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Author Topic: How to ensure money goes to the minor daughter and not the wife  (Read 760 times)

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Offline pritam

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How to ensure money goes to the minor daughter and not the wife
« on: February 28, 2014, 03:38:56 AM »
my friend is suffering from a serious illness, he may not live long, he has a small daughter of 2 yeras and want all his wealth such as fix deposits, NSCs, shares etc all should go to this daughter.

He wants her to get the money at various stages, such as an amount when she turns 9, another when she turns 12 so on.

The bank has clearly told him that they will not accept her as my nominee if he donít appoint a guardian.

another point here is that he does not want his wife to get hold of his money in any way.

can anyone provide a solution

Offline advRanjithRajagopal

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Re: How to ensure money goes to the minor daughter and not the wife
« Reply #1 on: February 28, 2014, 03:42:28 AM »
Your wife will have a say in matters relating to your daughter as she is legally her natural guardian
adv.Ranjith Rajagopal

Offline advkkreddy

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Re: How to ensure money goes to the minor daughter and not the wife
« Reply #2 on: February 28, 2014, 03:46:59 AM »
The Hindu Minority and Guardianship Act, 1956, gives both parents testamentary power of appointment of guardians by way of a will. So you could make a will in favour of your daughter bequeathing the assets to her in the manner you wish and appoint someone you trust as the executor of the will.
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