Difference between beneficiary and nominee
23-Aug-2023 (In Wills / Trusts Law)
I am in the middle of updating my will, and I had some questions regarding bank accounts and bank lockers:
I have one bank account with one family member as a nominee. Can I name another family member as the beneficiary in the will? How will it work out?
I have another bank account with another family member as the second holder (as either or survivor type account), with a child as nominee. Will the second holder become the full account holder on my demise or the nominee will become the first holder? Can I name someone else as the beneficiary of the account? How will it work out practically?
I have a bank locker that I share with all the family members. How do I go about assigning beneficiary? All the family members are loving and have cordial relationship. My main concern is if the bank will face any difficulty in helping them execute the will if there are any incongruencies.
Dear Querist, it is recommended that will be drafted properly after taking legal advice, any small errors can lead into a huge complication later on.
Nominee, is a trustee of an account and beneficiary is the person entitled by you under will, & legal heirs would as governed by succession law. If will is signed & executed, it will supersede both legal heirs and nomination.
Accordingly you can think and make changes.
Regards,
Rakesh V. Misar
Nominee, is a trustee of an account and beneficiary is the person entitled by you under will, & legal heirs would as governed by succession law. If will is signed & executed, it will supersede both legal heirs and nomination.
Accordingly you can think and make changes.
Regards,
Rakesh V. Misar
Transfer of flat without nomination
Transfer of society share certificate in case of death
Transfer of flat after death to nominee
Nomination rules for Housing Society
supreme court judgement on transfer of flat to nominee
nominee of deceased member is absolutely entitled for the ownership by transfer in co-op society
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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