My uncle died a month ago leaving a WILL. He had appointed a executor and trustee company under a public sector bank to carry out the execution of his will. He was unmarried and is survived by a widow of deceased brother, 6 nephews 2 nieces and 16 grandchildren.
His estate includes 2 Savings accounts jointly with me, a DMAT A/C with shares worth some lacs outstanding (I am the nominee in the said account). He also inherited by a probate of my grandfather, a 15% share in the grandfather's propertry.
The matter is now with the trustee company who will shortly disclose the contents of the WILL to all persons mentioned in the WILL and proceed further in the matter. None of us are aware of the provisions in the WILL.
Now my query is as follows:
1. What are the duties of the executors? What are the actions they can not take?
2. Will the assets be taken possession of by the executors, in order that they distribute them as per provivions of the WILL?
3. What are my rights/ duties/ obligations as regards the joint Savings Accounts.
4. Who all will be treated as legal heirs in case of omission of a residual clause in the WILL i.e. if any property is not bequethed to anybody, who all will inherit it.
5. What happens to the Shares in the DMAT Account? Who sells them and when?
I will be obliged if anyone guides me on the above counts.