Nominee is a trustee or owner of the amount left in bank


Hi actually I need to know wthr nominee is a trustee or owner of the amount layed in banks.Is he or she is legally bound to disyributer the money among legal heirs

Answers (2)


115 votes

A nominee of an account holder is merely a care taker of the property or money. After the death of the account holder, the nominee is the person to whom the property/amount is to be disbursed by the bank and the amount so disbursed is subject to any claim by successors of the deceased. So the nominee is not the owner of money and he is only a care taker or trustee. The legal heirs of the decesed has the right to claim money under law.


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

168 votes

Hi
Nominee if attained the majority age then after the death of the real party he is the owner of the cash or fixed deposit deposited in the bank by deceased. Where as if the amount or fd is in the name of joint holder then the other survivor is the owner.
Thanx

Popular Family Lawyers


Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
34 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
20 years Experience
Advocate Rajeev Nigam
Kanpur Nagar, Kanpur
27 years Experience
Advocate Bala Janaki
330 Thambuchetty Street, Chennai
36 years Experience

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Family Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.

Related Questions


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."