May 05, 2016
Nominee May Not Get Your money on Death- Must Make Will
Must Make Will - Nominee Only Trustee in Most Cases
Nominee ( except in case of shares and most probably , now , in Insurance policies ( please recheck ) - is only a Trustee. Real owner is as per the Will.
While writing Will , please include these important points.
1 ) Where ever , I have made Nominations , the Nominee / s would be the sole beneficiary of that asset.
2 ) In case , any one of the legatees pre deceases( Testator ) in that case that share would not lapse but would , instead , devolve on the Legal heirs of that Legatee.
3 ) In case any asset , movable or immovable , is not mentioned here or is acquired afterwards would devolve on --------
Try to appoint one or more Executors ( whose duty is to implement the Will. Beneficiaries can be Executors.
In our one case , the Trial Court granted Probate on a Photostat copy of an Unregistered Will.
We went in to appeal in the High Court where our Appeal was upheld
Blog Caution : Please Recheck All Information / Seek Expert Guidance