Rahul (Director) 02 October 2009

Married Daughters Share in Fathers Property.

Dear Members,

I have certain queries related to my two married sisters property in our fathers property / business. My father has recently expired and has no will. Following are my queries:

1. In most of the bank accounts of my father, my mother is a nominee (even those accounts where she wasnt nominee, all of us i.e. my brother and sisters have singed on a stamp paper to give the cheque in the name of my mom). We have got all the amount in my mothers name. My mother intends to give this to me and my brother only. as there couldnt be 2 nominess in single bank account, we have made 2 seperate Fixed Deposits in which i am nominee in one and in other my brother is a nominee. --------My querry is, can this amount be claimed by any of our sister under any circumstances? we do not want to bring this topic up and make any will at this point of time.

2. One of our flat where we are staying presently is in the name of our company which is a pvt ltd co. Initially (when i and my brother was minor) there were three directors in the company one my dad second my mom and third my elder sister. after her marriage my dad asked her to resign and added my name. so acitive directors were / are my dad, mom and me. ------My querry, can my sister claim there share in this property even if me and my mom are directors now?

3. we have one more firm whose proprietor was my dad. now after he has expired we all brothers and sisters signed on stamp paper and made my mom as a new propritor. my elder sister, me and my younger brothers are active in the business. ------My major concern is here, can my sisters claim this business or it would be only in the name of me and my brother. Aslo, my sister is just taking care of small internal issues and major work is done by me and my brother.

I do not wish to be dishonest (neither i can) with my sisters but as they are married and well settled (my dad has given a flat to one of my sister which is in her name) i wish that the propertly and mainly the business should be between myself and my brother.

Kindly clarify above points, i would be grateful.

Regards,

Rahul

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4 Replies

Anish goyal (Advocate) 03 October 2009

Your father died intestate. So your sisters have the equal shares in the property of your father. With regard to bank account nomination doesn't matters and amount goes to the heirs of the account holder and in present case you, your brother , sisters.

Anish goyal (Advocate) 03 October 2009

A share holder is different 4m the company and directors. Your sisters have the equal right as you have in the shares of the company which your father owned. The only way out i think is surrender by your sisters

G.L.V.Ramana Murthy (Advocate) 03 October 2009

Regarding bank amounts all the legal heirs of the father are entiteled to the share. Nomination will not take over the right of the sharer in the said amounts. Regarding the company the position is different and the property is that of a company. Regarding the propritory concern the property belongs to individual and the legl heirs gets right over the property.

Rahul (Director) 03 October 2009

thanx for the reply. as you said that nomination doesnt stands and all the legal heir have equal share in it. i have a doubt that in case of nomination in my fathers account, the amount went to my mom. also, would they get share from business henceforth as me and my brother is managing the business.