nomination rights and succesion certificate case
3 years ago
my mother recently passed away and she had me me nomination in the bank accounts as she wished . Other legal heir has taken his share and is trying to block the access for the funds from the Bank . I know that the nominee is only acting as a trustee for the funds , banks are delaying and causing obstruction to withdraw funds by nominee , Otyer heir has applied for succession certific ate in teh court , want to know can the bank legally stop a nominee from withdrawing funds when no succession certificate has been issued by court
Also woud like to hire a lawyet for the case . Pleas quote fees for the case
As a nominee you can withdraw their amount even without the consent of other legal heirs.
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If you are the nominee then you are within your rights to get the amount in the bank, if the bank is causing much trouble then please send a legal notice for the same.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
If you are the nominee then you are within your rights to get the amount in the bank, if the bank is causing much trouble then please send a legal notice for the same.
Manish Kumar Thakur
Responded 3 years ago
As per law, a nominee is a trustee, not the owner of the assets. In other words, a nominee is only a caretaker of the assets.
The nominee will only hold the money/asset as a trustee and will be legally bound to transfer it to the legal heirs in the absence of will.
The nominee, is supposed to hold the proceeds/money/assets in trust and the legal heir can claim the money. A legal heir will be the one who is mentioned in the will.
However, if a will is not available or written, then the legal heirs of the assets are decided according to the succession laws, where the structure is predefined on who gets how much.
As you stated above you are the nominee then you don't need to present any succession certificate to the bank and you can choose not to disburse the amount to legal heirs and in that case legal heirs will have to file civil suit.
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