Executing closure and moving the money from late parents bank accounts
10 months ago
My parents passed away and I got the legal heir certificate with me being assigned as Administrator with my siblings permission. Can I just take that and submit to the banks or I would need a power of attorney from my sis on top of it?
A.Dear Sir,
It depends upon the discretionary power of the Bankers. You are already having legal heir certificate and you have been assigned as administrator by your siblings as such there would be no problem.
It depends upon the discretionary power of the Bankers. You are already having legal heir certificate and you have been assigned as administrator by your siblings as such there would be no problem.
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A.Dear Client,
Under the property inheritance law, i.e., Hindu Succession Act, a son, and daughter have the right to moveable property that includes bank deposits of the deceased account holder. In case of settlement of the account of a deceased account holder, the Bank follows its standing procedure to settle the accounts once it is informed to the Bank. If the account is KYC compliant and the Nominee is registered, then the nominee should inform the matter to Bank with the death certificate of the deceased account holder. In the absence of a nominee, the legal heirs of the deceased account holder may claim the deposits lying with the Bank. Apart from an Indemnity Bond equivalent to the sum of the deposit amount from all legal heirs,, Bank can ask for a legal heir certificate issued by the Competent Authority and when the number of legal heirs is more than one then Bank may require a registered POA from the legal heirs assigning any one legal heir to act on their behalf as an Attorney for the settlement of deposits of deceased account. You need to clarify the matter with the concerned Bank and based on their requirements, you may proceed to settle the matter.
Under the property inheritance law, i.e., Hindu Succession Act, a son, and daughter have the right to moveable property that includes bank deposits of the deceased account holder. In case of settlement of the account of a deceased account holder, the Bank follows its standing procedure to settle the accounts once it is informed to the Bank. If the account is KYC compliant and the Nominee is registered, then the nominee should inform the matter to Bank with the death certificate of the deceased account holder. In the absence of a nominee, the legal heirs of the deceased account holder may claim the deposits lying with the Bank. Apart from an Indemnity Bond equivalent to the sum of the deposit amount from all legal heirs,, Bank can ask for a legal heir certificate issued by the Competent Authority and when the number of legal heirs is more than one then Bank may require a registered POA from the legal heirs assigning any one legal heir to act on their behalf as an Attorney for the settlement of deposits of deceased account. You need to clarify the matter with the concerned Bank and based on their requirements, you may proceed to settle the matter.
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