017

You are welcome.

 

Proceed further under expert guidance of a very able counsel that has examined all docs, inputs and merits.

Aks   02 March 2017

Finally, the accountant who was hiding the facts from me until now...admitted that  the DMAT and FDs funds came from father's account.  But possibly due to conspiracy of sisters, accountant and banking clerks...the father's account was magically changed to "either or survivor"

But, the mother made me nominee on DMAT and FDs ....therefore he says you being nominee of your mother...will inherit the DMAT and FDs. Accountant is now suggesting that I should approach Axis bank as mother's nominee to get DMAT and FDs transmitted to my name.

Do you think by being mother's nominee, I become the owner of the DMAT account and the FDs ?

Thank you.  Your insights were very helpful to understand this puzzle.

 

Kumar Doab (FIN)     02 March 2017

You have not replied to all points, pointwise.

Kumar Doab (FIN)     02 March 2017

I had suggested you to consult a very able and senior counsel of unshakable repute and ability.

Your matters are complicated and can complicate further and get marred by delays by strategies of OP’s and its counsels.

The courts of law keep on passing rules and judgments and decisions may affect you.

 

More so if the OP’s and its counsels, are, smarter and well informed than you and your counsel(s).

Kumar Doab (FIN)     02 March 2017

You may go thru:

 

RBI Master Circular on Customer Service in Banks

RBI/2015-16/59
DBR No.Leg.BC. 21/09.07.006/2015-16

July 1, 2015

 

 

https://rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=9862

 

Cluase:19,20,20.1

SB a/c,FDR: Nominee is mere trustee. The version of accountant is not correct.(” therefore he says you being nominee of your mother...will inherit the DMAT and FDs”)

Bank can dispose its obligation by making payment to Nominee.

 


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