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Author Topic: Nominee is there but, No will. bank account balance  (Read 527 times)

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Offline loveseek_1989

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Nominee is there but, No will. bank account balance
« on: December 14, 2016, 11:18:44 PM »
A deceased person's bank account has one nominee (who is also one of the legal heirs). The deceased person has left no Will. Should the nominee distribute the money to all legal heirs equally? OR since there is no will, can the nominee claim the entire amount.

Also, The Bank has already transferred the amount to the nominee. If the law says, the nominee has to distribute the money to all legal heirs, and the nominee has spent a portion of the money already (say for example, to perform Last rights ceremony for the deceased) is this going to be a problem.


Offline adv.amarnath

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Re: Nominee is there but, No will. bank account balance
« Reply #1 on: December 16, 2016, 10:46:53 AM »
As per Supreme Court Judgement, Nominee is just a custodian of the amount. It is his duty to distribute the money among the heirs of deceased. If he is also one of heir of deceased then he (nominee) shall also get equal share of the amount. Now question of already spent a part amount out of total money, on that event, it is to be consider that where the amount has been spent. If it is for funeral purpose of deceased then balance amount shall be equally distributed among heir.
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Offline Bkmanish

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Re: Nominee is there but, No will. bank account balance
« Reply #2 on: December 19, 2016, 09:26:27 AM »
Can any other legal heirs withdraw money from expired person account by passing nominee ?

Offline adv.amarnath

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Re: Nominee is there but, No will. bank account balance
« Reply #3 on: December 21, 2016, 12:07:17 PM »
Yes, he/ she can by showing valid document or succession certificate.
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Amarnath Sanyal
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