nominee and will – Ascent Financial Solutions

Who will get your money if you die: Nominee or Legal Heirs?

Prakash Lohana — Wed, 07 May 2014 10:28:47 +0000

In my earlier articles, I had discussed how “Hindu Succession Law applies when someone dies without a valid will?” and “How you can prepare a simple will?”, now this article is an effort to give some clarity on positioning of nominee in your investments. Generally investors believe once they have done nomination, their duty is over and after their death nominee will get the money and he can utilize it easily. This is a wrong belief.

Nominee is Just Trustee: According to law, nominee is not owner of your investments. He is only trustee of your investments. His job is to accept your assets in case of your death and distribute it to your legal heirs as per your will or if there is no will then according to succession law applicable to you. So it is primary responsibility of nominee to accept assets of the deceased person and transfer it to correct beneficiaries. By mere nomination one does not become owner of the assets.

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How to make a proper will?

Prakash Lohana — Thu, 24 Apr 2014 07:29:49 +0000

It is very important to write a clear will to transfer your wealth as per your wish after your death. There are serious consequences if someone dies without a valid will.Will is a very effective tool for planning your succession. But when it comes to writing of will, it is general belief that it is a very difficult and complicated task. This is not true, writing a proper will is a simple task but it should be done with the help of a legal expert so as to avoid any mistakes. Let us understand Basic things about will through this article so as to avoid any such mistakes and get prepared for a proper effective will.

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How Hindu Succession Law Applies When a Person Dies Without Will?

Prakash Lohana — Wed, 16 Apr 2014 10:31:12 +0000

Succession Planning is a very important aspect of overall financial planning. But it is being observed that Indians are very poor at this topic and they generally avoid planning for their inheritance. Being a financial planner I come across number of clients and when I discuss with them whether they have planned how their Wealth will be passed on, they are never clear and have lots of misunderstanding about this concept. This article is an effort to bring some clarity on what happens if one dies without a valid will?

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