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RAMESH KURALLA   25 December 2022

Will or nomination

Dear Sir,

A Lady age of 78 have no children [and her husband CA died at the age of 82], wants to write a WILL on her relatives for shares held in listed entities Mutual funds etc. 

Our queries:

1. whether Registered will is needed or not?

2. Suppose if she has put nomination in demat account of other relatives, whether WILL prevail or nomination?

 

Please advice...

 



Learning

 4 Replies

SHIRISH PAWAR, 7738990900 (Advocate)     25 December 2022

Hello, 

It is always better to execute will and register it. As per me, Will will prevail above the nomination in mutual fund. However in order to avoid conficts ask her to delete the nomination in mutual fund. 

Advocate Bhartesh goyal (advocate)     25 December 2022

Nominee is only trustee/custodian of decesed property and not owner of that property.Nominee has to return the deceased property to his legal heirs or to person in whose favour deceased has executed will so better execute registered will in favour of person whom you wish to declare owner of your property.

kavksatyanarayana (subregistrar/supdt.(retired))     25 December 2022

Yes.  I agree with advice of the above learned experts.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     26 December 2022

The Hon'ble Delhi High court held that nomination is not a Will in law and in the absence of any Will, only legal heirs (as per the Hindu Succession Act) shall be entitled to inherit the property of the deceased.


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