My parents recently passed away due to an Accident and while i was surfing through their belongings i discovered some Mutual funds in name of mom and dad. But when i inquire how can i transfer them to my name, i came to know that mom has made Dad as Nominee and dad has made mom as Nominee. Now i am not able to transfer them to my name(Me and my sister).
Also this is the case for their Property as well. As no Will was left and no Nominee is Alive Can you suggest what is less painful road.
If a legal title owner dies without a valid will, or if her will doesn’t dispose of some property that she owned, state law directs who gets the property. Someone who dies without a will is said to dieintestate.
The person herself may be referred to as the intestate. So the statutory distribution of such a person’s property is called intestate succession. People who receive property by intestate succession are referred to as heirs.The intestate’s property that doesn’t go to a surviving spouse is distributed in the following order:
Children: If the intestate had children, the children take the property in equal shares. So immediately obtain legal heir certificate from the court and submit the same into the shares department of your mutual funds companies.