Legal advice for a senior citizen.

5 years ago

Dear Law adviser Sirs,
My friend Sudhama's age is 68 years. He has blessed with one son only. The son is married & having a child but not sound in finance.
Sudhama, In his service period has earned & fixed some money in Bank FD & Mutual funds only. In all the papers he mentioned his wife's name as his NOMINEE.
As Sudhama reached in the 4th. part of age, he strongly determined to separate himself permanently from the family attachment & go away to any Ashram for BANAPRASTHA & SANYSHA as per Hindu religion system.
But he want, his wife & Son should never face crisis for Money. But as the whole fund is nominated in his wife's name & the investor Sudhama will be absconded, how the family will handle the money unless a Death Certificate of Sudhama is produced ?.
Please help us, if any legal system is there in law to handle the money of the investor, if the investor is absconded from home but not dead.
In this situation Sudhama also agreed to prepare an affidavit or a WILL to handover all his invested funds in the name of his SON or WIFE. but is it legally acceptable in Banks or Fund Houses?
We pray to Please give us some legal advice.

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Kindly consult with experienced lawyer because it's monetary matter.you can approach to our vidhikarya lawyer for further process.

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Prabhakara S K Shetty

Responded 5 years ago

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A.You should ask here if you are having any problems with Law. What you are asking is a economic device. However. I suggest that he form a family Trust. But no more details here as it would amount to giving investment advice.

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Ambrose Leo

Responded 5 years ago

A.For Bank Accounts & FD and Mutual Funds you can make your wife or Son as a Joint Account Signatory to have all or equal rights, Secondly you can make a will in that stating the sharing of Immovable and Movable properties as per your free will or wish. I am expert in all aspects of the matter.

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Ajit Kumar Sinha

Responded 5 years ago

A.As per your case it is crystal clear that you have mentioned the name of your wife as nominee against the all bank deposited account and mutual funds and by which you have nominated his wife to withdraw the all deposited money from the said accounts in the event of your death. It is essential to draw your attention that in the event of your death your wife is legally entitled to withdraw the all deposited money from the said accounts being your nominated authorised person but in the eye law the nominee of said account will not be considered as full owner of the said deposited amount of the deceased rather the said nominated person is trustee of the said money not owner of the money hence it is the duty of the nominated person to distribute the money in between the legal heirs of the deceased after withdrawal of the money and if he/she will not do so in such circumstances the legal heirs of the deceased to compell him through the process of law. Further you have legal right to dispose of your all properties through the registered deed of will in favour of your wife and son as per your wishes_ regards Ajit kumar Sinha Advocate Nawada

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Anonymous

Replied 5 years ago

Thank you very much sir, for your kind legal advice.
But sir, through a '' registered deed of Will"" the matured amount from Mutual Funds can be owned by the SON & WIFE unless the death certificate is produced?

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